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Komfie Manalo, Opalesque Asia: With most of their favorite stocks posting worst performance since the financial crisis, hedge fund managers are hit with poor returns, according to Goldman Sachs’ latest Hedge Fund VIP list.
The data said that hedge funds’ position in health care companies, particularly Valeant Pharmaceuticals, hurt the most, reported Reuters. Aside from Valeant, included in the 50 most heavily owned stocks of hedge fund managers are Facebook, Netflix and Cheniere Energy, which lost 2.4% since January while the Standard & Poor's 500 stock index rose 3% during the same period.
"Health-care stocks within the basket, most notably VRX (Valeant), were responsible for nearly 70 percent of the basket's negative return," Goldman Sachs said.
Several hedge funds, including Pershing Square Capital and Paulson & Co., as well as 22 institutional investors lost money when Valeant’s stocks dropped 70% since August this year.
Barry Rosenstein reported that he ditched his entire stake in Valeant Pharmaceuticals right before the shares plunged. The drugmaker's shares had been a big performance drive...................... To view our full article Click here
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