• Pivotfarm
    04/22/2014 - 20:14
    Age-old myths and fantasies about turning stuff that was worthless into gold. Alchemists leaning over their cauldrons of bubbling brew in the dark recesses of the dungeon of some mythical castle...

Viking Global

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Fund Of Funds Implosion Forces Conversion Of Ever More Hedge Funds Into "Long-Onlies"





In a world in which the Chief Risk Officer of the formerly free capital markets, Ben Bernanke, has made any downside hedges obsolete (and as a result hedge funds have posted 5 years of returns without outperforming the S&P500), the first casualty has emerged: fund of funds. These parasitic, fee-soaking institutions, which merely collect a fee on top of the fees already charged by hedge funds, are rapidly on their way to extinction as the following charts from Eurekahedge prove conclusively. Naturally, the FOF industry which generates massive fees for its "value adding" managers, will not go down without a fight. And as Pensions and Investment reports, the FOFs have found a way to strike back: convert hedge funds into long only, idiot money, and we do enjoy the irony that in this centrally-planned market the idiot money is outperforming the smart, nimble asset managers by orders of magnitude.

 


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Mid-November Hedge Fund Performance: Mixed





How are all the major hedge funds doing month and year to date? Here is your answer.

 


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Summary June Hedge Fund Performance





Hedge fund numbers though just before the last week of June when everything ripped. Looking at these it is not difficult to see why stocks were in dire need of a vapor volume ramp: Millennium: +0.16; Tewksbury: -0.40%; Cantillon: -3.99%; Silverpoint: -0.20%; Davidson Kempner: -0.56%; King Street: -1.07%; Owl Creek: -4.8%; Perry: -3.72%; Pershing Square: -3.7%; York Capital: -3.47%, Avenue: -1.9%; Bluemountain: -0.67%; SABA (aka negative basis implosion-in-waiting): 0.46%; Viking Global: -1.09%; Maverick: -4.25%; Highbridge Long/Short: -6.37% (oops), REIF B: -0.75%; Cobalt: -0.88%; Tudor: -2.83%; Moore Global: -2.35%; Moore Macro: -0.64%; Hutchin Hill: -0.30%; and so on.

 


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July's Hedge Fund Winners And Losers





July was a sizzling month for stocks, which posted the best return in a year (or some other stupid soundbiting data point). However, the only ones who seem to have taken advantage of this surge are 401(k) funds which will soon be mandatory anyway courtesy of imminent capital controls, and corporate CEOs, who merely are presented with a higher level from which to sell their stock to the general public. July for the "smart money" hedge fund community was a total wash, as the latest HSBC hedge fund performance data indicate. Below are the top funds and their MTD performance (thru July 23 for most): alas, the picture is less than pretty. Does this mean hedge funds will now all go on the same side of the trade like they did in March and April as they all seek massive beta upside, only to unwind at some point and have a flash crash repeat with or without the benefits of the HFT theft brigade?

 


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June 4 Hedge Fund Performance Report - May P&L Was A Bloodbath





The latest HSBC hedge fund performance report is out, this one including P&L through the end of May. In short, a bloodbath. Some notable performers for the month of May:

  • RIEF B: (4.46%)... and just 0.74% YTD
  • Moore Global: (9.15%)... now that's a pounding.
  • Tudor: (2.26%)
  • Fortress Drawbridge: (1.31%)
  • Millennium: (1.31%)
  • Pershing Square: (2.20%)
  • York: (4.80%)

And much more.

 


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Highlighting The Recent Recipients Of New York State's Fund Of Funds Generosity





The fallout from the recent investigations by the Attorney General into the New York Pension Fund system will be the likely topic of numerous analyses for months to come as details of more impropriety are uncovered. In the meantime, we would like to highlight to our readers some of the more recent recipients of New York State's generosity, which in acting as a Fund of Funds for New Yorkers, continues investing capital in numerous Private Equity and Hedge Fund firms, as well as directing real estate investments.

 


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Vikings Float Off Course On Short Covering Gale





Ole Andreas Halvorsen is one of the best hedge fund managers bar none. And yet his Viking Global Equities massively underperformed the S&P in Q2: VGE generated a barely profitable 0.5% in Q2, a 15.4% underperformance of the S&P over the same time period. The problem - sticking with a rational and sensible fundamentally-driven strategy.

 


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January Hedge Fund Performance





Some strong January numbers from mostly tech names as the bloodbath in Russia and Eastern Europe persists. Many funds continue to not report YTD numbers for obvious reasons.

Some other January notables:

Basso: 1.29%
Brevan Howard: 4.67%
Canyon: 3.78%
Castlerigg (Sandell): 2.89%
Caxton Global: 3.03%
Cobalt Offshore: 3.96%
Davidson Kempner: 1.39%
Drawbridge: 1.24%

 


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January Hedge Fund Performance





Some strong January numbers from mostly tech names as the bloodbath in Russia and Eastern Europe persists. Many funds continue to not report YTD numbers for obvious reasons.

Some other January notables:

Basso: 1.29%
Brevan Howard: 4.67%
Canyon: 3.78%
Castlerigg (Sandell): 2.89%
Caxton Global: 3.03%
Cobalt Offshore: 3.96%
Davidson Kempner: 1.39%
Drawbridge: 1.24%

 


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Hedge Fund Secondary Market Update





The secondary market for hedge fund interests seems to follow the general market tick for tick. Last week saw a surprising bid side interest for most hedge funds' LP stakes, although there were the usual pukes.

 


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YTD Hedge Fund Performance





Despite it being only 20 days into the year, some hedge funds have already posted their performance. Some notable YTD performers:

Stratus Fund: 1.81%
Traxis Fund: -5.71% (We hope Barton Biggs' book profits are better than his hedge fund's)
Moore Global: 2.21%
Moore Emerging Markets: -1.62%

 


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