2011's Hedge Fund Winners And Losers

Tyler Durden's picture


Those waiting on edge for HSBC hedge fund report #53, aka the year end edition, can now relax: here is the full list of winner and losers. Keep in mind, the Paulson HF update is as of November 30, which explains why Advantage Plus (or is that Minus) still shows it down only 48% when in reality it closed the year more than half down according to preliminary reports. Also, momo superstar JAT Capital is nowhere to be found. That said, the carnage of the year is more than evident. And to think everyone could have just bought gold and gone on a long vacation...


And the full breakdown:


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Wed, 01/04/2012 - 12:55 | 2033017 Pladizow
Pladizow's picture

So only 12 funds beat the "Barbarous Relic"?

And Paulson who was for it, has 3 funds in the bottom?

And where is Hendry?

Wed, 01/04/2012 - 12:58 | 2033038 Quintus
Quintus's picture

Hendry was +40% or something last I heard.  Maybe he is not included in this survey?

Wed, 01/04/2012 - 14:34 | 2033285 eureka
eureka's picture

Those of us who are done playing audience to the elite fucktard speculators need to get up and fight very dirty right now - or lose forever the original promise of "America".

Courtecy of The US Elite, the Republican Establishment is ruthlessly trying to destroy Ron Paul.

Read and get actively agressive - fight the elite and its establishment henchmen.


Wed, 01/04/2012 - 15:10 | 2033320 TruthInSunshine
TruthInSunshine's picture

These entities are the epitome of destructive anti-capitalism, where capital gets sucked up, churned, recycled, with a tiny slice of the initial investment getting distributed into a few pockets of those running a %-based scam (2/20 or 4/40) who can't lose no matter what, while the bulk of the capital combusts leaving a vapor trail, producing no jobs, societal or business benefit, or anything else of value to anyone (other than the Hedgies and BFFs of The NYC Branch of the Fed).

Welcome to the New Casino Amerikan Economy, where there aren't even comps.

Wed, 01/04/2012 - 17:19 | 2033689 eureka
eureka's picture

Yes. And just exactly how does capitalism protect itself against its crony- and casino derivative bastard versions?

Is it simply a matter of restricting bail-out-bureaucrats, as Libertarians seem to believe?  (And which doesn't ever seem to happen). Or are there other more hardcore instruments in the true capitalist toolbox?


Wed, 01/04/2012 - 13:03 | 2033054 847328_3527
847328_3527's picture

Fat commissions and Bonuses were still collected by all the managers I suspect despite the losses for their investors.

Oil + Gold say it all.

Wed, 01/04/2012 - 14:13 | 2033255 ilion
ilion's picture

Small prop house out of nowhere beat all of these guys! http://bit.ly/ru8YKy

Oh yeah, and remember to support Ron Paul!

Wed, 01/04/2012 - 15:07 | 2033363 _ConanTheLibert...
_ConanTheLibertarian_'s picture

Bridgewater Associates (Ray Dalio) is also missing.

Thu, 01/05/2012 - 02:27 | 2034695 Freddie
Freddie's picture

Bridgewater had a good year.  They were up around 30% or something.  Hugh Hendry did 40% something as someone mentioned. 

Wed, 01/04/2012 - 12:55 | 2033024 francis_sawyer
francis_sawyer's picture

"And to think everyone could have just bought gold and gone on a long vacation..."

My suggestion is that if you do decide to go on a long vacation... Take your gold with you...

Wed, 01/04/2012 - 13:00 | 2033045 Caviar Emptor
Caviar Emptor's picture

Got that right. And we're not talking gold cards. 

Wed, 01/04/2012 - 13:17 | 2033096 Scottj88
Scottj88's picture

My suggestion is to sell your gold and buy silver instead.

Wed, 01/04/2012 - 13:41 | 2033165 bruinjoe93
bruinjoe93's picture

Why not own both silver and gold?

Wed, 01/04/2012 - 12:56 | 2033028 pupton
pupton's picture

Check out what got posted on Max Kaiser's page.  Again, great work WB7!  (Ron Paul crossing the Potomac)


Wed, 01/04/2012 - 12:57 | 2033034 Dr. Engali
Dr. Engali's picture

I wonder how many idiots will switch from Paulson and chase Renaissance? Get seperated from even more money.

Wed, 01/04/2012 - 13:14 | 2033088 justanothernerd
justanothernerd's picture

Renaissance has been one of the most consistent funds -- from what I've heard, it's actually difficult to invest in the fund. They charge something like 5/45 instead of the traditional 2/20. 

Wed, 01/04/2012 - 19:46 | 2034020 Tyler Durden
Tyler Durden's picture

100% wrong. RenTec's outperformer fund, Medallion, has been closed to outside investors for many years. RIEF  is the only equity fund available for outside investors. The fund however has collapsed from several billion to just $200 million (see the AUM) for a reason - it performed abysmally for years, including an epic collapse in 2009 and 2010. So it is cold comfort to anyone still in it to see a 30% up year after they had lost money over and over for years.

Read this for much more on the topic of RenTec and Renaissance.

Wed, 01/04/2012 - 12:58 | 2033036 i love cholas
i love cholas's picture

I'm starting a hedge fund and I hired a monkey to be my portfolio fund manager. We are now taking deposits

Wed, 01/04/2012 - 13:11 | 2033048 Au_Ag_CuPbCu
Au_Ag_CuPbCu's picture

I didn't know Paulson was in the job market, good luck with that!  I think the Unicorns Rainbows and Butterflies Fantasy Fund would be an appropriate name.

Wed, 01/04/2012 - 13:02 | 2033053 Mark123
Mark123's picture

does the monkey like watching porn?  If so, I am in!  Where do I send my check?

Wed, 01/04/2012 - 13:03 | 2033056 Dr. Engali
Dr. Engali's picture

Cramer is that you?

Wed, 01/04/2012 - 13:00 | 2033043 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Tulip Trend Fund

Talk about a harbinger of a name

Wed, 01/04/2012 - 14:19 | 2033267 s2man
s2man's picture

You beat me to it.  I liked that one.

Wed, 01/04/2012 - 13:02 | 2033049 Caviar Emptor
Caviar Emptor's picture

Big shakeout coming once again this year. The Hedgie world is shrinking. And the age of gurus and wizards is over. Funny that...

Wed, 01/04/2012 - 13:06 | 2033062 DeadFred
DeadFred's picture

All this from a market that was essentially flat for the year. Last year was a Fascist year though and maybe some were aware of that. Under Fascism the bigger the company the better it does since it has closer connections to the rulers.


Nasdaq100>Nasdaq composite

While the Obama regime is in power don't bet on smaller businesses. Better yet don't bet at all. Is there a Day Traders Anonomous?

Wed, 01/04/2012 - 13:20 | 2033102 francis_sawyer
francis_sawyer's picture

Is there a Day Traders Anonomous?


There's this... But all they talk about are stocks & the S&P...


Wed, 01/04/2012 - 13:09 | 2033070 Crispy
Crispy's picture

Kudos again to Mr Simmons and RenTec. May your excellent returns continue. And your generousity to Long Islands Stony Brook University and Autism awareness is very much appreciated.

Wed, 01/04/2012 - 13:15 | 2033093 justanothernerd
justanothernerd's picture

Definitely -- I think anyone would be a fool not to respect the success their firm has had for over 20 years. 

Wed, 01/04/2012 - 13:43 | 2033174 I am a Man I am...
I am a Man I am Forty's picture

yeh, too bad he recommended to everyone at Stony Brook to invest with Madoff, he and his family also invested with Madoff, where the hell was his mathematical genius when the great ponzi was going on??

Wed, 01/04/2012 - 14:11 | 2033252 Crispy
Crispy's picture

 Madoff was known to rebuff anybody who asked for quantitative proof of his returns prior to investing with him. 


ad hominen you attack ad hominen...




Wed, 01/04/2012 - 14:39 | 2033297 I am a Man I am...
I am a Man I am Forty's picture

uhh, that's called a major red flag, and Ren's closed end funds outperform their open to the public funds, which could potentially signal that they are moving cash from their open funds to their closed end funds.  

Wed, 01/04/2012 - 14:48 | 2033318 Crispy
Crispy's picture

Then you better get out your abacus and whistle, and head over the the SEC. Sounds like you have a proven case of fraud to show them. Good luck with that.



Wed, 01/04/2012 - 15:19 | 2033386 Urban Redneck
Urban Redneck's picture

In April 2008, I was working to collaterize a construction loan and one of the models we looked at involved parking a rather sizeable amount of cash with Notz Stucki. I showed the fund sales sheet (1 page, not even cursory prospectus-level BS), which later turned out to be for their Maddoff feeder fund to two managers who specifically did not work in hedge fund bizzaro world.  The first guy was a typical math-nerd type who looked at the supposed fund size (only 650MM under management at Stucki) and the OEX split strike/collar option strategy and said no-go.  The second was a woman with a more BSD approach who simply looked at the monthly performance from Jan 99 to Mar 08 and called BS (14.6% annualized w/ 3%SD over 9 years).  I had a good laugh about six months after Bernie got busted and the feeder fund fiasco blew up in Geneva, and was damn thankful I avoided that shit storm.  People attach too much weigh to names, and it leads to bad decision-making.  Take Maddoff's name off the paperwork and get away from banker group-think- my experience is 2 out of 2 (100%) of the experts smelled the stink right away, and the sad thing is that they are probably making peanuts compared to the big-name retards who claimed to be experts or even professionals and steered their clients to Maddoff.

Wed, 01/04/2012 - 13:26 | 2033125 I am a Man I am...
I am a Man I am Forty's picture

or Apple or municipal bonds

Wed, 01/04/2012 - 13:45 | 2033178 junkyardjack
junkyardjack's picture

Who knew that the best investment would be putting your money in a savings account at 0.55%...

Wed, 01/04/2012 - 20:28 | 2034120 Rynak
Rynak's picture

Damn right. Who could have foreseen, that normal rip-off fiat inflation loss, still would beat the deal, that one gets in a a rigged casino.


Wed, 01/04/2012 - 14:07 | 2033244 Hephasteus
Hephasteus's picture

I see the fed trucks have been rolling cash into blackrock through the internets. Which is serious business by the way.

Wed, 01/04/2012 - 14:15 | 2033259 chrisd
chrisd's picture

how the hell does RenTec do what they do?

Wed, 01/04/2012 - 14:45 | 2033312 I am a Man I am...
I am a Man I am Forty's picture

they more than likely are paying a fee to have their servers adjacent to the NYSE's servers so they can front run order flow, throw some PHD's on the payroll for cover so you think they have magic algorithms

Wed, 01/04/2012 - 14:19 | 2033268 zorba THE GREEK
zorba THE GREEK's picture

The best performing fund in 2011 was the Paulson Triple Short Fund.

Too bad it doesn't really exist as there would be substantial interest in it in 2012.

Wed, 01/04/2012 - 14:42 | 2033303 slewie the pi-rat
slewie the pi-rat's picture

i think we shld place the laurel wreath upon tyler's brow for the anti-tilson!

Wed, 01/04/2012 - 14:22 | 2033273 s2man
s2man's picture

I bought gold and silver because they are shiny, and look how well I did...

Wed, 01/04/2012 - 21:59 | 2034314 chindit13
chindit13's picture

Got the investor letter from John Paulson, and it appears he reads the Comments on Zerohedge.

“I didn’t lose;  the markets were manipulated by JPMorgue!”

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