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)
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.
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How is this a useful analysis? Like, at all?
Meanwhile, folks are commuting to Wall Street by boat.
Holy Canada, how is Sprott #2? They only invest in metals and golds basically.
I've been knocking on Sprott for aeons- long 'physical' gold, hence zero correlation to the market and investors buy that shit up.
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.
This list is rigged :O
Poor analysis aside, I think we can all agree these funds performed better than Paulson & Co.
+1 for sharing this info.
+1 for sharing this info.
No prob. - UBS
Where's Lumina Investments? I heard their AUM is $10 now... that's like a 1000% increase!
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.
Artis is legit. Peterson there owns the biggest house in the Bay Area (bought it from Agassi and Graf). Made a killing on his YouTube investment from his VC arm.
Macro is a good play, in my opinion. You need to go where the growth and innovation are.
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 ?
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.
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%.
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.
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.
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