Amid Generally Muted Results, These Top Hedge Fund Names Soar

Amid Generally Muted Results, These Top Hedge Fund Names Soar

Global hedge funds are squeezing out positive performance in 2019, but continue to lag the US stock market. The Mizuho Eurekahedge Hedge Fund Index was up 4.08% on the year basis June 30 while the stock market is providing a strong beta market headwind. The MSCI ACWI (Local) was up 14.39% during the first half of the year while the S&P 500 was up 17.3%, its best first half performance in two decades and breaching an all-time highs. While hedge fund performance might look muted by comparison, individual hedge fund managers, some rather well-known, are themselves delivering record returns amid the HSBC Hedge Weekly top 20 performance list turning in some of its best half year performance in history. And near the top of this list is a familiar face.

One-time activist investor turned stock picker Bill Ackman has turned his life around on several levels. The newly married Ackman changed strategy at Pershing Square, in part, from finding potential fraudulent corporations and betting on their demise. He is now picking stocks that have been beaten down and betting on their success, as is the case with Chipotle. Investors were rushing for the exits amid a food poising scandal that sickened more than 700 customers. His buy on a drawdown strategy paid off, as the stock was up 63% at the half year point. Other meaningful wins include investments in Howard Hughes and Restaurant Brands International. Likewise, Ackman’s $1.1 billion Pershing Square Intl. Ltd is in third place on the HSBC Hedge Weekly performance list, up 32.45% and turning in some of its best half year performance in history. In 2014, a year in which Ackman was a top performer on the list, the fund returned 37.24% for the entire year. Pershing Square is significantly beating the Event Driven / Multi-Strategy Global benchmark, which is up 7.35% on the year.

Q1 2021 13F Round-Up: Notable Hedge Fund Changes

investBelow is our 13F roundup for some high profile hedge funds for the three months to the end of March 2021 (Q1). Q1 2021 hedge fund letters, conferences and more The statements only include equity positions as 13Fs do not include cash and debt holdings. They also only include US equity holdings. Funds may hold Read More

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Q2 hedge fund letters, conference, scoops etc

In the top 20 horse race, Pershing Square was edged out by an eyelash in the June month end Hedge Weekly report. Managed Futures stalwart Cantab Capital Partners $1.1 billion Quantitative Fund – The Aristarchus was up 32.64%, taking second place and representing some of the fund’s best half year performance in their history. Cantab’s $1.5 billion Core Macro Fund, meanwhile, posted 18.27% performance, according to the HSBC report, significantly beating the Managed Futures Systematic / Global category benchmark of up 8.65% year to date. Other notable funds in the category include Sanjiv Kumar’s and Yves Balcer’s $2.9 billion Fort Global Contrarian, up 13.25% on the year, while the $720 million Diversified program was up 14.90%. The $99 million DB Platinum Quantica fund, meanwhile, was up 20.88%.

The $1.6 billion Quantedge Global Fund, which in 2018 was the worst performer on the Hedge Weekly list, down 29.19%, is currently up 26.29%, ranking 10th on the 2019 list. The Macro / Systematic Global category under which it self-reports performance is up 10.08% year to date.

The top 20 performers are all delivering above average half year results. The lowest returns on the top 20 list come from the $2.2 billion Systematic Alternative Markets Fund – Class C, which is up 18.42% and reports in the Managed Futures category. The top performer is the $110 million Muirfield GSE Partners, up 94.89% and reporting in the Event Driven, Equity Diversified / Global category. The 76.47 point spread from high to low in the top 20 is among the most diverse right skew returns distribution, while the absolute returns are among the best half year performance in the history of the HSBC report.

Other notable performers in the top 20 include the Golden China Fund, up 32.36%, Perceptive Life Sciences Offshore Fund, up 29.35%, and the Russian Prosperity Fund, up 21.01%.

This article first appeared on ValueWalk Premium

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Mark Melin is an alternative investment practitioner whose specialty is recognizing a trading program’s strategy and mapping it to a market environment and performance driver. He provides analysis of managed futures investment performance and commentary regarding related managed futures market environment. A portfolio and industry consultant, he was an adjunct instructor in managed futures at Northwestern University / Chicago and has written or edited three books, including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008). Mark was director of the managed futures division at Alaron Trading until they were acquired by Peregrine Financial Group in 2009, where he was a registered associated person (National Futures Association NFA ID#: 0348336). Mark has also worked as a Commodity Trading Advisor himself, trading a short volatility options portfolio across the yield curve, and was an independent consultant to various broker dealers and futures exchanges, including OneChicago, the single stock futures exchange, and the Chicago Board of Trade. He is also Editor, Opalesque Futures Intelligence and Editor, Opalesque Futures Strategies. - Contact: Mmelin(at)

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