Archive for Hedge Funds

  • Manager cites recent poor performance for returning capital
  • Billionaire David Tepper seeded Pennant with $12 million

Hedge fund manager Alan Fournier is returning client capital at his $1.5 billion Pennant Capital Management after almost two decades, citing poor returns…

Alan Fournier Shuts Hedge Fund Pennant Capital After 17 Years

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Alan Howard can dabble where mortals should fear to tread.

Bitcoin continues to redefine the word volatility. The cryptocurrency is down more than 50 percent from its December peak; but that still leaves it up more than 600 percent from its value a year ago…

Hedge-Fund Billionaire Buying Bitcoin Is Cautionary Tale

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  • Credit Opportunities is among funds that may see money leave
  • Hedge fund firm lets go of some senior traders and partners

Billionaire John Paulson, whose hedge fund’s assets have plunged, is opening the door for more money to leave.

Paulson’s namesake firm, once one of the biggest in the industry, will return money to investors in some funds including the Credit Opportunities, said people familiar with the matter. Investors in that credit fund can transfer their capital to a separate pool or they’ll be forced to redeem. The firm also continues to cut staff, this week letting go of some senior traders and partners…
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From Vietnam’s rise to deal-breakup benefits, here are four charts that tell you what you need to know in business today.
Good morning! This is Fly Charts, the daily charts-only newsletter from Gadfly; sign up here. From Vietnam’s rise to deal-breakup benefits, here are four charts that tell you what you need to know in business today…
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Turmoil was supposed to justify their fees. Guess again.
For years, the refrain of hedge funders, and their backers, has been that all they needed was a little bit of volatility. Everyone’s a genius in a bull market. It’s when markets turn down or tumultuous that pension funds and other clients are supposed to realize the wisdom of those high fees…
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  • Nigeria Mortgage Refinance Co. to tap debt market this year
  • Company is busy preparing its first Islamic bonds issuance

After suffering through an economic contraction that restrained demand for housing loans in Africa’s most-populous country, Nigeria’s state-backed mortgage guarantor is anticipating that a return to growth will help double its nascent asset base…

Nigeria’s Own Fannie Mae Sets Out to Double Mortgage Loans

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  • Machine-learning funds ‘played big role’ in correction: JPM
  • Correlation between AI funds, CTAs has risen in past year

Chalk one up for the humans.

Hedge funds that use artificial intelligence and machine learning in their trading process posted the worst month on record in February, according to a Eurekahedge index that’s tracked the industry from 2011. The first equity correction in two years upended their strategies as once-reliable cross-asset correlations shifted
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  • Barratt, Crest Nicholson subject to bets market about to turn
  • Rate outlook, shortcomings of government schemes among reasons

Once bitten, twice shy? Not in the case of the hedge funds that are shorting U.K. homebuilders, even after the strategy burned some of their peers in the wake of the Brexit vote.

Firms including Millennium, Marshall Wace and Janus Henderson Group are raising bets against an industry that’s key to Britain’s economy. This comes amid waning optimism about the government’s ability to prop up the market with incentive schemes as well as fears that the U.K.’s looming departure from the European Union will hurt real estate…
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  • Truston exits about a decade after setting up Singapore office
  • Truston Falcon Asia Fund had bet on rising, falling stocks

Truston Asset Management Co., a South Korean investment firm that managed $8.5 billion as of August, is closing its office in Singapore and a hedge fund based in the city…

Hedge Fund Closing as South Korean Firm Retreats From Singapore

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Trade risk in U.S. markets is no longer hypothetical, and investors would do well to pay attention, according to Morgan Stanley strategists…

Morgan Stanley Warns on U.S. Trade Risk and Suggests Hedges

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  • Industry looks to rebound after record-low openings in 2017
  • Former Tybourne, Moore, Owl Creek employees plan own funds

A slew of hedge funds are setting up shop in Asia, pointing to early signs of a revival after new starts slumped in 2017…

Hedge Fund Startups in Asia See Signs of Revival

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As Bitcoin continues its wild ride, a Singapore hedge fund unit is raising $10 million for a cryptocurrency arbitrage fund to trade off price movements…

This Singapore Hedge Fund Unit Is Raising Money for a Crypto Arbitrage Fund

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Credit scores aren’t working the way they should.

If you apply for a mortgage in the U.S., chances are your credit score will be generated by an algorithm better suited to the economy of the 1990s — part of an ossified system that could be denying millions of otherwise qualified Americans the opportunity to buy a home.

Regulators are considering an update. What’s really needed is a rethink…
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  • Measure depends on nearby states adopting similar provisions
  • Governor’s statement has scant detail on ‘Fairness Fix’ plan

New York Governor Andrew Cuomo announced plans Thursday to target a tax break for investment fund managers in his state…

Cuomo Proposes Ending Carried Interest Loophole for Hedge Funds

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  • Wagers on net-long WTI positions climb to highest since 2006
  • Brent in London closes above $70 for first time in three years

Oil traded near the highest close in three years as hedge funds increased their bullish bets on crude to the highest in more than a decade…

Oil Trades Near Three-Year High as Hedge Funds Increase Bullish Bets

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  • AHL Evolution, Systematica’s fund beat other trend followers
  • Florin Court up after switching focus; Aspect, GAM join fray

Cheese, sunflower seeds and rough rice sounds like an unappetizing mix — unless you happen to be a hedge-fund manager.

A handful of computer-driven funds had a bumper 2017 by betting on the future price of such “exotic” assets. The success of this type of managed futures strategy, the industry’s term for trend-following, is now drawing new entrants despite the risks created by the low levels of liquidity…
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  • Hedging stocks with long-dated bonds won’t work if both dive
  • Strategy surged in popularity as assets rose in tandem

A trade that mimics a strategy first popularized by Ray Dalio two decades ago is starting to look a bit precarious…

Rising Yields Put a Popular Hedging Strategy to the Test

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  • Billionaire’s other arbitrage fund is said to drop 42%
  • Paulson & Co.’s assets under management falls to $9 billion

One of John Paulson’s hedge funds has plunged about 70 percent over the past four years, marking a dire stretch for the billionaire plagued with investor redemptions.

The Paulson Partners Enhanced fund, which uses borrowed money to double down on its trades, sank 35 percent last year and about 49 percent in 2016, according to a person familiar with the matter. That caps a four-year money-losing run for the fund, which follows a merger arbitrage strategy on which Paulson founded his firm…

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  • Vanessa Selbst, changing careers at 33, now at Dalio’s firm
  • Like gambling, investing is ‘also really freaking difficult’

Vanessa Selbst, the most successful woman ever in tournament poker, is working at Bridgewater Associates to learn another big-money grind: hedge funds.

Selbst, who won $11.9 million in prizes over 12 years in the card game, joined the world’s largest hedge fund, according to a person with knowledge of the matter, who asked not to be identified because the information isn’t public. In a Dec. 31 Facebook post announcing a career change, Selbst said she started at an unspecified hedge fund firm four months ago to focus on trading research and strategy. Selbst didn’t respond to messages seeking comment…

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The city-state may soon offer dollar-denominated derivatives on Indian stocks tracked by MSCI.

Six months ago, India’s regulator had the brilliant idea of destroying a market it believed existed only for “naked speculation.” Now’s the time for hedge funds in Singapore to put on some clothes and plot their revenge…

Hedge Funds’ Indian Revenge, by Way of Singapore

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  • Paul Tudor Jones says low volatility is becoming ‘dangerous’
  • CQS’s Hintze calls North Korean tensions a ‘potential pothole’

Even a new U.S. president and rising geopolitical tensions couldn’t stop stock markets from marching higher. But that’s about to change, money managers say…

Crypto, Taxes & Volatility: A Hedge Fund Watch List For 2018

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  • Value-added levy means 3% charge on some returns from Jan. 1
  • Change is the latest blow to country’s hedge fund sector

Hedge funds may be the biggest losers from a new 3 percent tax on some investment returns in China…

China’s New Tax May Hit Hedge Funds More Than Investment Rivals

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  • Founder Jeff Jacob expected to join Bruce Richards’ Marathon
  • Archview rooted in Citi team that invested in troubled firms

Archview Investment Group LP became the latest distressed-debt hedge fund to close its doors, according to people with knowledge of the matter.

The firm founded by former heads of Citigroup Inc.’s distressed-debt team will start returning money to investors after the end of the year, the people said, asking not to be identified because the information isn’t public. Archview, which counts Blackstone Group LP among its bigger investors, posted gains of 5.3 percent this year with assets of about $650 million, one of the people said…

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  • Charitable gifts boost firms’ net inflows by 9% on average
  • Underperforming managers are the most likely to give

A donation to a worthy cause during the holidays gets you a warm feeling, a tax deduction and maybe a better world for the kids. Some hedge fund managers give for an additional reason — to get money-making assets.

A check to the right charity buys access to cocktail parties and galas where they make lucrative connections and raise money, according to a recent study by university researchers…

Why Struggling Hedge Fund Managers Give to Charity

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  • Money in equity accounts is dwindling as investors go all in
  • Still, gains over the last nine years are not like the 1990s

For a bull market whose hallmark emotion for nine years has been nagging doubt, this one is starting to breed believers.

Little by little, resistance is falling, as milestones such as 7,000 on the Nasdaq Composite Index are passed and new ones like 2,700 on the S&P 500 and 25,000 on the Dow Jones Industrial Average come into view…

Nasdaq Surges Past 7,000 Thanks to Brokerage Cash, Hedge Fund Leverage and Euphoria

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  • Odyssey Search Partners surveyed 500 buy-side investors
  • Private equity professionals looking for 14% increase

Hedge fund professionals are expecting year-end bonuses to climb 39 percent at the end of this year, according to a survey of 500 buy-side investors. That view may be too optimistic, said a partner at the firm that did the polling…

Hedge Fund Managers Expect a 39% Bonus Bump

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  • Traders dump net-bullish bets at fastest pace in five months
  • Bullion’s 60-day historical volatility near lowest since 2001

Hedge funds are pulling out of gold bets as more exciting moves in equities and cryptocurrencies make safe-haven investments look boring…

Hedge Funds Are Pulling Out of Gold and Seeking Thrills Elsewhere

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  • China equity long-short is best-performing strategy in 2017
  • Such funds still trailed MSCI China by widest margin on record

It was a good year for hedge funds betting on rising and falling stocks in Greater China. Just not good enough to beat a spectacular market rally…

Why the World’s Top Equity Hedge Funds Are Trailing the Market

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  • Peak Core has returned 8.1% on average since start in 2014
  • Fund holds long positions in S&P 500, commodities and gold

The potential for a housing crash in Sweden has Peak Asset Management surveying for opportunities…

This Hedge Fund Is Preparing for Swedish Real Estate Turmoil

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As long-short strategies take a beating, managers see niches like private debt as fuel for future returns.

  • As long-short withers, firms turn to niches like private debt
  • This story is part of a series on the future of investing

The long and short on hedge funds is that long and short isn’t working so well anymore.

That’s the rather simple strategy that built the $3.2 trillion industry — the once-durable buying long when you figure an equity will go up and selling short when you reckon the opposite — and that basically put the “hedge” in hedge fund. These days it’s unreliable, at best.

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Dec
10

Hedge Funds Love Tech Again

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Well that didn’t last long.

Just a few short days after market observers declared the end of momentum and technology stocks’ reign atop the best performers, hedge funds’ appetite for the shares is picking up again. After cutting their exposure by 7 percent in November, leveraged buyers have already added back on a quarter of that reduction, according to data from Credit Suisse Group AG…

Hedge Funds Love Tech Again

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  • Firm is said to have $200 million position in Hovnanian battle
  • Bank said to have sold CDS on builder that GSO wants triggered

In a year of missteps across its trading business, Goldman Sachs finds itself in a dicey situation again…

Goldman Traders Are Caught Up in a Bizarre, Tense Hedge Fund Battle

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  • Firms lost about 0.1% last month in biggest drop since June
  • S&P 500 rallied more than 20% for the year through November

Hedge funds slipped in November, losing about 0.1 percent on average, even as the broader stock market rose, according to a report Thursday by Hedge Fund Research...

Hedge Fund Performance Slipped in November

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  • Portfolio to hold mostly digital tokens from secondary market
  • Of more than 100 crypto funds, only a few use quant strategies

A daring few hedge funds are attempting to apply rules and models to the wildest market out there — cryptocurrencies…

Hedge Funds Try a Quant Approach to Tackling Cryptocurrencies

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  • Regulator asking whether brokers gave funds sham bond quotes
  • Banks facing questions from agency include JPMorgan and Citi

Wall Street banks are known to fiercely compete for hedge-fund clients because of the lucrative trading profits they provide.

The U.S. Securities and Exchange Commission is now investigating whether some banks crossed the line to win business by offering hedge funds bogus price quotes on hard-to-value bonds, said two people familiar with the matter. The SEC’s concern: As a reward for helping hedge funds make money — by submitting quotes at requested levels — banks got trades steered their way…

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  • New bitcoin futures contracts will draw in more investors
  • Seen as one of greatest short opportunities, investor says

A bitcoin big short is building.

The planned introduction of bitcoin futures contracts at CME Group Inc., Cboe Global Markets Inc. and Nasdaq Inc. will make it much easier to bet on a decline. Hedge funds, which have largely stayed on the sidelines, are waiting for the Chicago Mercantile Exchange’s futures market to open for a fresh opportunity to bet against the cryptocurrency, according to more than a half dozen people trading the assets…

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It’s not the end of the carried interest loophole, but JPMorgan Chase & Co. believes there’s another way U.S. tax reform could end up hurting hedge funds.

“We think the market is underestimating the probability of tax reform passage; the potential performance risk to active managers with high exposure to growth/momentum could be significant in the near term,” writes equity derivatives strategist Shawn Quigg…

JPMorgan Sees Pain for Growth Stocks and Their Hedge Fund Fans

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  • Daewoong Pharmaceutical stock has almost doubled in 2017
  • Crossover expects company to win approval to sell in the U.S.

Navroze Alphonse bet on Botox before the wrinkle treatment became a blockbuster drug for Allergan Plc. Now, the hedge-fund manager is bullish on a potential competitor.

The wager is on Daewoong Pharmaceutical Co. entering the lucrative U.S. market, for which the company and a partner filed an application in May after completingclinical trials. Daewoong’s Botox rival, Nabota, was first sold at home in South Korea in 2014 and is now available in about 60 countries. Daewoong expects it will take at least a year to win U.S. approval and a symbolic step came last month, when Nabota was assigned a formal name in the U.S…

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  • Protection grew most since Wood MacKenzie started tracking
  • New contracts cover annualized 897,000 barrels a day of output

Oil explorers took advantage of a market rally to lock in prices for almost 1 million barrels a day’s worth of future output, signaling the shale boom’s staying power as OPEC ponders the extension of its supply curbs…

Million-Barrel Oil Hedging Surge Signals Shale Boom Here to Stay

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Small firms aren’t investing in AI. They may live to regret it.

Rumors of the death of hedge funds have been, as the saying goes, greatly exaggerated. The industry nevertheless faces a battle to remain relevant amid the inexorable rise of low-cost passive strategies. And the smaller players are missing a trick that may cost them in the years ahead…

Hedge Funds Too Busy Surviving to Hire Robots

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  • I want to do better in a rising market, SBI MF’s Andani says
  • Andani is one of top 10 fund managers in India: Morningstar

In June 1995, a young Sohini Andani showed up uninvited at the Mumbai office of K.R. Choksey, the famous broker and investor, and told him she wanted a job. She’d read about his investment process in a magazine…

How Gandhi Inspired One Woman’s Rise to $3 Billion Fund Manager

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Hedge fund firms should consider paying out bonuses before the end of the year so employees can take advantage of current tax breaks before they potentially change, according to Nicholas Tsafos, partner at accounting firm EisnerAmper.

Tsafos, whose firm advises 1,400 hedge fund firms, is encouraging clients to consider doling out bonuses early, instead of the typical February payout, to ensure that workers benefit from existing deductions for state and local levies. The push by Congress to overhaul the tax code for 2018 could scrap or crimp those regulations that allow some residents to decrease their federal taxable income…

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  • Increasing use of borrowed money is a sign of confidence
  • Managers raising longs while cutting back on short positions

Hedge funds are borrowing more to buy equities, a sign of growing confidence in the economy and their favorite stocks…

Hedge Funds Haven’t Been This Leveraged to Buy Stocks Since the Bull Market Began

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  • Former Fortress Investment Group manager starting crypto fund
  • Hedge fund manager says bitcoin should be compared to gold

Hedge fund manager Mike Novogratz, who is starting a $500 million fund to invest in cryptocurrencies, says the bitcoin rally still has some serious legs…

Mike Novogratz Says Bitcoin Will End the Year at $10,000

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  • Options open interest in SPY ETF jumps to highest since 2011
  • Investors take on wagers amid persistent dip-buying mentality

The main U.S. equity gauge moved just a 10th of a percent last week, but investor hedging has jumped to a six-year high…

A Boring Week in U.S. Stocks Masks a Roaring Appetite for Hedges

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TORONTO — Forty inmates lined up for the daily mail call at the Fort Dix Federal Correctional Institution, a complex of low-slung brick buildings in the middle of New Jersey.

It was July 2012, and one of the inmates was Philip Baker. A former hedge fund manager, he was serving a 20-year sentence for fraud. He had used bogus performance data to lure hundreds of people and institutions into his fund. His investors had lost hundreds of millions of dollars…

A Hedge Fund Manager Committed Fraud. Would the U.S. Let Him Go?

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  • Coinbase will store digital coins for institutional investors
  • The firm estimates there’s $10 billion waiting on sidelines

Coinbase, one of the most popular digital-coin exchanges for retail investors, has its eye on institutional cash looking for a way into cryptocurrencies…

Bitcoin Exchange Wants to Be Digital Safe House for Hedge Funds

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  • Gundlach ‘appalled’ by continuation of carried interest break
  • Tax bill will help small fraction of population, he says

Jeffrey Gundlach, chief investment officer of DoubleLine Capital, said the congressional tax plan would expand the federal deficit and help a small fraction of the U.S. population, including hedge fund managers.

“I’m very disappointed incidentally about the shape of this tax cut that is being proposed,” Gundlach told a gathering of industry participants at the Drake Hotel in Chicago on Wednesday. “I am just appalled that we are going to continue to have a carried-interest scheme for hedge funds.”…

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Eddie Lampert is famous for being an influential hedge-fund manager and the chief executive officer of Sears Holdings Corp., a company where he’s also the top investor.

But his fellow hedge-fund honchos are backing a different department store: Kohl’s Corp…

Kohl’s Is the Department Store of Choice for Hedge-Fund Managers

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  • Blackstone GSO proposal is said to have credit-event trigger
  • Unusual jump in home-builder’s CDS indicates default risk

The credit derivatives market is treating New Jersey’s largest homebuilder as if it’s about to default, even as its stocks and bonds show no signs of panic…

A High-Stakes Hedge Fund Battle Erupts Over Hovnanian Debt

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Live by technology shares, die by technology shares. Unless you can guard against declines.

Hedge funds are increasing short bets on tech stocks, especially in the U.S., where combined positioning shows managers the least reliant on American technology firms in nine months, according to data from Credit Suisse Group AG’s prime services. The worldwide view also reveals newly added bearish wagers while long positions have remained steady…

The Hedge Fund Love Affair With Tech Is Souring

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  • Money managers boost Brent-crude long positions to a record
  • Short-sellers take positions to lowest in over eight months

The Middle East is kicking things up a notch in the oil market…

Hedge Funds Add Bullish Oil Bets With Mideast Tension Heating Up

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  • Money managers boost Brent crude long positions to record
  • Short-sellers take positions to lowest in over eight months

The Middle East is kicking things up a notch in the oil market…

Hedge Funds Pile on Bullish Oil Bets as Mideast Tension Heats Up

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  • All-Stars bought New Oriental, Alibaba, Baidu shares on dips
  • Private investments in Tujia, Didi, Xiaomi also paying off

A former Morgan Stanley executive’s hedge fund has soared 49 percent this year by sticking with well-timed bets on technology stocks and investing in some of China’s hottest private companies…

Ex-Morgan Stanley Executive’s Hedge Fund Jumps 49% on China Bets

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Hedge funds produced their strongest performance of the year in October…

Hedge Funds Post Best Month of the Year With 2% October Return

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  • Alpha gains 3% for month after losing ground earlier this year
  • Fund’s returns flip into positive territory year-to-date

Bridgewater Associates, the world’s biggest hedge fund firm, recouped this year’s losses in one of its funds during October…

Ray Dalio’s Pure Alpha Hedge Fund Rebounds in October

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Robert Mercer, a billionaire investor and top financial backer of conservative causes, is stepping down as co-chief executive of Renaissance Technologies, as the giant hedge fund faces a backlash from some clients who resent Mr. Mercer’s embrace of polarizing political figures.

Discomfort with Mr. Mercer’s political activism — including protests aimed at university endowments, foundations and pension funds with money invested in Renaissance — has showed signs of taking a small but growing toll. The retirement fund for Baltimore’s police and firefighters, for example, last week asked that all of the $33 million it had invested in Renaissance be refunded, said David A. Randall, the retirement fund’s deputy executive director…

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  • Using multi-pronged strategy boosts volatility-adjusted return
  • ‘Lot of hedges have disappointed,’ says Pimco’s Jamil Baz

The old recipe of using bonds to hedge against risks from equity holdings may not be a winner anymore, and investors would be better off with a more complex approach that relies on multiple tactics, according to Pacific Investment Management Co. analysis.

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  • Review involving Renaissance Technologies said to begin Nov. 7
  • Senate estimated investors avoided $6.8 billion in taxes

A tax dispute involving Renaissance Technologies, the hedge fund firm whose co-chief executive officer is a prominent backer of President Donald Trump, is advancing to a new phase.

Members of the Internal Revenue Service’s Office of Appeals are scheduled to meet with lawyers for Renaissance in New York on Nov. 7, according to a person with knowledge of the matter. The meeting kicks off a review by an independent branch of the tax agency and suggests a resolution may be years away…

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Being manipulative and mean isn’t the secret to success, a new study by two psychology professors says.
Maybe the secret to success on Wall Street is being nice…
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