z****w
发帖数: 621 | 1 对冲基金经历2011年来最大损失
Misery Widespread at Hedge Funds
Market Turmoil Inflicts Losses in Industry’s Worst Period Since 2011
This month’s turmoil in financial markets has been a “bloodbath” for
hedge funds, inflicting large losses at an array of multibillion-dollar
firms in the industry’s worst stretch since late 2011.
It isn’t unusual for one segment of the $2.8 trillion hedge-fund world to
find itself caught in a downdraft. But in October, the pain has been
widespread.
There were casualties among funds that make bets based on their fundamental
analysis of companies, events like takeovers and broad economic trends. The
losses came amid sharp volatility in stocks, bonds, currencies and
commodities.
Top firms including Jana Partners LLC, Discovery Capital Management LLC and
Paulson & Co. have posted losses ranging from 5% to 11% for the month,
according One hedge-fund manager told clients Monday that market activity
reminded him of a “familiar plotline” from the “Jaws” movies. “An
idyllic investment environment amid an improving economy…and then cue the
music…dun-dun…dun-dun…dun-dun,” Paul Westhead, chief executive of $4
billion fund Rimrock Capital Management LLC, wrote in a letter to investors.
Some investors say that Thursday and Friday, when some of the stocks that
were slammed earlier in the week rebounded, have helped funds, though many
remain in the red.
The month has been marked by several popular trades turning sour. Shares of
Fannie Mae FNMA +5.09% and Freddie Mac FMCC +1.45% were hammered after the
market closed on Sept. 30 when a federal-court ruling went against investors
contesting the U.S. government’s decision to take all the profits from the
mortgage-finance giants rather than collect set dividend payments. The
unexpected collapse of AbbVie Inc. ABBV +1.27% ’s $54 billion agreement to
buy Shire SHP.LN +1.28% PLC triggered a selloff of stocks involved in
cross-border mergers.
Fresh concerns about economic strength in China and Europe also were big
factors in the markets this month.
“The assumption underlying a lot of trades is a global growth story,” said
Jane Buchan, chief executive officer of hedge-fund investor Pacific
Alternative Asset Management Co., saying many U.S.-based funds had
overlooked the weakness in Asia and Europe amid a domestic recovery.
Discovery, based in South Norwalk, Conn., was down about 10% for the month,
according to an investor. Discovery’s performance is frequently volatile,
and recent losses compound losses it took earlier in the year, when
previously highflying Internet, social-media and biotechnology companies
sold off.
Paulson’s Advantage Fund, which owned Shire shares, was down nearly 11% for
October through last Tuesday, bringing the $21 billion firm’s losses in
that fund for the year to nearly 22%, according to data from Lyxor, the
wealth-management arm of Société Générale SA that invests client money
in hedge funds. That was before Shire fell 30% on Wednesday in New York.
On an investor call Friday, founder John Paulson said he believed losses on
Shire could be regained in the next few months.
Mr. Paulson also wrote to clients Friday saying the New York-based fund,
which bets on mergers, has the right wagers for the current environment and
will seek to continue to play consolidation in the oil, telecommunications,
health-care and cable industries.
Jana, the $11 billion activist firm, lost about 5% in its flagship fund for
October through Monday, hurt in part by its investments in the energy sector
, according to people familiar with the matter. Jana, which typically pushes
for changes at the companies it targets, is down less for the year. One of
its oil-related holdings, Civeo Corp., CVEO -0.66% lost half its value on
Sept. 29 after the company disclosed its board opted not to convert into a
real-estate investment trust, a change investors including Jana and
Greenlight Capital Inc., had urged.
Jana increased the size of some of its holdings on the dips last week,
including in energy stocks and Walgreen Co., WAG -0.12% according to an
investor and a regulatory filing.
Millennium Management LLC, a $24 billion firm based in New York, saw losses
trip some of the firm’s internal loss limits as major takeover deals like
Shire hit headwinds.
Millennium is known for having a tight leash on its traders and in this case
cut off several of its portfolio managers from trading further because of
losses, a person familiar with the firm said.
★ 发自iPhone App: ChineseWeb 8.7 | t*****9
发帖数: 10416 | 2 够狠 ～～
Millennium is known for having a tight leash on its traders and in this case
cut off several of its portfolio managers from trading further because of
losses. | m*********h
发帖数: 5449 | 3 股版大牛一边数钱一边用怜悯的眼光看着几个对冲基金经理。 | f*y
发帖数: 876 | | E******k
发帖数: 389 | 5
当然是这波抄底的啊
【在 f*y 的大作中提到】
: 谁赚了？小散？
| m*********h
发帖数: 5449 | 6 投行赚到了。
【在 f*y 的大作中提到】
: 谁赚了？小散？
| G********p
发帖数: 3504 | 7 每天小报上都说Billionaire们又赔钱了，我等人民群众很高兴，10年后一看
Billionaire们成Trillionaire了我等人民群众还是人民群众。。。 | f*y
发帖数: 876 | 8 大牛你也赚了
【在 m*********h 的大作中提到】
: 投行赚到了。
| m*********h
发帖数: 5449 | 9 Orz
我是运气，只吃了一半多点。有大牛从1820拿到现在的是真牛。
【在 f*y 的大作中提到】
: 大牛你也赚了
| s****1
发帖数: 708 | 10 他们损失个屁，都是客户的钱: 2%本金+20%的profit,赚钱少给，赔钱都是客户的 | z****w
发帖数: 621 | 11 如果长期亏损 客户会赎回本金吧
★ 发自iPhone App: ChineseWeb 8.7
【在 s****1 的大作中提到】
: 他们损失个屁，都是客户的钱: 2%本金+20%的profit,赚钱少给，赔钱都是客户的
| m*********n
发帖数: 931 | | L***6
发帖数: 8307 | 13 volatility这么猛，是不是大投行们合伙整这些赌option的funds？ empire strikes
back 我操 |
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