a**i
发帖数: 608 | 1 Hedge Funds Braced for Worst Year Since 2008
Published: Thursday, 8 Dec 2011 | 7:31 PM ET Text Size By: Sam Jones in
London
Hedge funds are set to rack up their second-worst year in two decades after
taking a beating from the eurozone crisis and an unexpected slowing in
global economic growth.
The average hedge fund manager has lost 4.37 percent in the year to the end
of November, according to data just released by Hedge Fund Research —
losing money in six of the past seven months. Only in 2008, following the
collapse of Lehman Brothers, did the industry fare worse.
High volatility and correlation have wrongfooted even the most skilled of
traders.
Managers such as U.S.’s Paulson & Co and Highbridge of the U.S. or the U.K.
’s Lansdowne and Odey have failed to recover double-digit percentage losses
for some of their funds suffered in August and September.
“The market has traveled the distance between 1,100 and 1,200 seven times,
and that volatility doesn’t always lend itself to completely rational
decision-making,” said Barry Bausano, Deutsche Bank’s head of equities for
the Americas.
Some, however, have succeeded. Tactical traders who are ready to move in and
out of positions rapidly are among the few to have done well.
Millennium International and BlueCrest Capital International, the large
multi-strategy credit traders, are up 7 percent and 5.2 percent for the year
respectively.
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Plans $1 Billion Asia Hedge FundSingapore Hedge Fund Sector Set to Shrink on
Tighter Regulations
Brevan Howard, Europe’s largest macro fund, is up almost 13 percent this
year after scoring a 6 percent rise for its $24 billion flagship fund in
August, having wagered that U.S. Treasury yields would fall.
Meanwhile Marshall Wace’s Global Opportunities fund, also macro-focused, is
up 29 percent so far this year. The London-based firm’s flagship Eureka
fund is up 9.5 percent.
Some of the best performances have come from computer-driven strategies.
DE Shaw, founded by David Shaw, the mathematician, has seen its flagship
Oculus fund return 18.5 percent this year, said one investor.
Renaissance Technologies has had its computer-driven institutional equities
fund — one of its few trading operations open to outside investors —
return 30 percent so far this year.
Quantitative Investment Management, a $5 billion Virginia-based computer-
driven trading firm, has seen its “aggressive” fund, which manages assets
of more than $500 million, return 41.4 percent in the past 11 months. | c****y
发帖数: 3592 | 2 这是在放屁么？
我这里看renaissance 2011年3.4%， QIM也只有3, 3x program只有10% | k*****n
发帖数: 117 | 3 QIM 3x is 24.29% YTD
Renaissance Futures Fund is 3%+, I believe the article is talking about
another fund under them.
However, the title is wrong. Quite the opposite, many computer driven,
systematic funds lost big this year.
You can't simply judge performance by whether the investment decision is
made by human or computer. |
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