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Alternative Market Briefing Weekly

Review of hedge fund launches, closures, trends, regulatory and legal events - week 35

Saturday, September 03, 2011

There were two launches reported last week: Touchstone Investments launched the Touchstone Merger Arbitrage Fund (merger arbitrage), and KeySquare Group announced it has launched its maiden fund, KeySquare Global Fund (global macro).

There was one fund closure as Tennenbaum Capital Partners said it has closed its Tennenbaum Opportunities Fund VI, LLC.

Hedge fund industry performance in August was the worst it has been since October 2008, as market turmoil brought big losses. European absolute return and multi asset flexible fund managers find they are being put to harsh questions by investors, especially in times of turmoil. Just as performance in August stumbled, AR Magazine released a new survey that showed investors put more value on performance than on any other factor.

The Swiss alternative investment company ALTIN AG is down -0.57% YTD (as of July 28th, 2011). Foreign-exchange hedge funds continued their dismal performance in July. Lansdowne Partners Ltd., and Odey European Inc., are in the midst of one of their toughest years managing money. John Paulson’s Advantage fund lost -12.8% in August (-25.8% YTD). And hedge fund 'clones' exchange-traded funds are outperforming the real thing.

The Opalesque A SQUARE Index was up +1.15% in July, (-0.4% YTD); the Parker FX Index down -0.03% in July, top performer up +8.80%; and the Morningstar Index has ditched the absolute return category from its sector classifications.

Hedge fund investors listed the top 10 agricultural companies they love to invest in. The industry is also bullish on TEVA Pharmaceutical. Hedge fund managers are allocating in retail stocks despite a decline in consumer spending. Marathon Oil remains the most favorite hedge fund energy stock in the second quarter. Temasek Holdings Pte. Ltd. and its subsidiary Seatown Holdings bought Bank Of America's China Construction Bank Corp. stake. And, Red Oak Partners signed a deal......................

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