York Capital aced a big return in one of its flagship funds in last month. The hedge fund founded by James Dinan netted a 3.1% return in November in its multi-strategy York Capital Management. Dinan’s $2.4 billion fund is now up 15.6% for the year, according to a shareholder letter reviewed by ValueWalk.
Dinan’s hedge fund also bagged a return of +2.8% in York Investment Ltd., pushing up the total gain to nearly 15%. York Investment manages $3.1 billion.
James Dinan’s York Capital and Greenlight up in November
James Dinan’s York Capital also did well in its credit focused strategy: the York Credit Opportunities Fund managed a 1.8% gain in November, bringing up the YTD return to 15.18%. The credit funds manage $5.7 billion. Dinan’s York Capital’s regional strategies, York European (11% YTD) and York Asian (12.7% YTD) took up a gain of 0.4% and 0.8%, respectively.
David Einhorn’s Greenlight Capital reported a major gain – the fund was up 4.9% in November. This brings up the fund’s total return for the year to +18.9%. Interestingly the investment returns of the fund do not list gold among top five holdings anymore which was Greenlight’s third largest holding at the end of October. It seems the -5.5% decline in the precious metal dethroned it from its long-held place in the top order. The fund’s top five longs are Apple Inc. (NASDAQ:AAPL), General Motors Company (NYSE:GM), Marvell Technology Group Ltd. (NASDAQ:MRVL), Micron Technology, Inc. (NASDAQ:MU) and Vodafone Group Plc (NASDAQ:VOD) (LON:VOD).
Greenlight recorded major gains in Micron Tech, Marvell Tech in last month.
Dan Loeb’s Third Point gained a handsome 2.5% in November, bringing up the total gain for the year to +21.2%. Bill Ackman’s Pershing Square reported a gain of 1.4% in the same period, the long/short equity fund has now managed a 10% return in the year, Reuters reports.
The top performers
The above mentioned funds do not rank in the list of the top hedge funds this year. The largest returns still belong to the likes of Nelson Peltz’ Trian Partners and Larry Robbins’ Glenview Capital. Robbins is up 39% in his flagship $3.3 billion strategy, Glenview Capital Partners, which recorded a rise of 1.1% in November. Robbins is having a good year with his exposure to hospital stocks which make up the bulk of assets under management.
Trian Partners has seen a remarkably good year owing to its successful activist stints. Trian Partners Ltd is up 36.2% through November this year. Peltz’ top holdings include PepsiCo, Inc. (NYSE:PEP), up 20% YTD and Mondelez International Inc (NASDAQ:MDLZ), up 36% this year.
Paulson beats all
John Paulson, the big loser of last year, is looking to lock 2013 as one of biggest winners. The $1.5 billion Paulson Recovery Fund is up 55% through the end of November, which beats out nearly all competition. Even though this fund is easily the best performing among all noted hedge funds, Paulson’s returns in his flagship strategy are more eye-popping. Bloomberg’s Kelly Bit reports that the Paulson Advantage Fund bagged a +13% rise in the last month alone, which surged total returns to +30% for the year. All other strategies also recorded sizeable gains: Paulson Advantage Plus is now up 28% for the year, Paulson Credit Opportunities is up 20%, Paulson Partners Enhanced Fund is up 28% and Paulson Partners is up 16% YTD.
Jeffrey Altman’s Owl Creek Overseas is up 42% for the year after rising 3% in November. Altman’s event-driven strategy has done well by making some smart picks, some of his major holdings include Hess Corp. (NYSE:HES) and Spirit AeroSystems Holdings, Inc. (NYSE:SPR). Owl Creek manages $3.4 billion.
Leon Cooperman’s Omega Overseas Partners has also beaten the benchmark. The $2.2 billion hedge fund has returned 25% return through November of this year.
Other top performers of the year include David Tepper’s Palomino Fund and Mick McGuire’s Marcato Capital Management.
The returns mentioned in this article are from HSBC Hedge Weekly, unless noted otherwise.
Update: A previous version mentioned that Owl Creek uses high leverage, that was incorrect, the reference has been removed.