In the new year, it seems everyone is doing well among the large hedge funds except for a few names. The latest returns from HSBC’s Hedge Weekly has some good numbers coming from Boaz Weinstein’s Saba Capital that was up 2.24 percent through 18th January.
Saba Capital had a difficult year in 2012, so did a number of other quant based funds that run on computer algorithms. Edward Mule’s Distressed strategy fund Silverpoint Capital was up 1.18 percent as of Jan 15. Brace for what Crispin Odey’s Odey European was up over 5% in the first 15 days of the month. Same goes for Lansdowne Developed Market Fund (AUM $6.15 billion) which gained 5 percent as of Jan 18.
A particularly successful area was the Event Driven strategy, same has been reported by BAML’s hedge fund monitor as well. Dan Loeb not satisfied with being among the top gainers of 2012 is gaining across all of his major funds in this year as well.
Gates Capital Management's ECF Value Funds have a fantastic track record. The funds (full-name Excess Cash Flow Value Funds), which invest in an event-driven equity and credit strategy Read More
The flagship Third Point Offshore gained 4 percent as of Jan. 16 while Third Point Ultra was up 5.7 percent during the same period. Richard Perry’s Perry Partners gained 1.19 percent through Jan. 18; the fund manages $4.89 billion. Owl Creek Overseas ($2.04 billion) gained 3.1 percent in the same period. James Dinan’s York Investments Ltd (AUM $2.5 billion) was up 1.2 percent as of Jan. 18.
Among the underperformers are Lee Ainsile’s Maverick Capital Fund that was down 1.25 percent as of Jan 18; the fund manages $2.6 billion. Bill Ackman’s Pershing Square that detracted by 1.2 percent as of Jan 10, did not have a great start for the fund which has a $1 billion short bet in Herbalife Ltd. (NYSE:HLF). Lately there has been some talk of investor discomfort about Ackman’s highly publicized short. We hope the losses will not continue or Ackman may have to announce another big short late in this year as well.
In Fixed Income Arbitrage, the star hedge fund of last year Pine River Fixed Income gained 3.53 percent as of Jan 18. Pine River Fixed Income was up 35 percent in last year ranked fourth in our top hedge funds of 2012 list. In Managed Futures strategy, Man Group (LON:EMG)’s AHL Diversified and Man AHL Evolution both were up 2.88 percent and 1.95 percent as of Jan. 22 and Jan. 18, respectively.
In Macro funds the performance was mixed though the first half of January. All of Brevan Howard’s funds gained in the range of 0.5- 0.6 percent. Fortress Asia Macro Fund returned 0.84 percent as of Jan. 18. However Paul Tudor Jones’ Tudor BVI Global (AUM $8.8 billion) was up 3.4 percent while Louis Bacon’s Moore Global Investments Fund (AUM $4.6 billion) gained 2.47 percent in the first ten days of January.