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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:
HSBC -
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Now we know who / who is not is on "speed dial" with the Fed...yea!
Tell me is the HSKAX still getting carted out feet first?
-2.94% YTD
Which Brian Sack trade would that be? INDU up 70 and endlessly exploding to the upside - what could possibly stop it, they have all the money in the world
Cooperman is doing pretty well for a value shop in this environment.
Gold Bitches!! 6.09% 27.875%
Silver up 37.5% YTD
Please please please smash it down to 22.50 at 4 oclock.
Not surprising at all...hedgies are underperforming so they're looking for all the beta juice they can get. Alpha bitches, beta bitches...what's the difference?
No kidding. JPM's Tom Lee actually issued a report the other day discussing the need for so many funds to chase beta into year end, and presented a list of high beta stocks he felt would be the recipient of those inflows so that clients could get ahead of that wave.
In other words, the Greater Fool Theory is now being passed off as sound investment advice. Unbelievable.
Where do I sign up for a web based ZH fund?
Kinetics
. . . . . $ 6 Billion . . . to . . . $151 million in 3 years ... -72% drawdown
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