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Alternative Market Briefing

Hedge fund Raging Capital outperforms S&P in first half of 2015

Monday, July 20, 2015

Komfie Manalo, Opalesque Asia:

Princeton, New Jersey-based hedge fund firm Raging Capital Management outperformed the market in the first half of 2015; the Raging Capital Master Fund, Ltd, which focuseson small to mid-cap public equities, gained 1.8% net in H1-2015, compared to the S&P 500 which returned 1.2%, and the HFR Hedge Fund Index which gained 2.4% during the same period.

The fund gained 0.8% net in the second quarter of 2015, while the S&P 500 Total Return Index returned 0.3% and the HFR Hedge Fund Index had a return of 0.2%.

William C. Martin, chairman & chief investment officer at Raging Capital said in a letter to investors, we believe our strength is bottoms-up stock-picking and not predicting market direction. Each and every day, we seek to put our best "team" of longs and shorts on the field. However, valuation clearly plays a decisive role in each and every one of our fundamental investments… and it’s not hard to see that many valuations are rich and that there are few high-quality stocks that are classically cheap. This valuation reality is reflected in how we have structured our current portfolio."

The fund remains very active in the biotech sector, he says, even as those shares continue to defy gravity; "Our biotech basket currently totals 820 bps of exposure across approximately 30 companies, 70%+ of which we believe are frauds, promotes, or similarly low-quality companies. Year-to-date, ......................

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