Loeb's Third Point Up 1% in June; AQR, Horseman, Renaissance Gain On Turmoil

Jul 1 2016 | 9:33pm ET

While the alternative investment industry holds its collective breath regarding the full impact of last week’s Brexit-related volatility on June hedge fund returns, managers that came through it profitably continue to come forward. 

The managed futures strategy at Cliff Asness’s $13.3 billion AQR Capital Management, for instance, booked a gain of 5.2% on June 24th, the firm disclosed to Reuters on Thursday, and a further 1.1% on Monday the 27th. A high volatility version of the strategy did even better, gaining 8% and 1.5% on the two days, respectively. 

The flagship fund at London-based Horseman Capital Management, meanwhile, booked gains of 7.4% over the last week, according to an investor letter seen by Bloomberg. The gain brings Horseman’s $1.9 billion long/short Global Fund to a year-to-date return of 6.5% and erases the -3.5% loss it was carrying through the end of May. 

Dan Loeb’s Third Point Partners and quantitative manager Renaissance Technologies also came through the turmoil ahead of the game. Both firms revealed positive returns for June, according to a Reuters article on Friday citing several sources familiar with the numbers.

Third Point Partners was up 1% on the month (and is now +2.6% YTD), while Renaissance’s Diversified Alpha fund gained 6.59% to leave it 11.26% ahead so far this year. Renaissance’s Institutional Equities fund, meanwhile, was up 4.63% in June and is up 13.78% for the year.

The four managers join an elite group of hedge funds, including Caxton Associates, Cantab Capital Partners, Winton Capital, Brevan Howard and Odey Asset Management, in booking positive returns during one of the most tumultuous weeks on global markets since the financial crisis. 

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