About Those August Hedge Fund Returns by Activist Stocks
Just a quick rundown of how some of the bigger funds did in that brutal August.
First, let’s remember that the S&P 500 was down more than 6% in August.
- Bill Ackman’s Pershing Square down 9.2 percent
- Marcato Capital down 9.1 percent
- Larry Robbins’ Glenview Capital down 5.5 percent
- David Einhorn’s Greenlight Capital down 5.3 percent
- Dan Loeb’s Third Point down 5.2 percent
- Nelson Peltz’s Trian Partners down 4.8 percent
- Barry Rosenstein’s JANA Partners down 4.3 percent
- John Paulson’s Paulson Partners down 4.2 percent
- David Tepper’s Appaloosa Management down 1.8 percent
Of note – the HFRI Fund Weighted Composite Index experienced its biggest drop since May 2012, falling 1.9 percent for the month.
Carlson Capital's Double Black Diamond Fund posted a return of 3.3% net of fees in August, according to a copy of the fund's letter, which ValueWalk has been able to review. Q3 2021 hedge fund letters, conferences and more Following this performance, for the year to the end of August, the fund has produced a Read More
The HFRI Equity Hedge Index experienced a decline of 2.6 percent. Short bias funds led sub-strategy performance, gaining 5%, while high beta growth strategies brought up the rear after falling 4.1%.
Event-driven strategies fell by 1.7%. Shareholder activist funds were the weakest area of event-driven performance, with the sub-index declining by 3.5%.