JWH Caught By Trend Reversals In April

May 15 2008 | 12:15pm ET

April rained on John W Henry’s parade, resulting in drawdowns in most of the firm’s trading programs. Most notably, the Financials and Metals Portfolio lost 15.37% and the International Foreign Exchange program fell 10.14%.

Kenneth Webster, chief operating officer, attributed the firm’s losses to “widespread trend reversals in most market sectors,” in his latest investor letter. Specifically, the Dow Jones Industrial Average ended April well off the March lows, and near its high for the year, according to Webster, adding that the global rally in equity indices dampened volatility and put a spigot on profitable open trades.

Webster also noted that the interest rates markets experienced “significant” reversals last month as the combination of Fed policy, better-than-expected economic data and improving stock market performance combined to push intermediate-to-long-term interest rates higher during the month.

As well, the currency markets were also unprofitable for the firm as its positions in Japanese yen and Swiss franc “were particularly hit hard.”

JWH’s total assets under management currently stand at $285 million.


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