Top Hedge Funds Performers in 2012

I looked over this Insider Monkey blog long/short equity hedge fund list and what struck me is how many have shot up to the top in the last year; also, the average holdings is on the small side : 20 stocks or less.

As noted, Ms. Krishnamsetty's analysis does not have access to the funds short positions. Her calculations are based on their long stock positions revealed in their 13F filings once a quarter and that's with a 45-day delay.

1. Fortress Investment Group LLC (NYSE:FIG)

2. Sprott Asset Management

3. DAFNA Capital Management

4. Artis Capital Management

5. Palo Alto Investors

6. Raptor Capital Management

7. Newland Capital

8. Bristol Investment Partners

9. Sun Valley Gold

10. Altai Capital

The whole list is 40 long out of 400 analyzed. They give the top holdings (see Greenlight Capital's here, for example, the rest you get it from their filings.)

    If these fund managers have the long bias ("130/30") why do you have such a swing of performance in such a short time (one year or less) -this is supposed to be a low volatility play-?

    Can they achieve beta-neutrality in this market ?

    What kind of leverage do these guys use to get these returns (could it be none ?)

    Which one performed better in this market, long/short or cylinder (risk reversal) ? What happened with the CTAs that Sept. was such a bad month for them ?

Any opinions ?

The hedge fund market is generally divided into four main strategies:

• Equity long/short
• Relative value
• Event-driven and distressed
• Macro and trading

Europe's top 50 single managers by AUM

If you look at Credit Suisse Sept. HF Performance (released Oct. 19th), Fixed Income and Multis had the best YTD performance.

Bonus read: Are you still looking for a job ? In HF it pays off to use a recruiter. Check out Here is the City's Recruiting firms we like list.

Comments (24)

 
Oct 29, 2012 - 11:13pm

How is this a useful analysis? Like, at all?

"There are three ways to make a living in this business: be first, be smarter, or cheat."
 
Oct 29, 2012 - 11:37pm

Very poor analysis but understand how hard it is to develop a comprehensive list any other way than following the significantly lagged, shortless, and domestic-only holdings for these guys. And window dressing creates all sorts of problems for this too.

I hate victims who respect their executioners
 
Oct 30, 2012 - 12:11am

+1 for sharing this info.

If you ain't gettin money dat mean you done somethin wrong. " If you have built castles in the air , your work need not be lost; that is where they should be . Now put the foundations under them." - Henry David Thoreau
 
Oct 30, 2012 - 12:11am

+1 for sharing this info.

If you ain't gettin money dat mean you done somethin wrong. " If you have built castles in the air , your work need not be lost; that is where they should be . Now put the foundations under them." - Henry David Thoreau
 
Oct 30, 2012 - 12:23am

Where's Lumina Investments? I heard their AUM is $10 now... that's like a 1000% increase!

If your dreams don't scare you, then they are not big enough. "There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.
 
Oct 30, 2012 - 1:53am

monkeyDD:
Flawed analysis of HF managers, a couple of managers with more returns, but regardless who cares if you have a million times return if the volatility is not in check.

Volatility is not the only form of risk. It's not even the most important form.

"There are three ways to make a living in this business: be first, be smarter, or cheat."
 
Oct 30, 2012 - 4:43pm

Sandhurst:
monkeyDD:
Flawed analysis of HF managers, a couple of managers with more returns, but regardless who cares if you have a million times return if the volatility is not in check.

Volatility is not the only form of risk. It's not even the most important form.

Never said it was the only form of risk or the most important, highly subjective opinion.

 
Oct 30, 2012 - 3:27pm

Since we can all agree NY in no longer the center of HF finance- it's a horrible mess, and not just since yesterday, but since 2002 (in my opinion), I thought of writing down a list of the top hedge funds based in London. Only funds with assets under management over $1 billion. Most of them use relative value or long-short strategies, but there are some doing macro, credit, fixed income, general arbitrage and so on.

Brevan Howard

Man Investments

BlackRock

BlueCrest Capital Management

Lansdowne Partners

Winton Capital Management

GAM

Transtrend

Sloane Robinson

Gartmore Investment Management

Citadel

Och-Ziff

Spinnaker Capital– Emerging markets

COMAC Capital

Jabre Capital Partners

Capula Global – fixed income specialist

Cheyne Capital

Marshall Wace

CQS Management– Credit hedge fund

Aspect Capital

Cevian Capital

Arrowgrass – grown out of the market leading convertible bond franchise at Deutsche Bank

Prosperity Capital Management – long-only, activist strategy in Russia/CIS

Pharo Management -emerging markets

Henderson Global Investors

James Caird Asset Management – credit hedge fund

BlueBay Asset Management- credit hedge funds

Millennium Global Investments

Thames River Capital

TT International

IKOS

Odey Asset Management

Toscafund

Ecofin– utility, infrastructure, alternative energy and environmental sectors

Armajaro – CTA

Tyrus Capital

GLC

Boussard & Gavaudan

Altis Partners

Does anyone on this site work for any of these funds ? If you do, how is ?

Winners bring a bigger bag than you do. I have a degree in meritocracy.
 
Oct 30, 2012 - 4:58pm

Financier4Hire:
Since we can all agree NY in no longer the center of HF finance- it's a horrible mess, and not just since yesterday, but since 2002 (in my opinion), I thought of writing down a list of the top hedge funds based in London. Only funds with assets under management over $1 billion. Most of them use relative value or long-short strategies, but there are some doing macro, credit, fixed income, general arbitrage and so on.

Does anyone on this site work for any of these funds ? If you do, how is ?

Since we can all agree NY in no longer the center of HF finance - Seriously disagree

http://www.pertrac.com/assets/Uploads/Infographic/PerTrac-Infographic-I…

Look at the difference in AUM for Europe and the US, I am trying to get the pdf with the breakdown by states in the US.

The firm I currently work for is invested in IKOS and CQS, IKOS is doing poorly in our portfolio so we will be dropping them soon, plus the IKOS-fund AUM dropped by 67% in the last 6months.

 
Oct 30, 2012 - 6:32pm

Financier4Hire:
Since we can all agree NY in no longer the center of HF finance- it's a horrible mess, and not just since yesterday, but since 2002 (in my opinion), I thought of writing down a list of the top hedge funds based in London. Only funds with assets under management over $1 billion. Most of them use relative value or long-short strategies, but there are some doing macro, credit, fixed income, general arbitrage and so on.

[...]

Does anyone on this site work for any of these funds ? If you do, how is ?

Glancing at your list, off of the top of my head, Och-Ziff is based in NYC, Citadel in Chicago, BlackRock runs its asset management out of SF, GAM is originally Swiss and now based in Ireland.. where'd you get your info?

"There are three ways to make a living in this business: be first, be smarter, or cheat."
 
Oct 31, 2012 - 1:39pm

Sandhurst:
Financier4Hire:
Since we can all agree NY in no longer the center of HF finance- it's a horrible mess, and not just since yesterday, but since 2002 (in my opinion), I thought of writing down a list of the top hedge funds based in London. Only funds with assets under management over $1 billion. Most of them use relative value or long-short strategies, but there are some doing macro, credit, fixed income, general arbitrage and so on.

[...]

Does anyone on this site work for any of these funds ? If you do, how is ?

Glancing at your list, off of the top of my head, Och-Ziff is based in NYC, Citadel in Chicago, BlackRock runs its asset management out of SF, GAM is originally Swiss and now based in Ireland.. where'd you get your info?

Yes, I understand what you're saying, of course Ishares is in SF, Citadel is from Chicago. That's not to say some of these funds don't have US ops because they do. With hedge funds the country of domicile is often a tax haven (Switzerland, Bermuda, Ireland, etc.) For example, I believe Ireland has a tax rate of 12%.

Winners bring a bigger bag than you do. I have a degree in meritocracy.
 
Oct 30, 2012 - 8:39pm

How come Fortress' stock hasn't shot up this year if it has generated such returns? And I don't think that 13-F filings disclose the purchase price of securities, nor do they disclose any short sales, so the returns might be off.

 
Nov 2, 2012 - 2:59pm

I agree with Ross Ford who wrote on Prequin today that macro are the most liquid strategies while event driven are the most illiquid.

"Within the event driven sector, distressed strategy hedge funds, have the longest initial lock-up period of almost 15 months." Still PE is even more illiquid, with 4-year lock-ups.

Winners bring a bigger bag than you do. I have a degree in meritocracy.
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