Benedicte Gravrand, Opalesque Geneva:
Despite positive returns in 2011, Elliott Associates, like many hedge funds, says it struggled to remain in positive territories. The firm now paints a lurid picture of economic and financial possibilities, but says it is sticking to its uncorrelated, manual, process-driven approach to face the future.
Elliott Associates, L.P. (EALP) and Elliott International Limited (EIL) lost 0.8% and 0.9% (est.) respectively in the fourth quarter of 2011, according to investors in the fund. The combined assets of both hedge funds are around $19.2bn.
EALP returned 4.2% for the year, and its compound annual return was 14% since its February 1977 inception, compared to 5.6% for the 3-Month Treasury Bills and 10.6% for the S&P500 index with dividends reinvested.
EIL returned 3.8% in 2011, and annualised 12.9% since its December 1994 inception, compared to 3.2% for the 3-Month T-Bills, and 8.1% for the reinvested S&P500. The Class A share price of EIL was estimated to be $784.60 at the end of 2011, compared with its starting value of $100.
The HFRI Distressed/Restructuring Index was down 1.38% in the last 12 months (including +2.11% in January 2012).
Elliott Management Corporation, the New York-based management affiliate of EALP and EIL, was founded by Paul Singer in 1977 with $1.3m from friends and family. The firm, which celebr......................
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