September's Hedge Fund Winners And Losers
The latest HSBC report is out. As we speculated in the beginning of September, the bulk of funds went "all in" on the beta rally and of the 40 most prominent funds, only 4 lost money during the month. What is troubling is that this is confirmation very few are chasing alpha, and everyone is all in on the beta trade. Which is great when the Fed can push the market higher, but even the "frontrun Brian Sack" trade has now hit its diminishing returns stage.
Here are the top 20 winners and losers.
And here are September's 40 most notable funds. We have thrown Barton Biggs in there for shits and giggles: