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Komfie Manalo, Opalesque Asia: U.S.-focused hedge funds reported double-digit declines, their sharpest
fall since the 2008 global financial crisis, as their favorite stocks
lost money amidst concern over the slowing Chinese economy, falling
energy prices and the anticipated rise in U.S. interest rates.
In fresh data to be released by Symmetric today (Tuesday), managing
director Sam Abbas said firms with the most exposure from hedge funds,
were amongst the worst performers. "Companies with the highest
concentration of hedge fund ownership are performing 6 percent worse
than the sector they are in," Abbas was quoted as saying by Reuters .
Hedge fund heavyweights, including David Einhorn's Greenlight
Capital fund fell 3.6% in September (-17% YTD), Daniel Loeb's Third
Point is off 4.8% (-3.7% YTD), Barry Rosenstein's Jana Partners lost
3.8% (- 6.6% YTD), while Larry Robbins' Glenview Capital is down 13% so
far this year. The Standard & Poor's 500 index is off 2%.
According to Symmetric, the problem is further aggravated as hedge funds
exit stocks that are losing money and therefore creating a vicious cycle
of downfall.
Earlier, Reuters ...................... To view our full article Click here
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