SAC, Greenlight, Pershing Post August Losses

Sep 2 2011 | 11:45am ET

This year, Labor Day weekend will offer a much-needed reprieve for the many prominent hedge fund managers to suffer losses during a brutal August.

Greenlight Capital, Pershing Square Capital Management, SAC Capital Advisors, T2 Partners and Third Point all suffered drawdowns last month—to say nothing of one of the industry's biggest losers, Paulson & Co. None of the aforementioned is in as bad a shape as Paulson, whose main hedge funds were down between 25% and 37% through the end of last week. But none are likely to toast to the eighth month of 2011 this weekend, either.

Buddies William Ackman and Whitney Tilson seem to have come closest to matching Paulson's misery. Tilson's T2 told investors that its fund lost 13.9% last month and is down 22.1%. Pershing Square's losses are unclear, but the New York-based fund was down by double-digits earlier in the month and shares many investments with T2—investments which did not do well.

"Our portfolio got clobbered across the board despite generally good company-specific news regarding our major holdings," Tilson wrote.

For their parts, SAC dropped about 3% on the month, Reuters reports, leaving it up about 7% on the year. Third Point shed 2.8% to cut its year-to-date return to 3.9%, while Greenlight extended its 2011 losses in August with a 1.4% decline, leaving it down about 5% on the year.

Things weren't much better across the pond, with both Lansdowne Partners and Odey Asset Management nursing big losses. The former's U.K. Equity Fund was down 18.6% on the year through the middle of last month while its Global Financials Fund was down 1.37% though Aug. 19, Bloomberg News reports. Odey's European Fund lost 15% through Aug. 12.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.