Who’s Winning, Who’s Losing

Sep 5 2007 | 11:09am ET

Hedge fund Tontine Associates finds itself atop a very undesirable list after posting a nearly 42% loss through the end of July. The Greenwich, Conn.-based hedge fund manager’s TFP Overseas Fund is the worst-performing fund tracked by HSBC Private Bank’s Alternative FundInvest Group in 2007, according to a weekly report issued last week.

TFP Overseas, a long/short equity fund focusing on financial stocks, was down 41.9% in the first seven months of the year after a reported a 23.9% drop in July. Things may get worse: Many financial names suffered big declines in August.

Falling in behind TFP in the Hall of Shame are some names familiar from the subprime fiasco, including Goldman Sachs’ North American Equity Opportunities Fund (down 29.71% through Aug. 24) and two classes of Tykhe Capital’s Tykhe Portfolios (Class C down 25.88% and Class B down 21.27%, both through Aug. 27). Other notable names in the pool of red are Odey Asset Management’s Japan Fund (down 20.34% through Aug. 24) and GLG’s Global Futures Fund (down 9.48% through Aug. 24).

On the other side of the coin, Cayman Islands-based 788 Asset Management’s China Fund was the best-performing hedge fund tracked by HSBC, soaring 61.43% through July 31 (and making up, in part, for the firm’s Japan Fund, which found itself on the wrong list with a 9.11% decline through the same date). Interestingly, 788 isn’t the only name on both lists, with Odey’s European fund posting a 27.2% jump through Aug. 24 and GLG’s Emerging Markets Fund, which is up 23.73% through the end of July.

Other top-performers include Penta Investment Advisor’s Penta Japan Fund (up 57.97% through Aug. 22) and Harbinger Capital Partners’ Offshore Fund (up 55.2% through Aug. 24).

Winners Year-to-Date As of
788 China Fund Ltd 61.43% July 31
Penta Japan Fund C1 57.97% Aug. 22
Harbinger Capital Partners Offshore Fund I 55.20% Aug. 24
Eastern Advisors LLC 47.17% July 31
Zweig-DiMenna International Ltd-Class A 39.66% July 31
Sofaer Capital Natural Resources Hedge Fund 37.19% July 31
Corevest Partners Ltd 36.39% Aug. 24
Helium Special Situations Fund Ltd 33.96% Aug. 24
Sandler Plus Offshore Fund Ltd 31.44% Aug. 24
MKP Opportunity Offshore Ltd 31.31% Aug. 24
Platinum Partners Value Arbitrage Int. Fund 30.39% Aug. 24
SCP Ocean Fund Ltd-Ser AU/016 29.55% Aug. 24
Odey European Inc 27.20% Aug. 24
Boyer Allan Pacific Fund Inc. -A- 26.14% Aug. 24
QVT Overseas Ltd-B/1 25.83% Aug. 24
Discovery Global Opportunity Fund Ltd 25.09% July 31
Element Capital Fund 25.04% July 31
GLG Emerging Markets Fund-Class A 23.73% July 31
Victrix Traders International Fund 22.84% Aug. 24
Robeco WPG Farber Continuum OVS Fund Ltd 22.06% July 31

Losers Year-to-Date As of
TFP Overseas Fund Ltd-Class A -41.90% July 31
GS North American Equity Opp. Fund Offshore -29.71% Aug. 24
Tykhe Portfolios Ltd-Class C -25.88% Aug. 27
ACI U.S. Market Neutral Fund-Class B/1 -24.43% Aug. 24
Tykhe Portfolios Ltd-Class B -21.27% Aug. 27
Odey Japan & General Inc. USD -20.34% Aug. 24
GMN Fund-Class USD -19.49% Aug. 24
Mulvaney Global Markets Fund Ltd -18.62% July 31
GAM Teleos Macro -17.96% Aug. 24
Sparx Long/Short Fund -14.65% Aug. 17
Blue Sky Japan Ltd-Class A -13.49% Aug. 24
Melchior Japan -11.89% Aug. 24
JWH Global Strat. Financial & Metal -11.19% July 31
Hermitage Fund (BID) -11.02% Aug. 24
Gamerica -10.10% Aug. 28
GLG Global Futures Fund-Class C -9.48% Aug. 24
788 Japan Fund Ltd -9.11% July 31
Raptor Global Fund (A) -9.09% Aug. 22
Merlin Biomed International Ltd-Class B 1/00 -9.02% Aug. 24
Greater Europe Fund -8.98% Aug. 29

Source: HSBC Private Bank Alternative FundInvest Group

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