So who's doing well right now?

kppw1517's picture
Rank: Baboon | 109

Keep seeing article after article about what big name did poorly in October and November and I am just curious as to who's doing well? Are there any strategies that have been thriving in this volatility or at least had gains large enough to survive it?

Personally, I know there are a handful of event-driven shops doing well this year thanks to being heavily involved in the SKY situation. Just wondering if there are any funds on your guys' radars that are doing well?

Comments (97)

Dec 17, 2018

Odey

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Dec 17, 2018

Funny that he's a guy that fits both my SKY description and someone turning a profit in the downturn.

Dec 17, 2018

Yes but he's mostly a perma Bear. Big losses recently.

Array
Dec 17, 2018

Pershing Square having a big year, though most single manager shops struggling. Millennium and Citadel both up MSD/HSD ytd thru Nov, though I heard Dec has been brutal for both.

I only really follow equity funds. bloomberg tracks ytd perf for HFs across the board.

Dec 17, 2018

Those guys were reportedly up 1-4% at end of November. They could be down now.

Array
Dec 17, 2018

Citadel and Millennium are market neutral. 4% move in a month is huge for them (Nov was worst ever), so probably end the year up low to MSD, which is great.

Dec 17, 2018

Element Capital was up 26.8% through the end of October.

https://www.wsj.com/articles/jeffrey-talpins-is-th...

Dec 17, 2018

If you were short theaccountingmajor you did well. I don't know if you've heard but he was recently banned.

RIP theaccountingmajor

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Dec 17, 2018
TheArtMajor:

If you were short theaccountingmajor you did well. I don't know if you've heard but he was recently banned.

Ha I just started participating in the forum after a few years away. Not sure who he is, but why did he get banned?

Most Helpful
Dec 17, 2018

he majored in accounting

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Dec 17, 2018

He was a guy who had a major equally important to mine.

RIP theaccountingmajor

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Funniest
Dec 17, 2018

Don't insult art majors.

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Dec 18, 2018

Mate I levered up 100x to take short positions on theaccountingmajor

thots and prayers

Dec 18, 2018

Looking at Bloomberg performance numbers for HFs right now thru November. I can't upload a pic from camera, file size too large. But here are some ytd numbers for well-known funds:

Pershing Square 11%
Renaissance Tech 11%
Third Point -5%
Jana Partners 2%
Coatue -1%
Millennium 4%
Citadel 9%
Point72 0%
Greenlight -28%
Balyasny -8%

Others that stood out (not familiar with most of these):
Element 26%
Soma Partners 24%
Gresham Quant 28%
QIM quant -41%
Krensavage 14%
Cadian 17%

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Dec 18, 2018

What function are you using on BBG to get this?

Dec 18, 2018

Bloomberg Briefs - hedge fund edition

NI HEDGEBRIEF

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Dec 18, 2018

QIM they say they are running quant models. But they were shooting lights out one year and the up months were entirely correlated with buy the dip months. Seemed like a leveraged buy the dip strategy. Works most of the time.

Array
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Dec 18, 2018

it works when the market is in an uptrend, fails miserably in downtrends. But yeah you're right generally, since bull markets tend to last 2x or more as long as bear markets.

Dec 19, 2018

This Pershing number looks like its through 3Q, the fund is at about +3% YTD through mid-December. Its been a rough few years for Bill.

From what I've seen the Two Sigma equity l/s funds are doing well this year.

Dec 20, 2018
penniesonthedollar:

This Pershing number looks like its through 3Q, the fund is at about +3% YTD through mid-December. Its been a rough few years for Bill.

From what I've seen the Two Sigma equity l/s funds are doing well this year.

Yes you're correct. Numbers above are latest available.

CNBC reporting Pershing Square up barely above zero ytd now.

Dec 20, 2018

Those are likely dated. Citadel was up 9% going into October. They could be anywhere now.

Array
Dec 27, 2018

For multimanagers, these returns are rankings of their respective risk models: Citadel, MLP, P72, Baly

Dec 27, 2018

Does Citadel pay PMs based on returns residualized to 7 different factors or something like that? Are they the only ones that do this?

Dec 18, 2018

Lawyers representing investors who lost their asses are doing well in this market.

Dec 19, 2018

Quants and alt data users are doing well

Fundamental stock pickers not doing well
Value guys getting annhilated
Mutual funds need to go away

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Dec 19, 2018

Wrong. Quant guys are not doing well. Quant funds are down 4% year to date and the average fund is down against benchmark indices globally, especially the US.

AUM for quant funds is rising, though - quant funds are managing more than 1T AUM.

Array

Dec 19, 2018

Guess the ones I know are doing well. Quantamental is my focus point.

Dec 19, 2018

This has nothing to do with which funds are up but I found it interesting in the broader context of the generally negative discussions about HFs this year. I saw an article in the Journal a couple days ago that said that new HFs raised $28B during the first half of 2018, the most since the data provider (Absolute Return) started tracking this in 2004. Now, that being said, the article does note that $18B of that total went to just three firms (Point72, Michael Gelband's place and Dan Sundheim's place). But nonetheless, I thought this was an interesting data point, for what it's worth.

"Successful investing is anticipating the anticipation of others". - John Maynard Keynes

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Jan 1, 2019

From ZeroHedge: Greenlight ends year down -33.9%.

ouch

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Jan 8, 2019

2018 numbers coming out

(per bloomberg)
bwater up 14-15
rentech up 10
citadel up 9

of note, trian down 7.5% in december and millenium up <1% (per my firm)

anyone have other numbers?

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Jan 8, 2019

Can someone explain wtf Bwater does? And is Rentech hax?

Jan 8, 2019

The Water Coolest guys put it like this:

While other hedge funds are out here begging for spare change and turning tricks to put food on the table (hedge funds lost more than 6% on average in 2018), Ray Dalio's Bridgewater Associates returned 14.6% to its investors. This should come as no surprise as the Pure Alpha Strategy fund has an annualized net return of 12%. Of course, we're almost certain (read: not certain at all) this has nothing to do with the largest hedge fund in the world being a radical cult consisting of ultra-influential market movers.

Bridgewater seem to hit the global macro trend spot-on, time and time again. Whenever there is a big drawdown Dalio seems to be on the right side of the trade. If you should attribute that to them being the bellwether, or using very clever methods to identify trend shifts is hard to say. The place is a black box... although not as much as Rentech.

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Jan 8, 2019

I'd be curious to see what some of their macro views were and how they expressed them. I'm such a novice on all things macro that I always find that area fascinating.

Jan 8, 2019

I'm not sure their performance is that good. I've tried googling which isn't best resource but doesn't seem like they have been doing that well before this year.

I see up 1.2% last year. I see up $50 billion since inception with 150 billion in AUM now.

Would like to see a full report other than lucky this year.

Good performance early on when hedge funds had more edge. Not sure they've done much more than eking out small returns lately.

Do they even charge 2-20 or are the fees much lower now?

Also not sure on citadel number. I saw that report. But 9% was reported also before October. And all things were saying brutal last three months so I'm not sure that is updated. This might have been a reporter just pulling the last public statements which may be dated.

Bridgewater is obviously accurate.

Array
Jan 8, 2019

To have a fund, the size of Pure Alpha, deliver 14,6 % net of fees is more than solid in a year like that. I'm not a huge fan of Dalio or his books, but he has delivered an annual 12,4 % net of fees since 1991. You don't get to run the biggest hedge fund in the world unless you're doing a lot of things right. He might not have the smarts of Jim Simons or the relentlessness/greed of Steve Cohen, but overall he is definitely one of the top managers of all time.

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Jan 8, 2019

Best I can see it was down 2% last year thru September. 5-6% a year isn't anything special.

Pre-2007 returns and especially pre-2000 returns are useless.

Array
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Controversial
Jan 8, 2019

https://www.businessinsider.com/ray-dalios-bridgew...
Just so you don't say I'm spouting out bullshit. Those returns don't mean much to me.

Pure alpha 12% had recent returns of .6% to 3.5%.

All weather was doing sort of better and I think that's where the 14.4% return. Counting that is up like 30% in 5 years. And I'm clueless at what performance is correlating with. And I look at the distribution of returns and I have no idea if it's luck or skill. If they've been unlucky their not up more or lucky their even beating Tbills.

Array
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Jan 8, 2019

Millennium up ~4.5% in 2018

Jan 11, 2019

how's exoduspt doing

Jan 8, 2019

Am I right to assume rentech is their investable equity fund? That would be impressive at that size.

I assume their partners only fund crushed it. But that's a lot my hft things.

Array
Jan 8, 2019

yes, their inst'l equities fund

Jan 8, 2019

BlueCrest up +25% this year.

Jan 11, 2019

platt is such a G...also they levered the fuck up cuz no more LPs

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Jan 9, 2019

looks like things at AQR aren't so great

https://www.bloomberg.com/news/articles/2019-01-08...

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Jan 9, 2019
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