According to the latest Hedge Weekly, the top three performers in hedge fund returns until the end of October have been BTG Pactual Distressed Mortgage Fund with returns close to 40 percent, Tilden Park offshore Investment Fund and Brookfield Global Real Estate Fund with 33 percent returns YTD. Famous value investing funds, like Dan Loeb’s Third Point Ultra Fund has returned 25 percent until 21 November, while Leon Cooperman’s Omega Overseas Partners is up 22 percent till the end of October.
Convertible Arbitrage
Howard Fischer’s Basso Investors gained 8 percent, while Waterstone M/N OS Fund gained 10.21 percent YTD.
Credit Long/Short
David Tepper’s Palomino Fund Ltd is up 24 percent YTD, while Brevan Howard Credit Catalysis Fund is up 13.12 percent. On the other hand, Boaz Weinstein’s Saba Capital is down 2.8 percent YTD.
Top and Bottom of 2012:HSBC
Equity Long/Short
David Einhorn’s Greenlight Capital Offshore Ltd, based on equity long/short strategy, returned 11.21 percent, Maverick Fund Ltd is up 16.9 percent, and Senvest Partners has returned 19.47 percent YTD (Nov 23). On the negative end, Elm Ridge Capital Partners is down 15 percent YTD (October). Moore Emerging Equity is down 18 percent YTD at the middle of November.
Macro Strategy
Fortress Asia Macro Fund gained 15.7 percent (YTD 23 Nov) and Discovery Global Opportunity gained 10 percent (YTD October). Paul Tudor’s Tudor BVI Global manged to gain 2.55 percent YTD as of 23 Nov. Brevan Howard Commodities Strategies is up 6.7 percent and EM Strategies 7.78 percent, and these are the highest gains among all the macro funds of the firm.
Event Driven
Bill Ackman’s Pershing Square was down 5 percent MTD until the 17th of November and up only 2 percent YTD. The reason for the large recent decline is likely due to the fund’s big stake in J.C. Penney Company, Inc. (NYSE:JCP). James Dinan’s York Investment, based on the same strategy, is up 9.5 percent YTD till 23 Nov. Third Point Offshore, which is also based on event driven strategy like Third Point Ultra, gained 16 percent in the same period.
Marcato Interntional, founded in 2010, is up 24 percent at the end of October. Richard Perry’s Perry Partners International returned 13 percent in the first ten months of this year. Paulson’s Advantage and Advantage Plus are down 12.6 and 18.5 percent over the same period.
Fixed Income
Pine River Fixed Income and Pine River Liquid Mortgage, managed by Steve Kuhn and Jiyai Chen, retuned 32.6 and 26 percent YTD till 23 Nov. BlackRock Obsidian also gained 31 percent.
Managed Futures
We have mentioned the misery of Man Group PLC (LON:EMG) and the underperformance of the flagship AHL Diversified fund in previous posts. Till the end of November, Man AHL Diversified was down 2.74 percent YTD, whereas the recently pumped AHL Evolution has gained 18.32 percent in the same period
Pual Tudor’s Tudor Tensor Fund was down 5 percent YTD till the third week of Nov.
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