JANA Top Event Driven Fund YTD while Paulson Lags: Lyxor

Lyxor Hedge Fund Index is down -0.2 percent for the month of November (+1.56 percent YTD). Lyxor’s index is comparable to the HFRX Global Hedge Fund Index, which is down 0.44 percent for the month (+1.7 percent YTD). Lyxor carries out extensive research on individual hedge funds performance. In the latest edition of Lyxor’s Managed Account Platform, Stefan Keller, the chair of the platform writes that the hedging world is surrounded by the cyclical risks and market exposure is not likely to increase going forward. A similar conclusion was also drawn in Bank of America Merrill-Lynch’s latest report on hedge fund performance, that we published a week ago.

Best and Worst of Hedge Funds by Strategies

Performance of hedge funds is calculated on the basis of benchmark data and Lyxor’s NAV of the fund. The return is net of all fees.

Long/Short Equity

The L/S Equity Odyssey Value Fund came at the top with 13.8 percent, followed by the Martin Currie Europe Fund with 11.5 percent return for the year so far.

The laggers in the strategy were, Sprott Offshore Fund Limited with -26 percent and Island Drive Offshore with -20.9 percent.

L/S Credit Arbitrage

In the L/S on credit arbitrage strategy, all of the funds followed by Lyxor have performed on the positive end YTD, with Income Partners Asian Credit returning the highest of +12.2 percent, while Advent Global Opportunity Fund returned the least with +3.68 percent.

Event Driven

In the event driven strategy, the high scorers have been JANA Partners Fund, with a return of +19.6 percent, while  MAN GROUP PLC (PINK:MNGPF)’s GLG Credit Opportunity Fund returned +13 percent for the year. The performance of Third Point Fund was up 6.7 percent, while York Fund Ltd has managed to return only 3.3 percent YTD.

Paulson’s funds have been frequently spotted in the laggers. Paulson Advantage was down -16.4 percent, while the Gold Fund detracted by -19.7 percent YTD. On a positive note, Paulson International Fund was up 1.42 percent in the month till November 13th.


Among CTA advisors, the worst performers to date have been Chesapeake Fund Limited (-14 percent) and NuWave Combined Futures Portfolio Fund (-13.8 percent). However, for the month of November, NuWave was the best performer with +1.84 percent. The best were not so good either, with QIM Fund Limited and TrT Enhanced Fund Limited returning only 2.96 and 1.89 percent respectively for the year.

Global Macro

In the global macro strategy GAM Global Rates Hedge Fund Limited is up by 14.8 percent for the year, while MLM Macro Fund is down -10.7 percent.

Lyxor Asset Management provides a wide variety of investment services like investing in ETFs, fund of hedge funds, investible hedge fund indexes, and hedge fund research.

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About the Author

Tabinda Hussain
Tabi covers hedge funds for ValueWalk. Although Tabi is an expert in hedge funds, her academic background is in Biology. Follow her on twitter @tabihussain

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