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Top 5 Hedge Funds in the World Replies |
rffrydr
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 Posted: Mon Oct 22, 2007 6:39 am Post subject: |
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It was too easy. Only the quants suffered in August. "No need to panic."--so far.
| Quote: | Lansdowne hits record as hedge funds bounce back
By James Mackintosh in London
Published: October 6 2007 03:00 | Last updated: October 6 2007 03:00
The flagship of Lansdowne Partners, one of London's biggest hedge funds, had its best-ever month in September as a long-standing bet against Northern Rock's shares paid off and other big positions bounced back from its worst month in August.
Lansdowne's $6.5bn UK Equity Fund jumped 9.7 per cent last month, leaving it up 21.5 per cent for the year so far, as it made about $200m from short-selling Northern Rock, investors said. The fund also benefited from short positions - which profit when prices fall - in financials and housebuilders and from long holdings in mining stocks, particularly gold mines.
The bounce came as many of the world's biggest-name hedge funds recovered from dire returns in August, correctly calling the US Federal Reserve's rate cut, the strong performance of emerging markets and weakness in financial stocks.
"People are realising that there's no need to panic because things have come right back after the dreadful numbers in August," said one fund of hedge fund manager.
Those putting in strong performances included some of Wall Street's best-known managers, including Paul Tudor Jones of Tudor Investments, Barton Biggs of Traxis, Louis Bacon of Moore Capital and Art Samberg of Pequot Capital. All had fallen sharply in August.
Pequot's Core Global Offshore rose 11.8 per cent in September, Traxis was up 6.5 per cent and Moore Global was up 5.6 per cent, while Tudor's BVI fund was up 4.1 per cent, putting it back in positive territory for the year. But Tudor's Raptor fund, run by James Pallotta, remains down after gaining just 1.2 per cent in September.
Event-driven funds, which include activists and those betting on mergers and acquisitions, also recovered well from sharp falls in August as concerns about deals falling through abated. Two funds from New York's Atticus jumped more than 10 per cent in the month, while London-listed Third Point, which had fallen 8.3 per cent in August, clawed back 2.7 per cent in September.
Saleem Siddiqi, a fund manager at Tapestry Asset Management, which invests in hedge funds, said the trend-following futures traders, or CTAs, also did well. "You had a big move in the commodity markets and the dollar move was also fairly pronounced, which many of the systematic traders caught," he said.
RAB Capital's Special Situations fund, which became Northern Rock's biggest shareholder last month and has been trying to convince the government not to let the bank's equity be wiped out, fell 0.7 per cent, leaving it up 18.3 per cent this year.
However, the quantitative equity funds, which suffered badly in August, produced mixed results, with some of the worst-hit losing further ground in September when their computer models failed to predict market movements.
Tykhe Capital's Class B lost 0.1 per cent to bring its loss for the year to 21.7 per cent, and Barclays Global Investors' 32 Capital fund fell 2.4 per cent, leaving it up 2.5 per cent this year.
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