Hedge Funds

All of James Dinan’s York Capital Funds showed healthy returns last year, they might not rank in the top ten but it was still pretty impressive to see all funds return positively. York’s flagship fund, York Multi-Strategy (AUM $5.1 billion), showed a handsome return of +13.45 percent. York Credit Opportunities with $4.2 billion in assets under management rose as high as 19 percent in last year. York European Opportunities Fund (AUM $1.9 billion) gained 10.66 percent, while York Asian Opportunities Fund (AUM $420 million) finished the year up 10.78 percent.

Contrary to the happy ending for York, R. G. Niederhoffer Capital Management had a bad year in all respects. Even the showcase worst performer of 2012, Paulson & Co, was up in a couple of its funds, namely Credit Opportunities (+5 percent), International (+6.09) and Paulson Enhanced (+13.17) through November 2012. However, R. G. Niederhoffer detracted by -22.4 percent in its flagship, Diversified Program, and -28.5 percent in the Negative Correlation Program. The other three programs, Optimal Alpha, Trend Alpha and iHedge also lost 13.7, 13.0 and 10.2 percent respectively last year.

 R. G. Niederhoffer Capital Management had $501 million in all of its five funds, down from $558 million in June 2012. The funds lost in the period of Jan-May of last year and then suddenly gained as much as 13 percent in a single month in June. However, the big gains were only transient and failed to bypass the losses the funds suffered in the last two quarters. The last good year R. G. Niederhoffer had was in 2008, when two of its funds posted a return of 50 percent.

Other famous losers of 2012 is the Brevan Howard Systematic Trading Fund that closed 5.86 percent down in 2012. Winton Capital and  Tudor Momentum also lost 3 percent each, according to Lyxor’s data.

Among the gainers are JANA Partners, the fund ended last year with +22.6 percent in returns. MAN GROUP PLC (LON:EMG)’s GLG Credit Opportunity Fund Limited was up 15 percent, while Marathon Distressed Opportunities posted a gain of 11 percent in 2012. GAM Global Rates Hedge Fund gained more than 17 percent and Marshall Wace Tops European was up 11 percent. Canyon Capital Arbitrage Fund posted a return of +9.39 percent . Omni’s flagship hedge fund, Omni Macro Fund had slight gains of 0.73%, total aum is slightly over $1B for the firm. Ray Dalio’s Bridgewater Associates  flagship fund was up 4.38% for the year.