Pershing Square tops best funds list of 2014
The results that continue to place Ackman at the top of the list of performers, with a 26.11 percent year to date gain, do not account for Ackman’s reported $170 million plus score on the Burger King Worldwide Inc (NYSE:BKW) deal.
London-based Pharo Trading Fund and its macro strategy, run by Guillaume Fonkenell, took a tumble from second place last month to forth on the list of top performers. The Pharo Trading Fund, with $489 million under management, is up 19.11 percent on the year. The Pharo Macro Fund, with $4.159 billion under management, is up 8.42 percent year to date after posting double digit returns in 2013 and 2012.
Among the biggest movers at the list of top performers recently was Chenavari Toro Capital 1A fund, a fund ValueWalk has written about on numerous occasions. As previously reported, Chenavari’s investment newsletter noted and expectation that the US Federal Reserve might be tightening could be in the future. Chenavari climbed from the number six spot to number three in HSBC’s performance ranking.
Two Sigma Compass fund up 15.55% YTD
A mover on the list is Two Sigma Compass fund, which is up 15.55 percent year to date, is currently ninth on the list of top performers year to date. The firm, founded by John Overdeck and David Siegel, is becoming a major player with $20 billion under management. What is impressive about Two Sigma is the firm is known to charge higher performance fees than the standard 20 percent of profits.
What is different about Two Sigma is they are a quantitative investment manager, allowing computer algorithms to determine when to buy and sell, but they place a discretionary overlay on top of the computer logic. In other words, with over 500 people employed at the firm, a computer might spot the mathematical logic for an investment while a human makes the final investment decisions. Combining technical and fundamental analysis is an increasingly popular investment method among professional investors as of late.
The fund finding the most difficulty is Eagle Global Fund, operated by billionare Menachem Stemberg. The fund is down 21 percent year to date, which follows up a negative -15.88 percent give back in 2013. Steinberg got his start with legends at the Commodity Corporation, an incubator for some of the best commodity trading advisors in the business. Its alumni include Paul Tudor Jones, Louis Bacon and Bruce Kovner, among others.