Permal is a fund which invests in other hedge funds (commonly referred to as a fund of fund). Permal’s capital is invested in sectors like global futures, discretionary, systematic (CTA’s), natural resources and commodities. The group of funds are classified on the basis of having single or multiple managers. Permal invests with almost every big name in the hedge fund world, such as Paulson & Co, York Capital, David Tepper’s Appaloosa Management, Canyon Capital, Lone Pine Capital, and many others famous investors.
The YTD performance mentioned below is till the end of September 2012. The highest year to date gain was reported for Permal’s Fixed Income Special Opportunities, up by 10 percent YTD, while the Special Global Opportunities fund was up by 9.9 percent. Both Permal GO and FISO are managed by NWI Management LP and are single manager funds.
The performance for most of its multi-manager funds was positive for the year. The largest year to date detraction was in the Natural Resources Fund, which lost 0.2 percent, while the highest gain was seen in Fixed Income Holdings, which was up by 6.4 percent YTD.
The pooled AUM of all multi manager funds comes close to $11 billion. Permral Macro Holdings, the largest fund of Permal, was up 0.4 percent in Sep, while the yearly returns were up by only 0.2 percent. PMH’s total investments exceed $4.7 billion.
Permal Fixed Income Holdings’ total assets under management are $4.1 billion. The fund is managed by leading names like, David Tepper of Appaloosa, John Paulson of Paulson & Co, and Mitchell Julis of Canyon Capital. PFIH was up 1.4 percent in the month of September, while the year to date returns are up by 6.4 percent. Tepper is up 25% this year, according to a recent article by Gregory Zuckerman and Juliet Chung of the WSJ. However, Paulson & Co is having another tough year.
Permal Long Short Global Equity Holdings returned +0.7 percent in September, and is up by 4.4 percent for the year so far. Its largest managers include Steve Mandel of Lone Pine and Sanford Colen of Apex Capital. The total AUM for Permal Long Short’s fund is just over $120 million.
Permal’s Macro Strategy fund manages investments of $265 million in total. The fund returned 0.3 percent in September, while the year to date returns were low, coming in at +0.1 percent.
Permal’s Investment Holdings returned 1.2 percent in September and was up by 4 percent for the year. One of the fund’s managers is Chris Meyn of Gávea Investimentos, a Brazilian asset manager. PIH’s total investments range above $1.5 billion.
In addition to the above mentioned funds, Permal also has dedicated funds for investing in Japan, emerging markets, Asia, China, Silk Road, natural resources, fixed income special opportunities (single manager fund), and US opportunities (single manager fund).