Tiger Cubs for Macro/Commodities Hedge Funds
What is the equivalent of Tiger Cubs in macro and commodity hedge funds? Is there even an equivalent?
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Well, some Tiger Cubs are macro / commodities: Discovery and Impala come to mind, but Impala is closing shop.
As stupid as it sounds, I was thinking if there was any "elite" group of funds in the macro space similiar to how Tiger Cubs were in tech.
Closest would be the soros lineage or the brevan linage
I don't think people care about the prestige of Tiger Cubs. What people perceive about Tiger and aspire to replicate is the idea of getting rich easy while riding a 12-year bull market that requires little to no work.
The answer is no, there is no such thing in macro nor commodities.
Soros, Duquesne, Key Square, PointState, BlueCrest, Brevan Howard, Element. A few of them have converted to family offices (Soros, Duquesne, BlueCrest).
I think the best parallel to Julian Robertson / Equities HFs in the Macro / Commodities space is probably Commodities Corporation back in the '80s when Global Macro was really in its heyday. I believe the firm either spun out or seeded Tudor + Caxton + Moore back in the day. Obviously, this is not particularly relevant to anyone looking for a job today in the space. As others have said, Alan Howard / Brevan or Soros are probably closest parallels to today.
How do firms like Tudor/Caxton/Moore compare today to more modern firms like brevan and element? I guess not Moore because it’s a family office.
Brevan has gone the route of a multi manager platform with a few legacy managers having their own funds. Is Element still in the conversation? They have been negative two years in a row during a time that macro had to do well in an allocators portfolio
what were CMDs Corp spinoffs?
tudor / caxton / mt. lucas?
Kirkoswald (Greg Coffey). He worked at GLG (now Man Group) 15yrs ago for Philippe Jabre, then moved to Moore, then retired with 500M net worth. Reopened shop few years ago and strong track record. HF based in NYC managing low digits $bn.
I forget, was this the guy that stuffed money into illiquid emerging market small caps, did well for a long time then eventually blew up or performed underwhelmingly? Or am I confusing him with someone else
I know he does EM and he was in many illiquid stuff (have contacts of people that worked with him), but don't know if he had major problems with that
Funds that fit the criteria: Soros, Dusquene, Moore, Caxton, Tudor, Graham.
All these funds have a rich history/ lineage, large portfolios (many people managing >1bn) and drawdown limits in the 10-15% range.
Funds with less than 5y history, 5% drawdown limits or a single risk taker shouldn’t be macro Tiger cubs imo.
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