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Hedge Fund Performance Update: Dan Loeb Is Crushing It In 2013, Everyone Else - Not So Much

Tyler Durden's picture


Just like last year, when it was the turn of Europe-focused crushed and battered hedge funds to generate outsized returns due to some brief ECB-inspired euphoria, if only for a brief period, and then promptly fall back into obscurity, so now it is the time of the "Japan" strat. As the latest HSBC hedge fund performance report confirms, the best YTD returns are, as expected, those for Japan-focused funds at least until the already fading Abenomics euphoria reverts them back to the mean.

So how are the legacy titans of the hedge fund world doing? The answer is in the table below: of the vast majority of hedge funds, only a handful are outperforming the market year to date. This is becoming a major concern for an industry that has underperformed the S&P for the fifth year in a row, and which has to fight tooth and nail to justify its exorbitant fees in a world in which there is no need to hedge any risk any more: after all, Ben Bernanke has everyone covered. One fund that has nothing to worry about is Dan Loeb's Third Point as it continues its juggernaut of crushing both returns and competition without pause.

Full HSBC report:

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Mon, 05/27/2013 - 13:30 | 3601358 q99x2
q99x2's picture


Mon, 05/27/2013 - 14:01 | 3601423 Schmuck Raker
Schmuck Raker's picture

Jimmeny, I don't see SAC.

They must be having a bad year.

Mon, 05/27/2013 - 14:55 | 3601541 Stoploss
Stoploss's picture

I think "Crushing It" means they're in line to be brought up on insider trading charges?


Mon, 05/27/2013 - 17:38 | 3601936 Zero Govt
Zero Govt's picture

Yep ...probably

...though they traded in Japan, hard for foreigners to get more 'in' with insider deals than the, at times insular, japs themsleves

wether it be luck or judgement all will be revealed in next years HSBC results and if they got out in time for the Nikkie's 14% recent drop or had their knuckles whacked hands still in the cookie jar 

Mon, 05/27/2013 - 20:29 | 3602302 Saint Pitbull
Saint Pitbull's picture

Crushing it means a bundler for obamster.

Tue, 05/28/2013 - 00:39 | 3602771 Harlequin001
Harlequin001's picture

Yes, the big question in a manipulated world such as this is "How?"

Mon, 05/27/2013 - 13:31 | 3601361 buzzsaw99
buzzsaw99's picture

Yeah, sure, he gets his off the top. Everyone else will wait to redeem until they have only losses.

Mon, 05/27/2013 - 13:55 | 3601376 timbo_em
timbo_em's picture

S&P500 (=Benny and the Inkjets) is crushing them (=fund managers)!

As long as the inkjets run the show, long only is the way to go. BTW how can you charge 2/20 when YTD your fund is 18 points behind the new normal risk-free S&P500?

Mon, 05/27/2013 - 14:02 | 3601424 LibertarianX
LibertarianX's picture

Tyler or anyone - what are you thoughts on the french TRICP system that allows banks to pledge loans on their balance sheet to their central bank for liquidity ???

Sounds to me like they have the ability to monetise to infinity......


Mon, 05/27/2013 - 13:45 | 3601387 new game
new game's picture

good for all them and their crony econ/finance buds. just a pack of wolves in a 20' high fenced deer farm...

Mon, 05/27/2013 - 15:55 | 3601637 him
him's picture

In Loeb's case, it was a pack of rats over the dead body of Greece, since June 2012. First he made a killing in greek bonds which were sold down to zero by the Paulson pack, then he switched to energy, telecoms and gaming and now he has stacked his chips high on the greek banking recapitalization story and all the warrant leverage hype that goes with it - plus the added benefit of an easy to corner penny share market where one can securely rejoice in causing what he predicts.

At the end, just like Paulson, he will eventually find himself A Bridge Too Far and fade into the insignificance he deserves - the inescapable fate of every mediocre one bet ersatz wunderkind.

Mon, 05/27/2013 - 17:42 | 3601950 Zero Govt
Zero Govt's picture

"..fate of every mediocre one bet ersatz wunderkind."

you mentioned a number of bets he stacked his cards and succeeded in... he's a serial winner sharp cookie, did you lose count past 1 wonder bet?

Mon, 05/27/2013 - 13:56 | 3601408 disabledvet
disabledvet's picture

Something tells me none of them do "long only Treasuries." Bill Gross and his trillions probably never will count I imagine. "he's from California while we're from self" over here.

Mon, 05/27/2013 - 13:56 | 3601410 fonzannoon
fonzannoon's picture

Just wait until these hedge funds and all the big money decide stocks AND bonds are unappealing. wait until that 65 year old boomer with his life's savings in his 401(k) starts seeing his stock funds go up in smoke. then he runs to his bond fund choices only to realize he is now in the middle of a shootout and he can't get out of the way.

Mon, 05/27/2013 - 17:24 | 3601901 new game
new game's picture

heads you bend over OR tails get on your knees

Mon, 05/27/2013 - 14:01 | 3601419 chindit13
chindit13's picture

Seems all the big fund managers get their chance to be the $4 billion man for the year.

Elsewhere, knowing the "firm" of Kovner, Bacon and Jones have long term negative correlations with the S&P, and are all macro in nature (or by tradition), I'd be perfectly comfortable staying with any of them in a world where hell could break loose at any moment.

Mon, 05/27/2013 - 14:01 | 3601420 ebworthen
ebworthen's picture

So...only two funds are outperforming the S&P?

It would be funny if the losing funds weren't skimming so much money from investors regardless of performance.

Mon, 05/27/2013 - 14:12 | 3601449 Dr. Engali
Dr. Engali's picture

I would like to know how in the hell you generate a negative return in a market where even Cramer can generate a positive return. It must be nice to get 2 and 20 for sucking high tit.

Mon, 05/27/2013 - 14:39 | 3601499 ebworthen
ebworthen's picture

lol, I know, right?  25 out of 27 under-perform the broad index?  You almost have to try to do that.

Bet if their salary and bonus were 100% dependent on performance they wouldn't be placing such horrible bets.

"C'mon double sixes!"

"I'm putting it all on 00!"

"I'm going all in with two-pair, deuces and 3's!"


Mon, 05/27/2013 - 14:43 | 3601515 Aurora Ex Machina
Aurora Ex Machina's picture



At a guess ;)

Mon, 05/27/2013 - 23:32 | 3602680 BigInJapan
BigInJapan's picture

Any numbers on how Hayman Capital has done?

Tue, 05/28/2013 - 05:48 | 3602954 13thWarrior
13thWarrior's picture

Hymen Capital burst.

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