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.
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%.