This page has been archived and commenting is disabled.

Congratulations To Hugh Hendry For Achieving The Best Macro Hedge Fund YTD Return

Tyler Durden's picture




 

Being right pays off. Being an outspoken, funny, irreverent, non-sycophant, who has achieved the best 2010 YTD return according to Bloomberg's scoring of macro hedge funds, without holding a gun to the head of the American people and telling the president that the latest 100,000 sq. foot expansion wing in the third island palace is really for the common good, is priceless.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 08/24/2010 - 13:37 | 540775 London Dude Trader
London Dude Trader's picture

Hugh rocks

Tue, 08/24/2010 - 15:33 | 541066 Spitzer
Spitzer's picture

Nothing quite screams treasury/dollar bubble like this.

 If he doesn't exit out of treasuries, he will go broke.

Tue, 08/24/2010 - 19:04 | 541672 Thomas
Thomas's picture

Christ. You telling me I'd be in the top ten with a 4% ytd. These guys stink. (BTW-There are derogatory terms that you could use on Hugh, but he certainly is as far from sycophantic as you can possibly get.)

Tue, 08/24/2010 - 19:16 | 541701 LeBalance
LeBalance's picture

Huge rocks

(You are welcome.)

Tue, 08/24/2010 - 13:38 | 540779 SWRichmond
SWRichmond's picture

Cue the list of Hendry interviews where he takes bankster tools to task for their stupidity.

Tue, 08/24/2010 - 15:34 | 541069 Spitzer
Spitzer's picture

As he loads up on Obama paper....

Tue, 08/24/2010 - 13:39 | 540784 Clayton Bigsby
Clayton Bigsby's picture

Fuck yeah.  Hugh for President.  Not that he'd take such a shit job.  He's much too honest.

Tue, 08/24/2010 - 13:56 | 540852 zaknick
zaknick's picture

Exactly what's needed except they'd kill him too.

Tue, 08/24/2010 - 14:19 | 540913 Village Idiot
Village Idiot's picture

Hugh!  back. away. from. the. hot. tub.

Tue, 08/24/2010 - 13:39 | 540789 russki standart
russki standart's picture

I am definitely straight, but I must say I have a man crush on H.H.

Tue, 08/24/2010 - 13:39 | 540791 Biggvs
Biggvs's picture

Nice work, Hugh.

Tue, 08/24/2010 - 13:43 | 540793 Jimmy Bora
Jimmy Bora's picture

And I've an average return of 17%, only with physical gold and silver... And so what the fuck, Hendry...

 

The only transaction I did this year for this return: I sold one time gold into silver (when the ratio was highest (70:1)), and this was a good bet...

 


Got gold, silver and FOFOA, Bitchez...

 

 

Tue, 08/24/2010 - 14:10 | 540893 -1Delta
-1Delta's picture

ya but your AUM is prob like $500; try to do that with a few billion...

Tue, 08/24/2010 - 15:07 | 541008 percolator
percolator's picture

Too f'n funny -1Delta!

Tue, 08/24/2010 - 13:43 | 540799 Mr C-E-O
Mr C-E-O's picture

The man is truly a maverick.

Tue, 08/24/2010 - 13:43 | 540800 truont
truont's picture

"Hugh dat?"

Tue, 08/24/2010 - 13:44 | 540801 confimationbias
confimationbias's picture

"I suggest you panic."

Indeed.

Tue, 08/24/2010 - 13:44 | 540803 firstdivision
firstdivision's picture

What is the Macro Fund that is rumored to be blowing up today?

Tue, 08/24/2010 - 13:46 | 540813 Tyler Durden
Tyler Durden's picture

China Ponzi Capital

Tue, 08/24/2010 - 13:55 | 540848 Spalding_Smailes
Spalding_Smailes's picture

Can you please stop this I just spit my fucking pop all over my keyboard ..

Tue, 08/24/2010 - 13:59 | 540862 Mitchman
Mitchman's picture

You must be a Midwesterner.  I spit my soda all over my computer when I read TD's comment.

Tue, 08/24/2010 - 14:05 | 540879 Spalding_Smailes
Spalding_Smailes's picture

Chicago my brother ....

Tue, 08/24/2010 - 14:22 | 540918 Astute Investor
Astute Investor's picture

+ 1

Tue, 08/24/2010 - 15:30 | 541054 TheDriver
TheDriver's picture

Obligatory link to the Pop vs. Soda map.

http://bigthink.com/ideas/21360

Tue, 08/24/2010 - 16:03 | 541145 Frank Owen
Frank Owen's picture

from that same website: Japanese Machine Converts Plastic to Oil

http://bigthink.com/ideas/22993

Tue, 08/24/2010 - 19:06 | 541675 Thomas
Thomas's picture

Well, I spit my soft drink all over the keyboard.

Tue, 08/24/2010 - 15:35 | 541074 Spitzer
Spitzer's picture

Top holding of CPC- US treasuries

Tue, 08/24/2010 - 13:44 | 540804 papaswamp
papaswamp's picture

Now wouldn't it be interesting if he left the market also...

Tue, 08/24/2010 - 13:45 | 540806 DarkMath
DarkMath's picture

Hugh for Prime Minister!

Tue, 08/24/2010 - 13:46 | 540807 Spalding_Smailes
Spalding_Smailes's picture

I thought he was considered crazy by most the talking heads, how did this tin foil hat crackpot make so much cash for his clients.?

 

Tue, 08/24/2010 - 14:56 | 540990 aurum
aurum's picture

who junked you for good sarcasm?.... over the years, the "tin foils" have been closer to reality than most.

Tue, 08/24/2010 - 13:48 | 540808 SRV - ES339
SRV - ES339's picture

Yes... please do post the links to Hugh's battles! I'd like to save them all... some are classic.

It would be soooo great to see Hugh (and maybe Mad Max Keiser) take on Cramer and Liesman!

Tue, 08/24/2010 - 14:34 | 540944 Village Idiot
Village Idiot's picture

"It would be soooo great to see Hugh (and maybe Mad Max Keiser) take on Cramer and Liesman!"

 

I heard a funny line the other day -  "I like to keep them just under a quivering lip when I teach."

Tue, 08/24/2010 - 13:49 | 540810 strannick
strannick's picture

HH inna HedgeFund House! Rich, Funny...Makes me wish I was a woman, and he wasnt a pasty, snaggletoothed Limey

Tue, 08/24/2010 - 13:59 | 540863 giddy
giddy's picture

...some of us love pasty snaggle-toothed limey's...

Tue, 08/24/2010 - 14:00 | 540867 breezer1
breezer1's picture

hes a glasgowinian, not a limey. good on ya hugh.

Tue, 08/24/2010 - 14:35 | 540945 DaveyJones
DaveyJones's picture

the Scots have always been better with their money

Tue, 08/24/2010 - 15:09 | 541011 Temporalist
Temporalist's picture
"Look at the size of that boys head!"

http://www.youtube.com/watch?v=zCrT96QJBfQ

Tue, 08/24/2010 - 15:45 | 541013 Cathartes Aura
Cathartes Aura's picture

and their patter.

y'ken?

[no doubt hendry would get a good chuckle from the Pharo Mgmt. UK fund manager's surname. . . "Fonkenhell ! "]

Tue, 08/24/2010 - 16:04 | 541150 Troublehoff
Troublehoff's picture

the Scots have always been better with their money

 

Two small exceptions: Gordon Brown, RBS?

Tue, 08/24/2010 - 15:12 | 541017 115spider
115spider's picture

Glaswegian (or Sweaty to us southerners) which means he's allergic to vitamins,so defo not a Limey

Tue, 08/24/2010 - 15:39 | 541084 Cathartes Aura
Cathartes Aura's picture

Irn Bru.

made in scotland fro' girders.

Tue, 08/24/2010 - 17:38 | 541459 Temporalist
Temporalist's picture

Liquid candy.

Wed, 08/25/2010 - 13:33 | 543411 DavidC
DavidC's picture

Sorry breezer1, I'm not sure if you're being ironic or not...my apologies if you are!

It should be Glaswegian.

DavidC

Tue, 08/24/2010 - 13:48 | 540817 godfader
godfader's picture

9 out of 10 macro funds took the oh so obvious "short gov. bonds" trade. They're now paying the price.

Tue, 08/24/2010 - 13:53 | 540841 Mercury
Mercury's picture

I believe that's referred to as "being early" in industry parlance.

Tue, 08/24/2010 - 13:49 | 540822 thepigman
thepigman's picture

Hendry is good but Hoisington and
Hunt are up 25% YTD in their long
treasury fund (WHOSX). Must be
a good year for the letter H.

Tue, 08/24/2010 - 13:50 | 540830 Keith Piccirillo
Keith Piccirillo's picture

And they say tobacco is bad for you.

Tue, 08/24/2010 - 13:51 | 540835 zaknick
zaknick's picture

love this Hendry guy

Tue, 08/24/2010 - 13:53 | 540840 HelluvaEngineer
HelluvaEngineer's picture

I'm so glad Keynesianism is dying in my lifetime.  Perhaps my children will have more opportunities than I have.

Tue, 08/24/2010 - 13:54 | 540844 Instant Karma
Instant Karma's picture

I'm confused (again). If hedge funds are "non public" how does one know their performance and rank them? Does one scavenge up as many "letters to investors" as one can?

Tue, 08/24/2010 - 13:56 | 540853 Leo Kolivakis
Leo Kolivakis's picture

Congrats to Hugh but Bridgewater takes top honors. They just lauched a liquid version of their flagship fund:

Bridgewater Associates has always kept the size of its Pure Alpha hedge fund strictly limited—indeed, the fund, which has been closed to new investors for four years, is actually returning money to investors to keep within its capacity constraints. But now the firm plans to experiment with a more liquid version of the tremendously successful strategy.

The Westport, Conn.-based firm, which manages $81 billion, is launching the new vehicle to give current investors in Pure Alpha an opportunity to reinvest the money the firm returns them in the same strategy without exceeding the existing fund’s capacity. But those who have been shut out of Pure Alpha for the last four years will remain shut out: The new strategy, despite investing in “markets that are not capacity constrained,” will be open only to current Pure Alpha investors, Pensions & Investments reports.

Pure Alpha Major Markets is “not a new strategy,” co-chief investment officer Robert Prince told P&I. “It is a limited extension of the capacity of existing Pure Alpha for existing clients. It [uses] the same indicators and markets, just moderately bigger trades in the bigger markets and no change in smaller ones.”

The $58 billion Pure Alpha fund is up about 20% this year. Prince said that clients would be allowed to split their investment between the two funds, and that client demand was not behind the decision to create the new fund.”

“We are not looking to raise assets and we are otherwise closed to new business,” Prince said. “This is a good way to create a limited accommodation to existing clients whose PA assets have risen as a result of good performance.”

Tue, 08/24/2010 - 14:42 | 540957 MrTrader
MrTrader's picture

And then there is Kyle Bass and generalizes about not seeing "ANY" reason for being invested in stocks...Hahahahahahahahaha ! Stick to your CDO business, Kyle ! Obviously you´re not a "stock player"....

Tue, 08/24/2010 - 16:50 | 541313 mephisto
mephisto's picture

Makes no sense to me. Pure Alpha returns cash so it doesnt get too big to work well - but now you can invest in Pure Alpha II. Pure Alpha II does exactly the same as Pure Alpha I.  It will therefore get in the way of the first fund, just as simply expanding its size would do.

Sorry to be cynical but it sounds like fee chasing to me, on the back of good 2010 performance. Or maybe a way of increasing the size of the fund without spoiling all those "we are closed and returning profits" advertising slogans & stories.

Tue, 08/24/2010 - 13:56 | 540855 godfader
godfader's picture

Hendry did what few macro managers achieved. He rode up the 2003 leverage induced bull run. Cashed in 40+% in 2008. Survived the 2009 bear market rally and continues to make new highs in 2010. Not bad.

Tue, 08/24/2010 - 14:38 | 540950 Village Idiot
Village Idiot's picture

Add one more macro fund to that list - Balestra Capital.  Up 200% in 2007 and 50% in 2008.  Flat (defensive) since then, but who cares after a couple of years like those.

Tue, 08/24/2010 - 14:41 | 540956 Leo Kolivakis
Tue, 08/24/2010 - 14:46 | 540967 MrTrader
MrTrader's picture

Leo, what´s AUM for Balestra Capital, Ltd. ? Thx

Tue, 08/24/2010 - 16:52 | 541321 mephisto
mephisto's picture

1 Bn USD I believe

Tue, 08/24/2010 - 18:12 | 541546 Village Idiot
Village Idiot's picture

d

Tue, 08/24/2010 - 13:58 | 540860 zaknick
zaknick's picture

TD, you should interview this guy on twitcam or something.  Serious.

Tue, 08/24/2010 - 14:00 | 540864 John McCloy
John McCloy's picture

Congrats Hugh. Eventually those who defer to their common sense (If possessed) and less concerned with daily gains chasing momentum will yield the greatest results. 

  Anyone who wants to entrust their capital to market that can lose 30 points in 2 minutes as just occurred while even seasoned hedge funds are closing up shop and preparing to liquidate best of luck. Either they do not understand the implications of our debt and the social changes we are about to undergo or are victim to the same myopic greed that got us in this situation. Now not only did we not reform this system while we still had a chance we increased the systemic risk and now longs and banks are walking around in a Fed induced haze and sense of security. Shortly the markets will be the last thing on people's minds. Thee American people have nearly had enough of this blatant thievery and when those funemployment checks stop rolling in and they see their 401k's tank and confiscated by Wall Street one last time after the regulators had fair warning that Wall Street would resume their favorite pastime time of private gains and socialized losses they are going to require grand appeasement. This is exactly what they need to wake them from their matrix like artificial lives of reality television and GaGa fever.

To paraphrase Hugh Hendry: " I recommend you shit your pants"

  The third act in this financial crisis is lifting the curtains and this will be a show not to be missed.

Tue, 08/24/2010 - 14:03 | 540872 Tense INDIAN
Tense INDIAN's picture

God bless Hugh

remember what Hugh said about China...short the shit out of it

Tue, 08/24/2010 - 14:10 | 540894 spekulatn
spekulatn's picture

Job well done Mr. Hendry. 

Tue, 08/24/2010 - 14:25 | 540926 Groty
Groty's picture

It shows Bruce Kovner with GAM.  Is that a mistake?  What happened to Caxton?

Tue, 08/24/2010 - 14:27 | 540928 scratch_and_sniff
scratch_and_sniff's picture

13% is lame...i was up 860% last year.

Tue, 08/24/2010 - 14:29 | 540933 Chemba
Chemba's picture

LOL

One of Hugh's favorite ideas has been treasuries.

Anyone see the irony here?

If not, refer to the recent post re UST 2Y auction

Tue, 08/24/2010 - 15:39 | 541085 Spitzer
Spitzer's picture

Yeah, I see the irony.

He better hope there is a greater fool then him that he can sell to.

 

Tue, 08/24/2010 - 14:33 | 540942 crzyhun
crzyhun's picture

Hugh is one of a kind.

Tue, 08/24/2010 - 14:44 | 540960 Leo Kolivakis
Leo Kolivakis's picture

Sorry, but this whole thread is useless. If you've ever invested in hedge funds before, you'd realize just how useless it is to look at one or two year performance. Besides some of the best macro funds are closed!!!

Tue, 08/24/2010 - 14:52 | 540982 MrTrader
MrTrader's picture

So, Leo, I am looking for a macro fund track record > 5 years, minimum + 15 % p.a. average, maximum drawdown 15 %, NON US, no lock up period. Ideas ?

Tue, 08/24/2010 - 16:39 | 540997 Leo Kolivakis
Leo Kolivakis's picture

Yes, keep dreaming! If you find such a fund, sign a side letter ensuring capacity!

Tue, 08/24/2010 - 14:53 | 540984 jm
jm's picture

I think people are just pleased that a non-douchelord was able to outperform in spite of central planning.  

Tue, 08/24/2010 - 15:12 | 541015 giddy
giddy's picture

+1000

Tue, 08/24/2010 - 20:57 | 541916 Cathartes Aura
Cathartes Aura's picture

that, & the rest are lookin' for a good winch.

http://www.urbandictionary.com/define.php?term=winch

Tue, 08/24/2010 - 19:19 | 541709 Double down
Double down's picture

Dude, we talk return, but the love, the Hugh-love-fest, that is a character thing. 

Tue, 08/24/2010 - 14:58 | 540991 Young
Young's picture

Kovner changed the name of his firm?

Tue, 08/24/2010 - 15:17 | 541024 Frank Owen
Frank Owen's picture

Help! - way off-topic.... I have been trying to find the name of a book that involves the main character being in a foreign prison and using vinyl records under aluminum or tin plates to heat food... ring a bell with anyone here?? - it's not midnight express.

Tue, 08/24/2010 - 15:31 | 541058 Ruth
Ruth's picture

I love that guy! 

Tue, 08/24/2010 - 15:36 | 541076 Pillage
Pillage's picture

Hugh and Prechter, my favorite deflationist.

Tue, 08/24/2010 - 17:22 | 541407 Yardfarmer
Yardfarmer's picture

everybody loves a winner. HH did a nice job of shorting Greek sovereign debt via CDS along with sagging Euro banks. when those bones are picked clean, he can start in on US states and municipalities. where the corpse is there also gather the vultures. as to the fulsome and overweening praise on this thread "beware when all men speak well of you..."

Thu, 08/26/2010 - 00:38 | 545124 No More Bubbles
No More Bubbles's picture

Righ on Hugh!  I love his quote:

"I suggest you panic"

Fri, 10/01/2010 - 06:29 | 617688 Herry12
Herry12's picture

Thanks for such a great post and the review, I am totally impressed! Keep stuff like this coming!...
cheap site hosting
windows web hosting
windows vps hosting
windows vps

Thu, 11/04/2010 - 20:43 | 701517 rocky89
rocky89's picture

years of research replica cartier roadster research that has sometimes seemed to be rolex replica be frustratingly slow, glimmers of real advances best rolex replica watches advances against this disease can be seen. gucci replica watches seen. The underpinnings and causes of Alzheimer's crocodile belts Alzheimer's are beginning to be grasped. Diagnosis prada watches Diagnosis is improving, and can be made omegawatches made at earlier stages. Treatment research is prada replica handbag is proceeding by leaps and bounds -- there are more burberry belt more than 100 drugs being tested right prada watches for men right now, and some scientists are even prada fairy replica even looking into the possibility of an prada outlet store an Alzheimer's vaccine. These are exciting times omega de ville times in this cause.On "Nightline," we profiled prada belts profiled Rich Smith and his wife of cartier new watch of 17 years, Sherry. Rich is 57, prada????? 57, and living with Alzheimer's. After the versace mens belts the initial shock of the diagnosis, Rich Louis Vuitton Jewellery Rich and Sherry decided to act -- longines lungomare watches -- to do something to fight this burberry handbag replica this disease, for themselves, and for all discount burberry scarves all of us.So they decided together that tiffany & co new that Rich would volunteer for a cutting-edge Tiffany & co jewelry cutting-edge clinical trial at Georgetown University Hospital: burberry jewellery Hospital: the first gene therapy for Alzheimer's.It omega seamaster planet ocean replica Al

Do NOT follow this link or you will be banned from the site!