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From Precy Dumlao, Opalesque Asia:
August was undoubtedly the worst month for hedge funds since the 2008 global financial crisis. The month, which was described by many financial experts as "gloomy," hit the hedge fund industry so hard that even the most veteran hedge fund managers sustained losses.
Indeed, August was rotten for stocks and it did not spare even the most experienced and most successful hedge fund managers. Hedge fund titans, including Steven Cohen, Dan Loeb, David Einhorn and John Paulson were all hit by the global market selloff.
Cohen's SAC Capital Advisors lost about -3%, Loeb's Third Point Offshore Fund fell -2.8% and Einhorn's Greenlight dipped -1.4%, people familiar with their returns said. Paulson is reported to have lost -34% so far this year in his largest hedge fund. His Advantage Plus Fund, which seeks to profit from corporate events such as takeovers and bankruptcies, declined -15% in August. Advantage Plus’ gold-denominated share was also hit with a -17% losses year-to-date after sustaining a -7% decline last month.
Globally, the hedge fund industry lost an estimated $45.32bn last month, according to the latest data by hedge fund data tracker ...................... To view our full article Click here
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