Monday, 20 October 2014
Last updated 2 min ago
Aug 2 2007 | 8:21am ET
The fear and loathing—and hedge fund collapses—surrounding the sub-prime mortgage market have occupied much of the industry’s attention, but the declining equities market also put the hurt on hedge funds during the month of July.
The losers include some of the biggest names in the industry. Tudor Investment Corp.’s $8.9 billion Raptor Fund was battered by plunging stock prices, falling by 9% last month through July 27; it is down 2.9% year-to-date after the decline. The Greenwich, Conn.-based firm’s flagship fund, the $10.3 billion Tudor BVI Fund, didn’t escape unscathed, either: It fell 3.1% on the month, though it is still up 4.6% on the year. The Man Group, the world’s largest publicly-listed hedge fund manager, saw its flagship AHL strategy lose 6.7% last week, Financial News reports. And Greenwich-based SAC Capital’s main fund fell 1% last month, but its year-to-date return remains a healthy 14%.
The news on those giants comes as the $11 billion New York hedge fund manager Caxton Associates felt compelled to send a letter to investors denying rumors that it was in serious peril of collapsing. Its flagship did fall by 3% in July, but is still up more than 3% on the year.
Others, meanwhile, are laughing all the way to the bank on the sub-prime mortgage market fiasco. New York-based Harbinger Capital Partners returned a whopping 17% last month, and is up better than 40% year-to-date, thanks to its bets against sub-prime mortgages. Citadel Investment Group, most recently seen picking clean the corpse of collapsed Boston hedge fund Sowood Capital Management, was flat last month, and is up 17% year-to-date.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...