JWH Shrugs Off Market Turmoil, Sheds AUM

Jul 18 2007 | 11:27am ET

John W Henry & Co’s overall performance picked up last month with six out of eight programs producing positive returns for June.

JWH’s biggest winner was its JWH Global Analytics program, which gained 10.13% for the month, while its Dollar program trailed the rest of the portfolio, down 0.9%.  

The firm’s long-term trend following programs held fast and locked in profits through “market-dislocating events” including terrorism incidents in the U.K. and the meltdown in the U.S. subprime market, penned Kenneth Webster, COO, in his monthly investor letter.

“JWH’s systematic approach has profited over the past three months since the equity induced dislocation of financial markets that occurred towards the end of the first quarter, which we suggested might be a precursor for a major shift in market trends,” wrote Webster. “While discretionary funds and shorter-term trend-followers may have been forced out of profitable positions due to instability in the market, our clients were rewarded due to our programs’ longer-term focus.”

However, the firm’s solid performance could not offset losses in its total asset under management, which took a nosedive from a previously reported $1.2 billion in May to some $530 million in June because of investor redemptions.

A call made to Webster seeking comments was not returned by press time.

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