It comes as no surprise to see Crispin Odey and Dan Loeb among the top performers so far for this year. Both managers’ funds have not just bagged the highest paper profits on their investments so far but have produced these results consistently. As per data from HSBC Hedge Weekly (full report below), Odey European is up 25.4 percent through May 14 whereas Third Point Ultra is up 24 percent through May 15. Flagship Third Point Offshore is up 16.3 percent over the same period.
Paulson Up And Kicking At Last?
The newcomer in top funds of 2013 is John Paulson, who has lately made news only because of the losses his funds have incurred. Recent data shows that Paulson Recovery Fund ($1.5 billion) has gained 21 percent through April 30, just making it into HSBC’s Top list. Paulson has lamented that his losses in this sector have been exaggerated, a claim which judging by the returns of his other funds seems partially true. The $5.4 billion Paulson Credit Opportunities is up 11.6 percent through the end of April, Paulson Advantage ($1.79 billion) and Advantage Plus ($2.6 billion) are up 1.93 and 2.65 percent respectively. Paulson Enhanced with $2.2 billion was up 14.8 percent whereas Paulson International with $1.49 billion is up 7 percent till the end of April. However Paulson Gold Fund which managed to the tune of $700 million before April has lost some -50 percent in this year, but Paulson has said on one occasion that gold makes less than 3 percent of his total assets so the loss is not as huge as it has been painted.
Ackman Gaining From JCP, Canadian Pacific
Bill Ackman’s Pershing Square added a 4 percent return to May 17, bringing the YTD gains to 11.25 percent. Ackman has been getting good news on almost all of his investments except for his short in Herbalife Ltd. (NYSE:HLF). Canadian Pacific Railway Limited (NYSE:CP) (TSE:CP), J.C. Penney Company, Inc. (NYSE:JCP) and The Procter & Gamble Company (NYSE:PG) have received encouraging news in the past weeks. CEOs were changed in both J.C. Penney and Procter & Gamble, moves that Pershing Square had campaigned for. Herbalife Ltd. (NYSE:HLF) is presently trading at $47.7 and up 20 percent MTD, although the shares are still not visibly higher since Ackman disclosed the short at the end of 2012.
In Long/Short strategy, Glenview Capital is up 18 percent, David Tepper’s Palomino Fund was up 14.5 percent, Passport Global is up 9 percent, YTD through April. Marshall Wace Eureka and Lansdowne Developed Markets are both up 13 percent through May 17.
Other notable performers in Event Driven strategy except for Dan Loeb, Paulson and Ackman include Owl Creek, which has returned 23 percent, and Richard Perry’s Perry Partners, which is up 11 percent. David Einhorn’s Greenlight Capital had only managed +5 percent till the end of April.
In the Macro category, Rubicon Global comes off as the best performer with +22 percent in returns, Discovery Global is up 17 percent, Fortress Macro is up 14 percent, Moore Global is up 13 percent whereas Paul Tudor’s funds are up in excess of 12 percent, for the year to May 16.