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Alternative Market Briefing

U.S. hedge funds prepare for worst finish this year since 2008

Monday, October 05, 2015

Komfie Manalo, Opalesque Asia:

U.S.-focused hedge funds are preparing for their worst year since the 2008 global financial crisis, following a series of letdown including the market sell-off in August and the sell-off in healthcare and biotechnology sectors last month, reported Reuters.

According to the report, U.S. hedge funds are reporting double-digit losses for two straight months in August, that further pushed even well-known hedge fund managers into the red.

Data provider Hedge Fund Research showed that the average hedge fund lost 19% in 2008 but have been performing ever since, expect in 2011 when the industry fell 5.25%.

Financial data analytics firm Novus said in a note the third quarter may be the worst for hedge funds in terms of index under-performance since 2008, reported Forbes. The major issue appears to be a high concentration, or crowding, among hedge funds in a handful of stocks. As of Wednesday evening, Novus found that its list of the most owned stocks in the portfolios of large hedge funds fell over 22%, a far sharper drop than the S&P 500 Index’s tumble.

Reuters cites Larry Robbins' Glenview Capital Management, which tumbled 12.......................

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