Mon, Feb 20, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Fortress Investment Group June return filings highlight the pain of global macro hedge funds

Thursday, July 07, 2011

Oliver Schupp
Opalesque Industry Update – Listed hedge fund firm Fortress Investment Group (FIG), reported June performance on Thursday, providing a good example of the struggle that hedge funds experienced last month. The three funds reporting estimated returns for June (two of which have an onshore and offshore vehicle), were the Fortress Macro Fund (dropped -1.84%), the Fortress Asia Macro Fund (gained 0.45%), and the Fortress Commodities Fund (down -4.86%).

Year to date the macro fund is down -3.59%, the Asia fund is up +2.45%, and the commodities fund has sustained losses of -3.67%.

Macro funds have struggled all year as large trends in the economy have failed to take hold. Yesterday, when releasing the Dow Jones Credit Suisse Hedge Fund Indices estimates, Credit Suisse Index Co President Oliver Schupp observed, “, “A lack of fundamentally driven trends hurt many managers, with Global Macro experiencing the most significant decline, falling 3.12%.” Fortress is almost directly in line with the YTD performance of the broader Dow Jones Credit Suisse Global Macro Index which is at -3.53% at the end of June 2011.

The firm’s credit strategies also reported results for the end of May 2011. The Drawbridge Special Opportunities Fund gained +0.76% and its offshore version gained +1.30% (+7.15% and +8.73% YTD respectively). The Fortress Partners Fund was almost flat losing 0.30% for the month and the offshore version of that vehicle lost -0.24% in May (those funds remain +4.02% and +3.82% YTD respectively).

On Thursday, Fortess Investment Group ended rose above $5 per share (ending at $5.01), a jump of 1.42% over the previous day’s close.

Kirsten Bischoff

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. With $54bn in assets, Philippines is ready for hedge funds, alternative investment products[more]

    Komfie Manalo, Opalesque Asia: With the country's outstanding fund management industry at $54bn and growing, the Philippine market and its investors are ready to invest in "more sophisticated" asset management products, like hedge funds and alternative investments, said Deanno J. Basas, presi

  2. SoftBank to buy Fortress Investment for $3.3bn[more]

    From Reuters.com: Japan's SoftBank Group Corp on Wednesday said it has agreed to buy Fortress Investment Group LLC for about $3.3 billion, looking to add investment expertise as it prepares to launch the world's largest private equity fund. The all-cash deal is SoftBank's first major investmen

  3. ...And Finally - Truth in advertising[more]

    From Newsoftheweird.com: Girl Scout Charlotte McCourt, 11, of South Orange, New Jersey, saw her sales zoom recently when she posted "brutally honest" reviews of the Scouts' cookies she was selling -- giving none of them a "10" and labeling some with dour descriptions. She was hoping to sell

  4. Europe - Brexit - Updated legal guide, Euro exchange rates set to tumble as hedge fund's super computer predicts Marine Le Pen will be next French president, Swiss fund market hits all-time high[more]

    Brexit - Updated legal guide From Herbertsmithfreehills.com: When we began analysing in depth the possibility of Britain exiting the EU (Brexit), 18 months prior to the June 2016 referendum, the business consensus was very much that Brexit was a remote prospect that either would never hap

  5. People - Gramercy appoints Bradshaw McKee as managing director of Capital Solutions, Trump taps Cerberus's Feinberg to lead intelligence review[more]

    Gramercy appoints Bradshaw McKee as managing director of Capital Solutions Gramercy Funds Management LLC, a $5.8 billion dedicated emerging markets investment manager, today announced the appointment of Bradshaw McKee to the position of Managing Director, Capital Solutions and Distressed