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Let's take a look at their strategies, shall we? Commodities - Nigeria Play Long Equities - Long on that medical device Company that failed to get the permit Short Equities - Shorting Lumatherm Activism - Yumtime Quantitative - Taylor was developing this Distressed Debt - Sandicot Casino

You could successfully run a multi-strat with some of these strategies, but definitely not the last one. It's very clear that Axe's investment horizon is under a year, preferably under 2 quarters.

It's also clear that he has little to no understanding of distressed debt, and that the Sandicot play is all ego. Distressed debt implies a deep value approach (Oaktree, Baupost, Elliott). Axe Capital is clearly NOT a value fund. As they are based off of SAC Capital/Tiger Cubs, they're really more of a growth shop with short time horizons, which leads me to my second point. Distressed debt plays take years, sometimes a decade+. Look at Singer's tie-up with the Argentinian government; this battle lasted 15+ years. At the minimum, most distressed debt plays take several years. In one scene, Wags laments that 2 years is way too long. For a solid risk-adjusted return, you'd never find Klarman/Singer saying anything of a sort. Simply put, this strategy has no place at Axe Capital.

Also, the idea that Axe Capital has never had a down quarter is beyond asinine. Even SAC had down quarters in its heydey. Frankly this is ridiculous, just as is the idea that one down quarter will suddenly cause clients to flee. Capital isn't as sticky as people assume in the HF world, but for an excellent decade long track record, only a brain-dead client would leave that quickly on a single down quarter.

Seeing as they are based off of SAC, I'd say their main strategy is L/S Equity, and apparently the rest are subject to the ego-driven whims of Axe even while they have no core competency. Understand SAC did dabble in other strategies, but not to the level of what Axe Capital is doing, and at least the strategies aligned better.

 
hedgehog9:
Understand SAC did dabble in other strategies, but not to the level of what Axe Capital is doing, and at least the strategies aligned better.
I heard that Axe Capital does have a systematic sub-fund that's pretty decent (primarily quant equity). He also has a large global macro book. Oh, and dabbling in MBS cost the Axe fund a lot of money in 2008... :D
I have a friend who lives in the country, and it's supposed to be an hour from 42nd Street. A lie! The only thing that's an hour from 42nd Street is 43rd Street!
 

Non-quantitative trading as we know it is dead. There will always be a small amount of humans in the mix, but nothing like S&T's heydey around 2005. A couple of the guys are just there to monitor things & make some sensitive trades, and there are a few, top-tier human traders, but this is a tiny amount of what the pool used to be.

Most of the guys at Axe Cap on the investment side aren't supposed to be traders, they're analysts/PMs. Although given the 1-2 quarter time horizon, 'trader' isn't too far off IMO.

 

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