Sat, Jan 31, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Fortress liquid hedge funds down in May, estimated returns for macro fund are -2.46% (-1.80% YTD)

Tuesday, June 07, 2011
Opalesque Industry Update – Few hedge funds are putting up positive estimated returns for May 2011. Exchange traded hedge fund firm Fortress Investment Group today filed their May returns with the SEC revealing the firm’s macro fund (both onshore and offshore) dropped -2.46% during the month and is down -1.80% YTD. The firm’s other liquid hedge funds also delivered negative performance with the Asia Macro Fund down -1.15% (remaining +2% YTD) and the Commodities Fund losing -1.34% (still at +1.24% YTD).

The firm also reported performance on their credit funds for April 2011, which painted a brighter picture. The Drawbridge Special Opportunities Fund was +1/34% (+6.34% YTD), the offshore version of the fund gained +1.44% (+7.33% YTD) and the Fortress Partners Fund gained 0.97% in April (+4.33% YTD) and the offshore version put up +0.82% (+4.07% YTD).

Overall, May was not a good month for hedge funds. Many of the big name funds tracked through the media have delivered negative estimated performance numbers on the month. Other macro managers also struggled with Moore Global giving up approximately 3%, and Caxton Global approximately 2.4%. Macro fund managers have struggled through the stop and start recovery, eyeing quantitative easing and its expected outcomes as well as other government policy risk as a major impediments to their success.

“Macro-fund managers and hedge-fund analysts say that many macro funds weren’t believers in either the U.S. stock rally or the euro’s strength, both of which turned in to missed opportunities, and that at the same time, there was little consensus about where to make profitable trades beyond shorting the U.S. dollar and going long gold,” reports CNBC.

According to research from Bank of America Merrill Lynch, as June opened macro hedge funds were largely focused on buying NASDAQ 100, S&P 500, commodities and 10-year T notes. The bank also says these funds are favoring large caps and added slightly to their US $ shorts.

kb

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Ex-Citi trader launches 'sleep-at-night’ long/short equity fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: After working at Citi's proprietary trading desk, managing a large portfolio between 2008 and 2011, Joel S. Salomon founded SalaurMor Management in New Yor

  2. Investing - U.S. investors favor currency hedged Europe ETFs as euro tumbles, Quants win back investors as Swiss franc fuels volatility gains, David Einhorn's $7bn hedge fund is loading up on this stock, Hedge fund BlueMountain Capital unveils Ocwen Financial short, claims default on notes[more]

    U.S. investors favor currency hedged Europe ETFs as euro tumbles From Reuters.com: U.S. investors stung by the falling euro who want to stay invested in Europe are turning to exchange-traded funds designed to strip out the impact of the region's currency. The biggest among so-called "cur

  3. News Briefs - Millennials use tech tools to jump into investing, Winklevoss twins to launch bitcoin exchange with FDIC insured deposits, Robertson’s legacy from hedge funds to New Zealand, Real estate managers exploring smaller open-end funds[more]

    Millennials use tech tools to jump into investing It is the Facebookification of monetary investing. From social networking platforms that enable young investors to stick to every other's stock-picking mojo, to internet sites for initially-timers hungry for a piece of the Silicon Valley

  4. Update: Prosecutors seek 12 years for hedge fund manager Francisco Illarramendi[more]

    Komfie Manalo, Opalesque Asia: Federal prosecutors have asked the court to sentence convicted hedge fund manager Francisco Illarramendi to 12 years imprisonment for running an elaborate Ponzi scheme that bilked investors hundreds of millions in dollars, including a Venezuelan pension fund, report

  5. Institutions - Ontario pension fund leader calls all asset classes ‘expensive’, Taiwan's BLF plans $2bn in alternative mandates[more]

    Ontario pension fund leader calls all asset classes ‘expensive’ From WSJ.com: The head of one of the world’s largest pension funds said that across asset classes, “everything is expensive.” Ron Mock, who leads Canada’s $141 billion Ontario Teachers’ Pension Plan, said that the plan would