Saturday, 30 August 2014
Last updated 18 hours ago
Nov 3 2011 | 9:57am ET
Clive Capital's turnaround didn't last long.
The US$4 billion London-based commodity hedge fund posted an 11.4% jump in September, erasing its year-to-date loss. But Clive reverted to its earlier 2011 form in October, dropping 7.8%, Bloomberg News reports.
Most of the losses, which left Clive down 7.4% this year, came during the last week of the month, as the Standard & Poor's 500 Index capped a month-long rally to end October up 11%.
Clive wasn't the only one suffering. JAT Capital Management stopped reporting its monthly performance figures to HSBC Private Bank just in time: The US$3 billion fund, up some 31% through September, lost more than half of those gains last month. The New York-based firm's flagship shed 14% through Oct. 28, leaving it up 13% on the year.
JAT was battered by its big investment in Netflix, whose share price plummeted last month after it announced it had lost 800,000 U.S. subscribers. What's more, JAT's market-neutral stance and shorts, which helped it post huge returns through much of the year, turned against it during last month's market rally.
Some prominent hedge fund managers did achieve positive returns last month. Third Point's hedge funds rose between 0.8% and 1.2% on the month, missing out on the rally due to founder Daniel Loeb's cautionary stance. Three of Third Point's funds are in the black on the year, returning between 0.6% and 0.9%, while its Ultra Fund remains down 1.3%.
Loeb's buddy, David Einhorn, did even better, although not as well as the S&P 500. Einhorn's Greenlight Capital's Offshore Fund jumped 7.8% last month, pushing it into the black on the year at 1.3%.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...