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Handful of funds make money as peers feel pain |
Date: Thursday, October 23, 2008
Author: David Walker and William Hutchings, Financial News
A handful of hedge funds bucked the trend
in their industry by making money in September while the rest were suffering
their worst month in a decade.
Hedge funds lost 6.55% last month,
according to the index published by data provider
Credit Suisse/Tremont. But
Karsten Schroeder, chief executive at UK managed futures manager
Amplitude Capital, said his computer-driven fund had made 14.5% last month
and is up about 30% this year.
The $750m (€558m) fund, which holds positions for just 1.5 days on average and did well from its positions in equity indices, is closed to new investors.
The model-driven fund of $12bn Jersey manager Altis Partners made 9.1% last month and is up 15.7% this year. Georgia Nakou, head of business development, said the year has brought the company’s best month, with February’s 22.6%, and its worst with July’s – 17.2%.
She said trends in commodities markets helped returns in September and October and “although it’s been quite a rollercoaster we’ve found ourselves going up more than down”.
US-based long/short global equities manager Goshen Investments made 11.8% last month and is up 51.3% this year. It declined to comment.
Cazenove Capital Management said its European equity absolute return fund, with €855m ($1.2bn), made 0.89% last month and is up 6.27% for the year to the end of September. Portfolio managers Chris Rice and Steve Cordell said: “What a month. We have never experienced anything like it in our careers.”
Transtrend, a Dutch manager that uses systematic trading strategies, has made 10% for the year to 30 September from the standard version of its Diversified Trend Program. Its Enhanced Risk version has made 15.1%.
The $750m (€558m) fund, which holds positions for just 1.5 days on average and did well from its positions in equity indices, is closed to new investors.
The model-driven fund of $12bn Jersey manager Altis Partners made 9.1% last month and is up 15.7% this year. Georgia Nakou, head of business development, said the year has brought the company’s best month, with February’s 22.6%, and its worst with July’s – 17.2%.
She said trends in commodities markets helped returns in September and October and “although it’s been quite a rollercoaster we’ve found ourselves going up more than down”.
US-based long/short global equities manager Goshen Investments made 11.8% last month and is up 51.3% this year. It declined to comment.
Cazenove Capital Management said its European equity absolute return fund, with €855m ($1.2bn), made 0.89% last month and is up 6.27% for the year to the end of September. Portfolio managers Chris Rice and Steve Cordell said: “What a month. We have never experienced anything like it in our careers.”
Transtrend, a Dutch manager that uses systematic trading strategies, has made 10% for the year to 30 September from the standard version of its Diversified Trend Program. Its Enhanced Risk version has made 15.1%.
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