SMs that weren’t down in 2022?
Pretty much all the top SMs were down last year. Anyone have an idea of those who able to make money?
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Werent down at all? Going to be a very short list. Thinking about funds that are not -30-50%+ Tech Bros and could still be hiring:
Elliott / Sachem Head / ValueAct
Eminence
Viking
SRS
Samlyn
PAR
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What about Baupost? Do they count as SM and how has their performance been recently?
Baupost was down 8% last year and was up 9% in 2021.
Viking barely counts as a SM imo. In terms of performance numbers for 2022 im curious about a few funds if anyone is willing to share:
Holocene Advisors (woodline and candlestick as well)
Select Equity Group
Soroban
TCI
Atlantic investment management
Soroban had cute energy run in 1H but I can't imagine they finished up (> 5%) on the year. My guess -2% to +4%. Good #s and really sharp ppl
TCI smacked (-22% -- know they lost $8.1bn and I believe $36.2bn under mgmt)
Would say if Viking barely counts as a MM then Holocene, Candlestick are in the MM bucket as well
Definitely not saying those funds were exclusively SMs... was just curious about the performance of a few funds if anyone had the information. For example, Holocene is a mix of SM/MM/sector heads - with a best ideas portfolio run by Brandon, and then sector heads who run "pods"... sort of... and market neutral obvs.
I'm amused Atlantic is mentioned in this list. Has been a marginal fund for 10 years now.
Just to clarify for everyone! I definitely know the funds I mentioned are not exclusively SMs (obviously...) and I was not saying any of them were up in 2022... was just a few funds in general that I was curious about how performance has been...
Appreciate the commentary on Atlantic - why have they have been so marginal over the last decade? Is it because they have lost their good performers / their strategy no longer works, or is it more their concentrated value approach wasn't conducive to the last decade. Or have you just heard their performance has been below average for a long time now.
candlestick -15 to -20 range
I mean the CIO helps the PMs to size and determine their best positions so still a good level of influence from the central decision maker
scopia, sylebra, greenlight
plenty smaller funds up though
Apollo HF was flat in ‘22 and is +6% YTD (was +26% in ‘20 and +12% in ‘21)
Thanks for the info. Any more colour on their HFs strategy? Do they also invest in privates and equities or is it only distressed.
Praetorian was up 16% in 2022. >900% since 2019
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