Sun, Sep 21, 2014
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. SEC charges 19 investment firms and one trader for breach of Rule 105[more]

    Benedicte Gravrand, Opalesque Geneva: The Securities and Exchange Commission (SEC) started a push to enhance the enforcement of Rule 105 of Regulation M last year to uncover hedge funds and private equity firms that have illegally participated in an offering of a stock after short selling it duri

  2. Fund managers, bullish on Europe, anticipate monetary policy separation of Fed and ECB[more]

    Komfie Manalo, Opalesque Asia: At least 202 fund managers with $556bn of assets under management said that while the European Central Bank (ECB) has eased its monetary policy that sent sentiments towards Europe to pick up, the Fed is expected to hike its rate in the spring of 2015. Investor

  3. Institutions - North Carolina workers call on state pension to dump up to $6bn in hedge funds, UK pension fund criticizes hedge fund fees[more]

    North Carolina workers call on state pension to dump up to $6bn in hedge funds From Forbes.com: The State Employees Association of North Carolina this afternoon called on state Treasurer Janet Cowell to withdraw all investments in hedge funds, which appear to amount to approximately $6 b

  4. News Briefs - Limited partners of investment managers may be subject to self-employment taxes, Just one week left until NYC's Rocktoberfest[more]

    Limited partners of investment managers may be subject to self-employment taxes On September 5, 2014, the Internal Revenue Service (“IRS”) issued Chief Counsel Advice 201436049, concluding that members of an investment manager were subject to self-employment taxes with respect to their e

  5. Institutions - Adviser's faith in hedge funds unshaken by CalPERS' move Advisers weigh in on CalPERS’ decision, Gina Raimondo sees no reason to follow California’s lead, exit hedge funds, Danish pension funds step up 'alternative investments'[more]

    Adviser's faith in hedge funds unshaken by CalPERS' move From WSJ.com: Financial advisers who use hedge funds in their clients' portfolios say they aren't rethinking that approach after a huge California pension fund announced plans to exit the hedge-fund market. The decision by the Cali