Tue, Aug 4, 2015
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. Activist News - Celgene says patent-fighting hedge fund manager wants to short its shares[more]

    From Reuters.com: Celgene Corp, one of the world's largest biotechnology companies, has accused U.S. hedge fund manager Kyle Bass of attempting to profit from his attempts to wipe out several major drug patents through his Coalition for Affordable Drugs. The company asked the U.S. Patent and T

  2. Einhorn's Greenlight Capital hedge fund slumps 6.1 percent in July[more]

    From Reuters/Thefiscaltimes.com: Hedge fund mogul David Einhorn's Greenlight Capital slumped 6.1 percent in July and is now down 9 percent for the year after gold, one of the fund's top holdings, tumbled to five-year lows last week. Greenlight notified clients of its returns late on Friday, ac

  3. Performance - Some hedge fund small-cap energy stocks have been free falling, Dan Loeb's simple strategy destroys the market, Baupost lost 1.4% last quarter as energy bargains proved elusive[more]

    Some hedge fund small-cap energy stocks have been free falling From Marketrealist.com: According to a July 28, 2015, Bloomberg article, there was a 34% fall in small-cap energy stocks over the past three months. These shares are tracked by the Russell 2000 Energy Index. Small-cap energy

  4. Legal - Hedge funds hit Rothstein Kass with $75m malpractice suit, JPMorgan questioned on private bank’s hedge fund disclosures, Kijani fund, seized by regulators in Cayman Islands, spotlights risks in lightly regulated market[more]

    Hedge funds hit Rothstein Kass with $75m malpractice suit From Law360.com: Two investment funds have sued Rothstein Kass & Co. PC for at least $75 million, claiming the New Jersey auditing firm committed accounting malpractice by failing to properly scrutinize overblown valuations of the

  5. Assets - Hedge funds are getting smoked by the commodities slump, Global ETF assets could more than double by 2020[more]

    Hedge funds are getting smoked by the commodities slump From Businessinsider.in: The collapse in commodity prices has burnt another hedge fund. Vermillion, a commodity hedge fund backed by Carlyle Group, has seen its flagship fund's assets fall from nearly $2 billion to less $50 million,

 

banner