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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

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