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SAC Up 9.2% YTD, Paulson Heart Boehner, And Other Hedge Fund Observations

Tyler Durden's picture




 

For those who live and breathe solely to know how Stevie Cohen has performed at any given moment, we have an update. According to Bloomberg's Hedge Funds brief, SAC Capital told investors last week that his main hedge fund is up 9.2% year to date. It is unclear if he provided any further insight into the firm's troubled relationship with various regulators and law enforcement officials. Some other fund update from Bloomberg. Balestra Capital Partners LP was negative 2.37 percent last month and has lost 7.63 percent year-to-date, according to its monthly results and commentary sent to investors. Brencourt Advisors LLC’s $260 million Brencourt Multi-Strategy Fund lost 90 basis points to drop year-to-date returns to 2.84 percent, according to an email update sent to investors. The merger arbitrage fund gained 22 basis points last month and has returned 2.17 percent through June 30. The Brencourt Credit Opportunities Fund lost 0.95 percent and has returned 3.39 percent in 2011. Broadfin Capital LLC’s Broadfin Healthcare Fund LP returned nearly 9 percent in the second quarter, according to its quarterly letter to investors, a copy of which was obtained by Bloomberg. Long positions in Alkermes Inc. and Hi-Tech Pharmacal Co. Inc. “were the largest drivers of the fund’s performance,” the letter said. The New York-based fund is managed by Kevin Kotler. Summarizing returns by strategy for 2010 and 2011 (table below) shows quite vividly that what worked back in 2010 is no longer in vogue, although the main exception - the best strategy for both years - continues to be Mortgage-Backed arbitrage. Although most curious for some may be that none other than John Paulson is now officially the biggest fan of John Boehner. Read on.

And some other notable hedge funds news:

  • Employees at Paulson & Co. contributed $61,050 to U.S. House Speaker John Boehner’s campaign account, more than any other company. Moore Capital Management LLP employees gave $53,000. The Ohio Republican has raised $6.6 million for his campaign committee. No one from either firm donated to Boehner for his 2010 re-election campaign, according to the Center for Responsive Politics, a Washington-based research group that tracks political money.
  • Christopher Louis Pia, a former Moore Capital Management LP portfolio manager, was barred from trading palladium and platinum on the New York Mercantile Exchange as part of a settlement over charges that he attempted to manipulate prices. Pia agreed to pay more than $1 million to settle allegations of irregular trading between November 2007 and May 2008, according to an order issued by the Commodity Futures Trading Commission.
  • Former SAC Capital Advisors LP portfolio manager Donald Longueuil asked a federal judge to impose a sentence of less than the 46 to 57 months sought by the U.S. for his role in an insider-trading scheme. Craig Carpenito, a lawyer for Longueuil, 35, said his client was seeking leniency from the court saying his client, “not the caricature of a greedy yuppie portrayed by the Government.” He is scheduled to be sentenced by U.S. District Judge Jed Rakoff on July 29.

Source: Bloomberg

 

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Tue, 07/26/2011 - 11:49 | 1494679 Biff Malibu
Biff Malibu's picture

I heart SAC as well.  When I first opened my TD Waterhouse online brokerage account with dial-up access, some jackoff named Jon Markman over at MSN was pumping some POS called Sensar (SCII) that was some Israeli reverse merger with some POS company and it was supposed to go up 10000% in 10 years, as well as XLA and CMGI and some other POS's.  Well, I bought in because none other than SAC was also heavily invested (at much lower prices I'm sure).  Well I was happy to be the bag-holder for them once. 

Never again.

 

Tue, 07/26/2011 - 11:51 | 1494686 TumblingDice
TumblingDice's picture

Maybe Paulson is hoping Boehner's standoff can lift gold prices due to currency uncertainty?

Or maybe he's a republican political hack who has bought into the notion that republicans stand for low government.

Maybe both.

Tue, 07/26/2011 - 11:52 | 1494689 ZeroPower
ZeroPower's picture

Short biased Eqs give a -YTD performance... No big suprise thanks to Benny Boy.

Tue, 07/26/2011 - 11:53 | 1494692 NotApplicable
NotApplicable's picture

Thankfully that headline hit before lunch...

Tue, 07/26/2011 - 11:55 | 1494698 I am a Man I am...
I am a Man I am Forty's picture

emerging market debt has been the way to go over the past couple of years

Tue, 07/26/2011 - 11:56 | 1494704 Scottj88
Scottj88's picture

From Sen. Obama’s Floor Speech, March 20, 2006:

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

It is all a rackeet in the interests of the Federal Reserve and its sister European banking friends...

http://thehardrightedge.com/furtherquestions/

Tue, 07/26/2011 - 11:59 | 1494714 TruthInSunshine
TruthInSunshine's picture

What happened to that Senator?

Where is he when we need him most?

Paging.......wait.....that's Obama!???

Manchurian Candidate, bitchez!

Tue, 07/26/2011 - 12:10 | 1494752 gwar5
gwar5's picture

.

 

That's perfect, and has been out there, and I don't know why the opposition doesn't rub it in one of Obamao's two faces by repeating it daily.

Follow the money. All the way to the printing press.

Tue, 07/26/2011 - 11:57 | 1494707 TruthInSunshine
TruthInSunshine's picture

Is the DOJ really closing in on the Cohen?

Will Captain Ahab get Moby Dick?

Harpoons at the ready, and get some of the fem males to dress up as women and undergo estrogen treatment (for those of you who follow the perverted ways rumored to happen in the hallowed offices of the SAC).

Tue, 07/26/2011 - 12:14 | 1494760 spanish inquisition
spanish inquisition's picture

The DOJ's main job nowdays is to let the whales that benefit from Congresses largess that they need to show more appreciation for the bounty they have received. (i.e. - Triple your campaign contributions)

Tue, 07/26/2011 - 12:20 | 1494781 TruthInSunshine
TruthInSunshine's picture

Indeed.

And let us not forget that many of the whales' firms, whether SAC or Goldman or JPM, undoubtedly provide cushy, high wage 'employment' (whether the employee shows up for work or not) for many children, wives, husbands, brothers, sisters, etc. of regulators and politicians, nor that there's a revolving door, whereby the regulators and politicians are giddy with anticipation at the prospect of leaving 'government service' to be give the same set up at their first ooportunity.

The system is corrupt and intractably f**ked beyond comprehension, really.

Tue, 07/26/2011 - 12:23 | 1494795 snowball777
snowball777's picture

Yay....the thief loves the crybaby.

Tue, 07/26/2011 - 12:43 | 1494892 Robslob
Robslob's picture

SAC HEART BONER

PAULSON HEART BONER

RYAN HEART BONER

GANG BANG!

Tue, 07/26/2011 - 13:14 | 1495017 treasurefish
treasurefish's picture

POLITICAL DIFFERENCES IN DEBT DEBATE EXPLAINED TO SHEEP

 

Democrat:  Follow Greece's Path.  Raise the credit limit and get more loans to pay for it, but do not default.

Result - Riots in the streets, banks profit, & China comes out ahead.

 

Republican:  Follow Ireland's Path. Introduce "Austerity Measures" and cut spending, but do not default.

Result - Riots in the streets, banks profit, & China comes out ahead.

 

Libertarian:  Follow Iceland's Path.  Pay out minimum amount of money to keep National government running at reduced levels, pay retirees, and default.  

Result - 2 to 3 years of pain, international TBTF banks suffer, & economy surges past China's.  

 

Note:  Population levels have nothing to do with credit agency ratings - just like it doesn't matter how many people live in your household with your personal credit.  What matters is your country's debt to GDP ratio - just like your debt to income ratio.

Wed, 07/27/2011 - 06:19 | 1497062 Pete15
Pete15's picture

Id love to hear what Chris Matthews would say about that. 

Tue, 08/23/2011 - 22:53 | 1593338 karmete
karmete's picture

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