Keine Angst vom "schwarzen Schwan": Corona-Börsen: Ruhig bleiben und zukaufen, statt dem h - Die letzten 30 Beiträge | Diskussion im Forum
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24.1.
Hedge Fund Qube Built a $1 Billion Short Bet Against Top German Companies
https://finance.yahoo.com/news/hedge-fund-qube-built-1-09003…
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Qube Research & Technologies Ltd. has amassed a short bet of more than $1 billion against German companies amid a downturn in global demand that’s slowing Europe’s biggest economy.
The hedge fund added to wagers against the likes of automaker Volkswagen AG over the last two weeks, including disclosing a $131.8 million short against Deutsche Bank AG, according to data compiled by Bloomberg from regulatory filings. It’s the biggest disclosed short seller of the country’s stocks, the data show.
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The hedge fund, spun out from Credit Suisse in 2018, managed about $11 billion last year and uses quantitative trading signals to take positions in equities, fixed income and commodities among other markets.
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24.1.
Hedge Fund Qube Built a $1 Billion Short Bet Against Top German Companies
https://finance.yahoo.com/news/hedge-fund-qube-built-1-09003…
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Qube Research & Technologies Ltd. has amassed a short bet of more than $1 billion against German companies amid a downturn in global demand that’s slowing Europe’s biggest economy.
The hedge fund added to wagers against the likes of automaker Volkswagen AG over the last two weeks, including disclosing a $131.8 million short against Deutsche Bank AG, according to data compiled by Bloomberg from regulatory filings. It’s the biggest disclosed short seller of the country’s stocks, the data show.
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The hedge fund, spun out from Credit Suisse in 2018, managed about $11 billion last year and uses quantitative trading signals to take positions in equities, fixed income and commodities among other markets.
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22.1.
Hedge Funds Cap a Bumper Year for Profits
https://finance.yahoo.com/news/hedge-funds-cap-bumper-profit…
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Billionaire money managers Chris Hohn and Ken Griffin led hedge funds to deliver one of the best years for clients in 2023.
The industry produced combined gains worth $218 billion after fees, according to estimates by LCH Investments, a fund of hedge funds. Hohn’s TCI Fund Management made $12.9 billion to top LCH’s rankings, followed by Citadel, which made $8.1 billion.
The annual survey focuses on money managers with the most overall profits in absolute dollar terms since inception, and as a result the largest and oldest hedge funds typically tend to do best. The top 20 firms, which oversee less than a fifth of the industry’s assets, generated $67 billion or roughly a third of the gains last year.
As measured by a more traditional way of assessing returns, the top grouping gained 10.5% in 2023, outperforming the average hedge fund which returned 6.4%. Over the past three years, the top 20 have generated 83% of the absolute gains made by all hedge fund managers, the report found.
“In most cases this reflects an ability to limit the downside in adverse conditions and to make money when conditions are favourable, as they were toward the end of 2023,” Rick Sopher, chairman of LCH, said in a statement.
...
The report also shows the dominance of large multistrategy hedge funds that have been gobbling up assets, talent and leverage in recent years, causing unease among regulators, investors and traders.
...
“Firms of this type typically run with leverage levels far higher than the average hedge fund, which has helped boost their performance,” Sopher said. “Their strong net returns have been achieved after passing on substantial operating costs, which continue to be tolerated by their investors. The sustainability and acceptability to investors and regulators of the risks involved in these models is rightly coming under scrutiny.”
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Hedge Funds Cap a Bumper Year for Profits
https://finance.yahoo.com/news/hedge-funds-cap-bumper-profit…
...
Billionaire money managers Chris Hohn and Ken Griffin led hedge funds to deliver one of the best years for clients in 2023.
The industry produced combined gains worth $218 billion after fees, according to estimates by LCH Investments, a fund of hedge funds. Hohn’s TCI Fund Management made $12.9 billion to top LCH’s rankings, followed by Citadel, which made $8.1 billion.
The annual survey focuses on money managers with the most overall profits in absolute dollar terms since inception, and as a result the largest and oldest hedge funds typically tend to do best. The top 20 firms, which oversee less than a fifth of the industry’s assets, generated $67 billion or roughly a third of the gains last year.
As measured by a more traditional way of assessing returns, the top grouping gained 10.5% in 2023, outperforming the average hedge fund which returned 6.4%. Over the past three years, the top 20 have generated 83% of the absolute gains made by all hedge fund managers, the report found.
“In most cases this reflects an ability to limit the downside in adverse conditions and to make money when conditions are favourable, as they were toward the end of 2023,” Rick Sopher, chairman of LCH, said in a statement.
...
The report also shows the dominance of large multistrategy hedge funds that have been gobbling up assets, talent and leverage in recent years, causing unease among regulators, investors and traders.
...
“Firms of this type typically run with leverage levels far higher than the average hedge fund, which has helped boost their performance,” Sopher said. “Their strong net returns have been achieved after passing on substantial operating costs, which continue to be tolerated by their investors. The sustainability and acceptability to investors and regulators of the risks involved in these models is rightly coming under scrutiny.”
...
17.1.
Ex-Millennium Trader Cowley’s Sandbar Shuts Down Hedge Fund
https://finance.yahoo.com/news/ex-millennium-trader-cowley-s…
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The investment firm returned capital in Sandbar Master Fund last month saying the money pool never reached critical mass since its launch in 2018. The equities market-neutral fund managed $84 million, down from a peak of $150 million, and the cost to run it impacted returns, according to Sandbar Chief Executive Officer James Orme-Smith.
Once one of the fastest growing firms in London, Sandbar now solely focuses on running its Lumyna - Sandbar Global Equity Market Neutral UCITS Fund, a more liquid version of the fund that mimics the same investment strategy but allows investors daily access to their capital.
“Sandbar continues to manage almost $400 million in its flagship UCITS fund and is fully committed to growing its business,” Orme-Smith told Bloomberg News.
Equity-focused hedge funds have found it difficult to raise money following years of mediocre returns and investor shift toward multistrategy investment giants in search of stable returns. Clients pulled almost $51 billion from equity hedge funds through November last year, according to data compiled by eVestment.
Cowley ran an equity long-short money pool for billionaire Izzy Englander’s hedge fund Millennium Management before setting up Sandbar. His previous employers include Citadel.
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Lumyna - Sandbar Global Equity Market Neutral UCITS Fund (ISIN LU2061570896): https://www.lumyna.com/
Das ist der erste EU-konforme (UCITS aus Luxemburg) Long/Short-Hedge fund, den ich sehe. Man sieht aber in den Berichten nicht die Namen der konkreten Aktien-Long/Short-Positionen, sondern nur den dazugehörigen Sektor:
=> man sieht, daß die das über CFD's mit Wall Street Primary dealers machen, die daran natürlich was verdienen wollen:
2.4 Valuation of contracts for difference
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Contracts for differences are valued based on the closing market price of the underlying security, less any financing charges attributable to each contract.
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Ich habe danach gesucht, ob CFD's allgemein auch eine gewisse Zinsempfindlichkeit aufweisen, habe aber nichts dazu gefunden.
Ex-Millennium Trader Cowley’s Sandbar Shuts Down Hedge Fund
https://finance.yahoo.com/news/ex-millennium-trader-cowley-s…
...
The investment firm returned capital in Sandbar Master Fund last month saying the money pool never reached critical mass since its launch in 2018. The equities market-neutral fund managed $84 million, down from a peak of $150 million, and the cost to run it impacted returns, according to Sandbar Chief Executive Officer James Orme-Smith.
Once one of the fastest growing firms in London, Sandbar now solely focuses on running its Lumyna - Sandbar Global Equity Market Neutral UCITS Fund, a more liquid version of the fund that mimics the same investment strategy but allows investors daily access to their capital.
“Sandbar continues to manage almost $400 million in its flagship UCITS fund and is fully committed to growing its business,” Orme-Smith told Bloomberg News.
Equity-focused hedge funds have found it difficult to raise money following years of mediocre returns and investor shift toward multistrategy investment giants in search of stable returns. Clients pulled almost $51 billion from equity hedge funds through November last year, according to data compiled by eVestment.
Cowley ran an equity long-short money pool for billionaire Izzy Englander’s hedge fund Millennium Management before setting up Sandbar. His previous employers include Citadel.
...
Lumyna - Sandbar Global Equity Market Neutral UCITS Fund (ISIN LU2061570896): https://www.lumyna.com/
Das ist der erste EU-konforme (UCITS aus Luxemburg) Long/Short-Hedge fund, den ich sehe. Man sieht aber in den Berichten nicht die Namen der konkreten Aktien-Long/Short-Positionen, sondern nur den dazugehörigen Sektor:
=> man sieht, daß die das über CFD's mit Wall Street Primary dealers machen, die daran natürlich was verdienen wollen:
2.4 Valuation of contracts for difference
...
Contracts for differences are valued based on the closing market price of the underlying security, less any financing charges attributable to each contract.
...
Ich habe danach gesucht, ob CFD's allgemein auch eine gewisse Zinsempfindlichkeit aufweisen, habe aber nichts dazu gefunden.
Antwort auf Beitrag Nr.: 75.060.597 von faultcode am 06.01.24 13:28:20noch ein paar Hedgies in 2023 (2):
5.12.
Haidar Overhauls Macro Hedge Fund Trades Amid Record 43% Plunge
https://finance.yahoo.com/news/haidar-overhauls-macro-hedge-…
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His Haidar Jupiter fund slumped 43.5%, posting the biggest annual loss since it started trading more than two decades ago, according to an investor letter seen by Bloomberg News. The decline, which follows a record 193% surge just a year before, has forced Haidar to make sweeping changes to his portfolio.
Short bets on bonds — the reason behind most of his losses — have given way to long wagers on the securities as Haidar expects major global central banks to cut interest rates in the first half of this year, according to a person familiar with the fund’s positioning.
...
Haidar was one of the biggest losers amid the SVB debacle, slumping 32% to record its biggest-ever monthly decline in March.
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6.12.
D1 Hedge Fund Stung by Big Venture Bets for Second Straight Year
https://www.bloomberg.com/news/articles/2024-01-06/d1-hedge-…
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D1 Capital Partners’ big bets on venture capital and private equity weighed on its hedge fund returns for a second consecutive year as the firm marked down the value of 49 companies in 2023.
Before accounting for fees and adjusting for share classes with varying exposures to private investments, the hedge fund ended the year up just 0.8%, D1 founder Dan Sundheim wrote in an investor letter seen by Bloomberg. Markdowns of about 10% in the private book ate into the stock portfolio’s 21% gain.
...
5.12.
Haidar Overhauls Macro Hedge Fund Trades Amid Record 43% Plunge
https://finance.yahoo.com/news/haidar-overhauls-macro-hedge-…
...
His Haidar Jupiter fund slumped 43.5%, posting the biggest annual loss since it started trading more than two decades ago, according to an investor letter seen by Bloomberg News. The decline, which follows a record 193% surge just a year before, has forced Haidar to make sweeping changes to his portfolio.
Short bets on bonds — the reason behind most of his losses — have given way to long wagers on the securities as Haidar expects major global central banks to cut interest rates in the first half of this year, according to a person familiar with the fund’s positioning.
...
Haidar was one of the biggest losers amid the SVB debacle, slumping 32% to record its biggest-ever monthly decline in March.
...
6.12.
D1 Hedge Fund Stung by Big Venture Bets for Second Straight Year
https://www.bloomberg.com/news/articles/2024-01-06/d1-hedge-…
...
D1 Capital Partners’ big bets on venture capital and private equity weighed on its hedge fund returns for a second consecutive year as the firm marked down the value of 49 companies in 2023.
Before accounting for fees and adjusting for share classes with varying exposures to private investments, the hedge fund ended the year up just 0.8%, D1 founder Dan Sundheim wrote in an investor letter seen by Bloomberg. Markdowns of about 10% in the private book ate into the stock portfolio’s 21% gain.
...
Antwort auf Beitrag Nr.: 73.021.862 von faultcode am 04.01.23 14:07:47noch ein paar Hedgies in 2023 (1):
5.12., BlueCrest:
Michael Platt’s Winning Streak Extends With 20% Gain Last Year
https://finance.yahoo.com/news/michael-platt-winning-streak-…
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Platt, one of Britain’s richest people, is known for using a heavy dose of leverage to supercharge returns at his firm and produce some of the best trading profits in the world.
...
5.12.
Peconic Hedge Fund Boosts Shorts After Scoring 31% Gain in 2023
https://financialpost.com/pmn/business-pmn/peconic-hedge-fun…
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Bill Harnisch, whose $1.5 billion hedge fund delivered a market-beating 31% gain last year, is betting the recent bout of euphoric stock buying will peter out.
In the final days of December, the manager of the Peconic Partners increased wagers against the SPDR S&P 500 ETF Trust, while loading up short positions in expensive industrial stocks and shares of consumer-product makers that have raised prices aggressively.
...
For a fourth straight year, the New York-based fund beat the market. Over the stretch, it’s up 38% annually, three times as much as the S&P 500.
Harnisch, who started Peconic in 2004, envisions subdued upside in 2024, with the S&P 500 rising 10% at most at its peak. While profits are expected to recover, valuations particularly for stretched tech stocks will be under pressure from bond yields. At the same time, the downside risk will likely be limited, too, unless inflation picks up, he says.
...
Peconic focuses on discovering companies that will expand faster than the economy in the long run. The picks, the kernel of its portfolios, are usually held for seven to eight years. On the short side, the team builds hedges to offset the risk from the core holdings while looking for mispriced shares.
...
The rising dominance of passive investing is creating opportunities for stock pickers, according to Harnisch. The proliferation of exchange-traded funds has pushed the share of passive vehicles in the asset management industry to 53%, according to data compiled by BofA. That’s up from roughly 20% some 15 years ago.
...
5.12., BlueCrest:
Michael Platt’s Winning Streak Extends With 20% Gain Last Year
https://finance.yahoo.com/news/michael-platt-winning-streak-…
...
Platt, one of Britain’s richest people, is known for using a heavy dose of leverage to supercharge returns at his firm and produce some of the best trading profits in the world.
...
5.12.
Peconic Hedge Fund Boosts Shorts After Scoring 31% Gain in 2023
https://financialpost.com/pmn/business-pmn/peconic-hedge-fun…
...
Bill Harnisch, whose $1.5 billion hedge fund delivered a market-beating 31% gain last year, is betting the recent bout of euphoric stock buying will peter out.
In the final days of December, the manager of the Peconic Partners increased wagers against the SPDR S&P 500 ETF Trust, while loading up short positions in expensive industrial stocks and shares of consumer-product makers that have raised prices aggressively.
...
For a fourth straight year, the New York-based fund beat the market. Over the stretch, it’s up 38% annually, three times as much as the S&P 500.
Harnisch, who started Peconic in 2004, envisions subdued upside in 2024, with the S&P 500 rising 10% at most at its peak. While profits are expected to recover, valuations particularly for stretched tech stocks will be under pressure from bond yields. At the same time, the downside risk will likely be limited, too, unless inflation picks up, he says.
...
Peconic focuses on discovering companies that will expand faster than the economy in the long run. The picks, the kernel of its portfolios, are usually held for seven to eight years. On the short side, the team builds hedges to offset the risk from the core holdings while looking for mispriced shares.
...
The rising dominance of passive investing is creating opportunities for stock pickers, according to Harnisch. The proliferation of exchange-traded funds has pushed the share of passive vehicles in the asset management industry to 53%, according to data compiled by BofA. That’s up from roughly 20% some 15 years ago.
...
Trading Spotlight
Antwort auf Beitrag Nr.: 74.931.664 von faultcode am 08.12.23 02:34:094.1.
Bridgewater’s Flagship Macro Fund Lost 7.6% Last Year
https://finance.yahoo.com/news/bridgewater-flagship-pure-alp…
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Bridgewater Associates’s flagship hedge fund lost 7.6% last year, with all of the drop coming in the last two months of 2023, according to people familiar with its performance.
The losses for the world’s biggest hedge fund corresponded to the biggest two-month gain in global bonds since at least 1990 and a roughly 14% gain in US shares.
The Pure Alpha II fund was up 7.5% through October before dropping about 14% in the following two months.
The firm’s long-only All Weather fund returned 10.6% last year, one of the people said.
A Bridgewater spokesperson declined to comment.
This marked the second-straight instance that Bridgewater’s flagship fund gave up gains at year-end. Pure Alpha II tumbled in October and November 2022 after having been up 22%. It ended that year up 9.4%.
Last year’s market moves produced a wide range of returns for macro managers. Rob Citrone’s Discovery Capital Management made 48%, while Said Haidar’s macro fund fell about 50% through November.
Tekmerion Capital Management, another macro fund, gained 9.8% last year. The firm, run by former Bridgewater employees, won a case against their former employer in 2020, after the hedge fund giant accused them of misappropriating trade secrets, breach of contract and unfair competition.
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Bridgewater’s Flagship Macro Fund Lost 7.6% Last Year
https://finance.yahoo.com/news/bridgewater-flagship-pure-alp…
...
Bridgewater Associates’s flagship hedge fund lost 7.6% last year, with all of the drop coming in the last two months of 2023, according to people familiar with its performance.
The losses for the world’s biggest hedge fund corresponded to the biggest two-month gain in global bonds since at least 1990 and a roughly 14% gain in US shares.
The Pure Alpha II fund was up 7.5% through October before dropping about 14% in the following two months.
The firm’s long-only All Weather fund returned 10.6% last year, one of the people said.
A Bridgewater spokesperson declined to comment.
This marked the second-straight instance that Bridgewater’s flagship fund gave up gains at year-end. Pure Alpha II tumbled in October and November 2022 after having been up 22%. It ended that year up 9.4%.
Last year’s market moves produced a wide range of returns for macro managers. Rob Citrone’s Discovery Capital Management made 48%, while Said Haidar’s macro fund fell about 50% through November.
Tekmerion Capital Management, another macro fund, gained 9.8% last year. The firm, run by former Bridgewater employees, won a case against their former employer in 2020, after the hedge fund giant accused them of misappropriating trade secrets, breach of contract and unfair competition.
...
3.1.
Discovery Capital’s macro hedge fund up 48% in 2023
https://www.hedgeweek.com/discovery-capitals-macro-hedge-fun…
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Discovery Capital Management, the hedge fund firm led by ‘Tiger cub’ Rob Citrone, recorded a 48% return with its macro hedge fund in 2023, making it one of the top performers among funds betting on economic trends, according to a report by Bloomberg.
The report cites a person with knowledge of the matter as revealing that long wagers on Latin American equities and sovereign bonds, and US credit helped drive returns, as well as long and short bets on financial stocks.
The bumper returns came on the back of a 29% loss in the previous year.
According to data compiled by Bloomberg, macro funds were down by an average of 0.4% up to ten end of November last year following a year of volatile trading conditions as central banks hiked interest rates to tackle soaring inflation.
...
Discovery Capital’s macro hedge fund up 48% in 2023
https://www.hedgeweek.com/discovery-capitals-macro-hedge-fun…
...
Discovery Capital Management, the hedge fund firm led by ‘Tiger cub’ Rob Citrone, recorded a 48% return with its macro hedge fund in 2023, making it one of the top performers among funds betting on economic trends, according to a report by Bloomberg.
The report cites a person with knowledge of the matter as revealing that long wagers on Latin American equities and sovereign bonds, and US credit helped drive returns, as well as long and short bets on financial stocks.
The bumper returns came on the back of a 29% loss in the previous year.
According to data compiled by Bloomberg, macro funds were down by an average of 0.4% up to ten end of November last year following a year of volatile trading conditions as central banks hiked interest rates to tackle soaring inflation.
...
Antwort auf Beitrag Nr.: 73.499.455 von faultcode am 17.03.23 16:42:137.12.
Hedgefonds als Horrorhaus – was von Ray Dalio übrig bleibt
Ein Wall-Street-Reporter zerlegt die Hedgefonds-Legende Ray Dalio. Das Buch "The Fund" zertrümmert das Image des Bridgewater-Gründers.
https://www.manager-magazin.de/lifestyle/ray-dalio-und-bridg…
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Copeland hat mit vielen (Ex-)Beschäftigten gesprochen, die der Chef nach diesem Schmerzverfahren belehrt hat. Sie erlebten seine Kultur eher als bizarren Kult: Alle bewerten ständig alle, nur für Dalio selbst ist die Bestnote faktisch garantiert; jedes Gespräch wird aufgezeichnet, manipulierte Clips gehen – als Lektion – schon mal an die gesamte Belegschaft.
Die totale Überwachung und Schnüffelei organisierte zeitweise James Comey, der anschließend FBI-Chef wurde. Copeland berichtet vom sadistischen Schauprozess Dalios gegen eine Topmanagerin. Oder von skurrilen Großkampagnen gegen Haustechniker: Ein schmierendes Whiteboard oder Pinkelflecken auf dem Klo habe der Meister wochenlang zur Chefsache gemacht, um die Schuldigen zu Selbstkritik und Perfektion zu zwingen.
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Dalio hat seine CEO-Rolle 2017 inmitten von Kontroversen niedergelegt und sich im Herbst 2022 endgültig von allen Investitionsentscheidungen zurückgezogen. Derzeit erwäge er ein Comeback, das die neue Bridgewater-Führung jedoch vehement ablehne, berichtete Copeland jüngst in der "New York Times". Das Management ist längst auch auf Distanz zu den "Principles" gegangen.
...
Hedgefonds als Horrorhaus – was von Ray Dalio übrig bleibt
Ein Wall-Street-Reporter zerlegt die Hedgefonds-Legende Ray Dalio. Das Buch "The Fund" zertrümmert das Image des Bridgewater-Gründers.
https://www.manager-magazin.de/lifestyle/ray-dalio-und-bridg…
...
Copeland hat mit vielen (Ex-)Beschäftigten gesprochen, die der Chef nach diesem Schmerzverfahren belehrt hat. Sie erlebten seine Kultur eher als bizarren Kult: Alle bewerten ständig alle, nur für Dalio selbst ist die Bestnote faktisch garantiert; jedes Gespräch wird aufgezeichnet, manipulierte Clips gehen – als Lektion – schon mal an die gesamte Belegschaft.
Die totale Überwachung und Schnüffelei organisierte zeitweise James Comey, der anschließend FBI-Chef wurde. Copeland berichtet vom sadistischen Schauprozess Dalios gegen eine Topmanagerin. Oder von skurrilen Großkampagnen gegen Haustechniker: Ein schmierendes Whiteboard oder Pinkelflecken auf dem Klo habe der Meister wochenlang zur Chefsache gemacht, um die Schuldigen zu Selbstkritik und Perfektion zu zwingen.
...
Dalio hat seine CEO-Rolle 2017 inmitten von Kontroversen niedergelegt und sich im Herbst 2022 endgültig von allen Investitionsentscheidungen zurückgezogen. Derzeit erwäge er ein Comeback, das die neue Bridgewater-Führung jedoch vehement ablehne, berichtete Copeland jüngst in der "New York Times". Das Management ist längst auch auf Distanz zu den "Principles" gegangen.
...
30.11.
Citadel and Its Peers Are Piling Into the Same Trades. Regulators Are Taking Notice
https://finance.yahoo.com/news/citadel-peers-piling-same-tra…
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Even with more assets and stiffer competition, Citadel continues to be among the most aggressive risk-takers.
While Griffin’s firm gets high marks from S&P Global Ratings for sound risk management, healthy cash levels and sticking to liquid investments, the credit-grading company called Citadel’s appetite for opportunistic, concentrated bets a negative, highlighting its big wagers on natural gas and power — sectors prone to large price swings — in 2021 and 2022.
Citadel gained 38% last year, with about $8 billion — half the profits of its main hedge fund — coming from commodities, according to people familiar with the matter.
With $62 billion of assets under management, Citadel is so big that its trades “could at times represent a high multiple of average daily trading volumes,” potentially limiting its ability to sell quickly without sending prices tumbling, S&P analyst Thierry Grunspan wrote in an April report.
“We are in the risk-taking business,” Citadel spokesman Matt Scully said in a statement. “Our investors expect us to deploy their capital against the most attractive opportunities we see in the market.” Citadel employees and principals are the firm’s largest investor group, accounting for 27% of the funds, he said.
Citadel gained 13.7% this year through October, while many other multistrats posted returns in the single digits.
“Our performance is driven by the extraordinarily talented people at Citadel,” Scully said. “We have the best investment team in the industry.”
...
Citadel and Its Peers Are Piling Into the Same Trades. Regulators Are Taking Notice
https://finance.yahoo.com/news/citadel-peers-piling-same-tra…
...
Even with more assets and stiffer competition, Citadel continues to be among the most aggressive risk-takers.
While Griffin’s firm gets high marks from S&P Global Ratings for sound risk management, healthy cash levels and sticking to liquid investments, the credit-grading company called Citadel’s appetite for opportunistic, concentrated bets a negative, highlighting its big wagers on natural gas and power — sectors prone to large price swings — in 2021 and 2022.
Citadel gained 38% last year, with about $8 billion — half the profits of its main hedge fund — coming from commodities, according to people familiar with the matter.
With $62 billion of assets under management, Citadel is so big that its trades “could at times represent a high multiple of average daily trading volumes,” potentially limiting its ability to sell quickly without sending prices tumbling, S&P analyst Thierry Grunspan wrote in an April report.
“We are in the risk-taking business,” Citadel spokesman Matt Scully said in a statement. “Our investors expect us to deploy their capital against the most attractive opportunities we see in the market.” Citadel employees and principals are the firm’s largest investor group, accounting for 27% of the funds, he said.
Citadel gained 13.7% this year through October, while many other multistrats posted returns in the single digits.
“Our performance is driven by the extraordinarily talented people at Citadel,” Scully said. “We have the best investment team in the industry.”
...
Antwort auf Beitrag Nr.: 73.021.862 von faultcode am 04.01.23 14:07:47
21.11.
JPMorgan Says ‘The Golden Year’ for Carry Trades Is Near Its End
https://finance.yahoo.com/news/jpmorgan-says-golden-carry-tr…
...
This year currency speculators piled into carry trades — in which they borrow low-yielding currencies in order to purchase higher-yielding alternatives — earning some of the strategy’s best returns in decades as global central banks continued an aggressive pace of rate hikes in the face of mounting inflation.
Looking into 2024, G-10 central banks are preparing to ease monetary policy, sending global yields tumbling with the highest yielders cutting deepest and dragging on carry returns in the process, JPMorgan strategists led by Meera Chandan wrote in the bank’s annual foreign exchange outlook released Tuesday.
“2023 will be a year remembered for many things, but for FX market participants it shall forever be known as the golden year for carry,” the report said. “2024 should be the beginning of the end as high-yielders cut most. Declining yields will make carry less attractive and a narrower theme.”
Between January and June of this year, the strategists wrote, a nominal carry basket of 27 currencies returned gains of more than 20%, the best half since 2003.
While carry strategies haven’t performed as well in the second half as US yields remained high while those in Latin America fell — the same basket has only returned 0.4% — the first-half surge was enough to confirm the importance of rate differentials in driving currency moves.
Next year, JPMorgan expects relative currency valuations to converge, reversing many of the trends seen in 2023. In both market downturns and rallies, the strategists wrote, “the trades which screen with the largest upside are involving rich or distressed G10 currencies.”
...
Zitat von faultcode: ...According to Berger, this is only the beginning of the end of the global carry trade, which aims to use low-yielding currencies such as the yen to buy something with higher returns.
...
21.11.
JPMorgan Says ‘The Golden Year’ for Carry Trades Is Near Its End
https://finance.yahoo.com/news/jpmorgan-says-golden-carry-tr…
...
This year currency speculators piled into carry trades — in which they borrow low-yielding currencies in order to purchase higher-yielding alternatives — earning some of the strategy’s best returns in decades as global central banks continued an aggressive pace of rate hikes in the face of mounting inflation.
Looking into 2024, G-10 central banks are preparing to ease monetary policy, sending global yields tumbling with the highest yielders cutting deepest and dragging on carry returns in the process, JPMorgan strategists led by Meera Chandan wrote in the bank’s annual foreign exchange outlook released Tuesday.
“2023 will be a year remembered for many things, but for FX market participants it shall forever be known as the golden year for carry,” the report said. “2024 should be the beginning of the end as high-yielders cut most. Declining yields will make carry less attractive and a narrower theme.”
Between January and June of this year, the strategists wrote, a nominal carry basket of 27 currencies returned gains of more than 20%, the best half since 2003.
While carry strategies haven’t performed as well in the second half as US yields remained high while those in Latin America fell — the same basket has only returned 0.4% — the first-half surge was enough to confirm the importance of rate differentials in driving currency moves.
Next year, JPMorgan expects relative currency valuations to converge, reversing many of the trends seen in 2023. In both market downturns and rallies, the strategists wrote, “the trades which screen with the largest upside are involving rich or distressed G10 currencies.”
...
21.11.
Blackstone to End Legacy Strategy That Gave Money to Hedge Funds
https://finance.yahoo.com/news/blackstone-end-legacy-strateg…
...
Blackstone Inc. is winding down a strategy that allocated capital to hedge funds ranging from Two Sigma Investments to Magnetar Capital.
The Blackstone Diversified Multi-Strategy fund will shutter by the end of the year. The fund operates under the European Union’s UCITS Directive and provides investors daily access to their capital, a structure that has come under pressure.
It manages about $200 million in assets, down from its peak $2.3 billion in 2018.
“We are in talks with clients to move their capital to newer strategies that offer greater flexibility than the current structure allows,” a spokesman for the investment firm said in a statement confirming plans to close the fund.
The Blackstone unit that runs the fund manages about $89 billion in assets, the spokesman added.
...
Blackstone to End Legacy Strategy That Gave Money to Hedge Funds
https://finance.yahoo.com/news/blackstone-end-legacy-strateg…
...
Blackstone Inc. is winding down a strategy that allocated capital to hedge funds ranging from Two Sigma Investments to Magnetar Capital.
The Blackstone Diversified Multi-Strategy fund will shutter by the end of the year. The fund operates under the European Union’s UCITS Directive and provides investors daily access to their capital, a structure that has come under pressure.
It manages about $200 million in assets, down from its peak $2.3 billion in 2018.
“We are in talks with clients to move their capital to newer strategies that offer greater flexibility than the current structure allows,” a spokesman for the investment firm said in a statement confirming plans to close the fund.
The Blackstone unit that runs the fund manages about $89 billion in assets, the spokesman added.
...
Antwort auf Beitrag Nr.: 74.015.589 von faultcode am 16.06.23 13:18:0531.10.
FT: Odey Asset Management to close after sexual assault allegations against founder
https://www.ft.com/content/432dbfef-71fd-471e-9e05-a81b1a46f…
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Both Odey and the firm face a lawsuit from two of his alleged victims for personal injury and psychological harm. Odey and the firm are yet to formally respond to the claim, which has been filed in London’s High Court.
...
FT: Odey Asset Management to close after sexual assault allegations against founder
https://www.ft.com/content/432dbfef-71fd-471e-9e05-a81b1a46f…
...
Both Odey and the firm face a lawsuit from two of his alleged victims for personal injury and psychological harm. Odey and the firm are yet to formally respond to the claim, which has been filed in London’s High Court.
...
30.8.
Hedge funds are shorting stocks that Biden's IRA was meant to help
Betting climate stimulus will tip debt-reliant green companies over the edge
https://financialpost.com/investing/hedge-funds-shorting-sto…
...
Renaud Saleur, chief executive at Geneva-based Anaconda Invest SA, expects the vast sums of cash being pumped into the United States economy by the Inflation Reduction Act (IRA) to make life harder in the near term for many of the companies it was supposed to help.
“People have forgotten” that a lot of green businesses are still “project financing and therefore extremely sensitive to interest rates, extremely sensitive to the discounted future cash flows,” he said. “And extremely sensitive to the cost of commodities that are going to be used to build the turbines or to build the offshore wind farms.”
...
Hedge funds are shorting stocks that Biden's IRA was meant to help
Betting climate stimulus will tip debt-reliant green companies over the edge
https://financialpost.com/investing/hedge-funds-shorting-sto…
...
Renaud Saleur, chief executive at Geneva-based Anaconda Invest SA, expects the vast sums of cash being pumped into the United States economy by the Inflation Reduction Act (IRA) to make life harder in the near term for many of the companies it was supposed to help.
“People have forgotten” that a lot of green businesses are still “project financing and therefore extremely sensitive to interest rates, extremely sensitive to the discounted future cash flows,” he said. “And extremely sensitive to the cost of commodities that are going to be used to build the turbines or to build the offshore wind farms.”
...
Oceanwood macht dicht
Oceanwood Capital Management (Norske Skog et al --> https://www.wallstreet-online.de/diskussion/1264109-11-20/no…):18.8.
Oceanwood’s Deputy CIO to Start Own Firm as Hedge Fund Shutters
https://www.bnnbloomberg.ca/oceanwood-s-deputy-cio-to-start-…
...
Oceanwood Capital Management’s deputy chief investment officer Julian Garcia Woods is striking out on his own and the hedge fund he co-managed with founder Christopher Gate is shutting down.
Woods, who has been at Oceanwood since 2007, is taking a team from the firm and plans to launch CoreLane Capital Management early next year, according to Andrew Baker, head of business development at the London-based company. Oceanwood will return capital to investors while Gate, 59, is retiring, he said.
Oceanwood’s Opportunities Fund, which managed more than $2 billion in peak assets, currently runs about $500 million. Some of the capital will be transfered to Woods’ new firm, with Gate also investing in the startup, according to Baker, who will become CEO of CoreLane. Gate didn’t respond to emails seeking comment.
The new fund will run a concentrated portfolio of equity and credit bets, focusing on European special situations investment opportunities. CoreLane will build its portfolio around corporate actions such as spinoffs, mergers and acquisitions, reorganizations, bankruptcies and recapitalizations.
...
More than 2,500 hedge funds have shuttered over the last five years, exceeding launches during the period, according to data compiled by Hedge Fund Research Inc.
Founded in 2006 by Gate and an investment team from Tudor Investment Corp., Oceanwood has been one of the largest event-driven hedge funds in London.
Sizable bets since its inception have included NH Hotel Group SA, Spanish lender Unicaja Banco SA, Norske Skog ASA and a short wager on scandal-plagued payments processor Wirecard AG. At times, it has turned an activist investor in companies ranging from NH Hotel, Merlin Properties Socimi SA to Just Eat Takeaway.com NV.
...
Ende eines Tech-Shorty-ETF's: "the anti-ARKK"
10.8.
Hedge Fund Alum George Noble Shutters New ETF After 59% Plunge
https://finance.yahoo.com/news/hedge-fund-alum-george-noble-…
...
Hedge-fund veteran George Noble’s foray into the exchange-traded fund industry has come to a quick, and painful, end.
The Noble Absolute Return ETF (ticker NOPE), which took long and short equity positions and which has dropped 59% since its September debut, is set to liquidate, according to a Wednesday announcement. Its plunge has happened even as the S&P 500 rose 23% over that stretch and the Nasdaq 100 jumped some 36%.
NOPE held positions against a number of tech stocks that have posted staggering advances in 2023. The tech sector overall has made an impressive comeback following 2022’s drubbing, partly fueled by hype over prospects for artificial intelligence, as well as optimism that the Federal Reserve is likely done raising interest rates.
The largest bearish position in the ETF is a short bet against the Invesco QQQ Trust Series 1 fund (QQQ), which tracks the tech-heavy Nasdaq 100, data compiled by Bloomberg show. It also holds wagers against electric-vehicle-maker Tesla Inc. and Nvidia Corp., the chipmaker whose shares have surged about 190% this year. Other short positions include Coinbase Global Inc. and Apple Inc., which have also rallied.
“NOPE was like the anti-ARKK — a negation of high growth stocks that never found the long-term bear market it thought would happen,” Bloomberg Intelligence senior ETF analyst Eric Balchunas said. “In the end, for hot-sauce-type ETFs, you need good performance to make it and NOPE never delivered.”
...
=> merke: U.S.-Tech erst (richtig) shorten, wenn die meisten Bären weg vom Fenster sind
https://www.noble-funds.com/ -->
Sculptor Capital Management ($SCU, NYSE), früher Och-Ziff Capital Management Group: das Ende als (einzig) öffentlich gelisteter Hedge fund:
24.7.
Rithm Capital to acquire hedge fund Sculptor for $639 million
https://www.msn.com/en-us/money/savingandinvesting/rithm-cap…
...
Asset manager Rithm Capital has agreed to acquire hedge fund firm Sculptor Capital Management for $639 million, the companies said in a statement on Monday.
Rithm will pay $11.15 per class A share of Sculptor, which represents a premium of 18% over Sculptor's closing price on Friday.
Sculptor, once known as Och-Ziff Capital Management, had been exploring a sale since last year, amid a legal battle with its founder, Daniel Och.
Och accused his former firm in a lawsuit of letting Chief Executive James Levin wield power over the board to extract "ever-escalating" pay despite subpar performance. Sculptor in August 2022 called Och's filing "misleading and full of falsehoods."
Rithm's chairman and chief executive officer, Michael Nierenberg, said the deal is "transformational." The transaction will allow the company to expand beyond real estate and financial services and roughly double its assets under management to over $60 billion. Rithm also has $7 billion of capital.
Sculptor, which manages credit, private real estate equity and multi-strategy funds, will become a subsidiary of Rithm and continue to be led by Levin as chief investment officer.
In a note to clients, BTIG said the deal broadens Rithm's "investment stance with the flexibility to put assets either on its own balance sheet as a direct investor, or leverage its asset management capabilities with third-party capital."
24.7.
Rithm Capital to acquire hedge fund Sculptor for $639 million
https://www.msn.com/en-us/money/savingandinvesting/rithm-cap…
...
Asset manager Rithm Capital has agreed to acquire hedge fund firm Sculptor Capital Management for $639 million, the companies said in a statement on Monday.
Rithm will pay $11.15 per class A share of Sculptor, which represents a premium of 18% over Sculptor's closing price on Friday.
Sculptor, once known as Och-Ziff Capital Management, had been exploring a sale since last year, amid a legal battle with its founder, Daniel Och.
Och accused his former firm in a lawsuit of letting Chief Executive James Levin wield power over the board to extract "ever-escalating" pay despite subpar performance. Sculptor in August 2022 called Och's filing "misleading and full of falsehoods."
Rithm's chairman and chief executive officer, Michael Nierenberg, said the deal is "transformational." The transaction will allow the company to expand beyond real estate and financial services and roughly double its assets under management to over $60 billion. Rithm also has $7 billion of capital.
Sculptor, which manages credit, private real estate equity and multi-strategy funds, will become a subsidiary of Rithm and continue to be led by Levin as chief investment officer.
In a note to clients, BTIG said the deal broadens Rithm's "investment stance with the flexibility to put assets either on its own balance sheet as a direct investor, or leverage its asset management capabilities with third-party capital."
11.7.
UK Looks to End Public Hedge Fund Disclosures of Short-Selling
https://news.bloomberglaw.com/securities-law/uk-looks-to-end…
...
The UK no longer wants hedge funds to publicly reveal their large short positions in company stocks, which the government says risks copycat trades and short squeezes.
The public register of short positions worth 0.5% or more of any London-listed firm will be replaced by an aggregated list, according to plans set out in a paper Tuesday. It comes after asset managers said in a government survey the current rules “negatively impact the price discovery process.”
...
UK Looks to End Public Hedge Fund Disclosures of Short-Selling
https://news.bloomberglaw.com/securities-law/uk-looks-to-end…
...
The UK no longer wants hedge funds to publicly reveal their large short positions in company stocks, which the government says risks copycat trades and short squeezes.
The public register of short positions worth 0.5% or more of any London-listed firm will be replaced by an aggregated list, according to plans set out in a paper Tuesday. It comes after asset managers said in a government survey the current rules “negatively impact the price discovery process.”
...
Antwort auf Beitrag Nr.: 73.021.826 von faultcode am 04.01.23 14:04:3304.01.2023
16.6.
Crispin Odey’s One-Week Downfall Was Decades in the Making
https://finance.yahoo.com/news/crispin-odeys-one-week-downfa…
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“I have the ability to remain in an uncomfortable place for an uncomfortable amount of time,” Crispin Odey told Bloomberg last year.
It was a reference to his investing style and stunning comeback from years of successive losses. With the company that bears his name imploding, days after he was ousted amid allegations of sexual harassment and assault, that sentiment is about to be tested.
Odey’s three-decade run as one of London’s most famed and controversial hedge fund managers has come to a screeching halt. Within the space of a week he has gone from celebrating his best ever year of performance to having to watch from the sidelines as the firm he founded is broken up.
The dramatic fall from grace caps a career punctuated by extreme performance highs and lows. A notoriously contrarian investor, Odey, 64, made a name for himself as an extreme risk taker, who produced spectacular gains but also outsized losses.
Odey Asset Management LLP, the firm, which he created in 1991, at one point ran as much as $13 billion of assets. That had fallen to about $4.3 billion before the recent allegations prompted investors to pull their funds as service providers, including Morgan Stanley and Goldman Sachs Group Inc, severed ties.
...
“The implosion of Odey Asset Management has been a stark reminder for investors how much attention should be paid to key-man risk,” said Berlin-based Harald Berlinicke, the chief investment officer of Max-Berlinicke-Erben family office. “It is often conveniently ignored. Most of the time, the bill never arrives but when it does, investors are usually scratching their heads over how much they have to pay.”
...
Zitat von faultcode: ...
Odey’s Hedge Fund Soars 152% in Best Ever Year on Inflation Bet
https://finance.yahoo.com/news/odey-hedge-fund-soars-152-102…
...
16.6.
Crispin Odey’s One-Week Downfall Was Decades in the Making
https://finance.yahoo.com/news/crispin-odeys-one-week-downfa…
...
“I have the ability to remain in an uncomfortable place for an uncomfortable amount of time,” Crispin Odey told Bloomberg last year.
It was a reference to his investing style and stunning comeback from years of successive losses. With the company that bears his name imploding, days after he was ousted amid allegations of sexual harassment and assault, that sentiment is about to be tested.
Odey’s three-decade run as one of London’s most famed and controversial hedge fund managers has come to a screeching halt. Within the space of a week he has gone from celebrating his best ever year of performance to having to watch from the sidelines as the firm he founded is broken up.
The dramatic fall from grace caps a career punctuated by extreme performance highs and lows. A notoriously contrarian investor, Odey, 64, made a name for himself as an extreme risk taker, who produced spectacular gains but also outsized losses.
Odey Asset Management LLP, the firm, which he created in 1991, at one point ran as much as $13 billion of assets. That had fallen to about $4.3 billion before the recent allegations prompted investors to pull their funds as service providers, including Morgan Stanley and Goldman Sachs Group Inc, severed ties.
...
“The implosion of Odey Asset Management has been a stark reminder for investors how much attention should be paid to key-man risk,” said Berlin-based Harald Berlinicke, the chief investment officer of Max-Berlinicke-Erben family office. “It is often conveniently ignored. Most of the time, the bill never arrives but when it does, investors are usually scratching their heads over how much they have to pay.”
...
https://www.wallstreet-online.de/etf/a2dwav-goldman-sachs-he…
2.6.
Goldman’s Hedge Fund ETF Is Crushing the S&P 500 With AI Bets
https://finance.yahoo.com/news/goldman-hedge-fund-etf-crushi…
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The $127 million Goldman Sachs Hedge Industry VIP exchange-traded fund (ticker GVIP), which scans 13F filings to build a portfolio of popular hedge fund picks, has rallied more than 16% so far in 2023, Bloomberg data shows. That compares to a nearly 10% climb for the S&P 500.
GVIP’s 2023 outperformance is largely thanks to its three largest holdings: AI-darlings Nvidia Corp., Broadcom Inc. and Advanced Micro Devices Inc.
Paced by Nvidia, the chipmakers have surged over the past month as hype builds around the technology, which was a hot topic in the latest round of corporate earnings. While GVIP has lagged the S&P 500 since its inception in late 2016, the ETF’s returns suggest that hedge funds were able to get ahead of the AI craze.
“GVIP and the underlying fundamentally-driven hedge fund managers being tracked deserve some credit for properly positioning ahead of the recent AI mania,” said Nate Geraci, president of The ETF Store, an advisory firm. “That said, every dog has its day.”
GVIP is rebalanced quarterly and consists of the 50 stocks that appear most frequently among the top ten holdings of US hedge funds. Its holdings are equally weighted at each reshuffle.
Typically, the ETF tends to do well during periods that see tech and growth stocks outperform, and trail when risk appetite sours, according to Geraci. As such, GVIP underperformed in 2022 with a 32% plunge, compared to the S&P 500’s 19% fall.
...
=>
https://www.marketwatch.com/investing/fund/gvip?mod=search_s…
2.6.
Goldman’s Hedge Fund ETF Is Crushing the S&P 500 With AI Bets
https://finance.yahoo.com/news/goldman-hedge-fund-etf-crushi…
...
The $127 million Goldman Sachs Hedge Industry VIP exchange-traded fund (ticker GVIP), which scans 13F filings to build a portfolio of popular hedge fund picks, has rallied more than 16% so far in 2023, Bloomberg data shows. That compares to a nearly 10% climb for the S&P 500.
GVIP’s 2023 outperformance is largely thanks to its three largest holdings: AI-darlings Nvidia Corp., Broadcom Inc. and Advanced Micro Devices Inc.
Paced by Nvidia, the chipmakers have surged over the past month as hype builds around the technology, which was a hot topic in the latest round of corporate earnings. While GVIP has lagged the S&P 500 since its inception in late 2016, the ETF’s returns suggest that hedge funds were able to get ahead of the AI craze.
“GVIP and the underlying fundamentally-driven hedge fund managers being tracked deserve some credit for properly positioning ahead of the recent AI mania,” said Nate Geraci, president of The ETF Store, an advisory firm. “That said, every dog has its day.”
GVIP is rebalanced quarterly and consists of the 50 stocks that appear most frequently among the top ten holdings of US hedge funds. Its holdings are equally weighted at each reshuffle.
Typically, the ETF tends to do well during periods that see tech and growth stocks outperform, and trail when risk appetite sours, according to Geraci. As such, GVIP underperformed in 2022 with a 32% plunge, compared to the S&P 500’s 19% fall.
...
=>
https://www.marketwatch.com/investing/fund/gvip?mod=search_s…
14.4.
Crypto Investment Firm BlockTower Winds Down Its Market-Neutral Fund
Miami-based digital-asset investment firm BlockTower Capital wound down a “market-neutral” crypto fund that at one point oversaw more than $100 million with the goal of generating returns no matter which direction prices took.
https://financialpost.com/pmn/business-pmn/crypto-investment…
...
The opportunity for a market-neutral strategy “shrunk dramatically in the aftermath of 2022,” Blocktower Chief Information Officer Ari Paul said in a statement, adding that higher interest rates and increasing compliance challenges related to decentralized finance investment strategies also contributed to the decision to close the fund.
...
=> es ist jedesmal dasselbe: immer dann, wenn man eine "market-neutral strategy" bräuchte, funktioniert sie nicht
Jede Generation muss das wohl auf's Neue erst lernen.
Crypto Investment Firm BlockTower Winds Down Its Market-Neutral Fund
Miami-based digital-asset investment firm BlockTower Capital wound down a “market-neutral” crypto fund that at one point oversaw more than $100 million with the goal of generating returns no matter which direction prices took.
https://financialpost.com/pmn/business-pmn/crypto-investment…
...
The opportunity for a market-neutral strategy “shrunk dramatically in the aftermath of 2022,” Blocktower Chief Information Officer Ari Paul said in a statement, adding that higher interest rates and increasing compliance challenges related to decentralized finance investment strategies also contributed to the decision to close the fund.
...
=> es ist jedesmal dasselbe: immer dann, wenn man eine "market-neutral strategy" bräuchte, funktioniert sie nicht
Jede Generation muss das wohl auf's Neue erst lernen.
Kritik an Mark Spitznagel / Universa Investments ("tail risk-protection"):
3.4.
Why One Firm's 3,612% Return Is Drawing the Ire of Hedge Funds
https://finance.yahoo.com/news/why-one-firms-3-612-125040045…
...
It’s such a tough sell that in a foreword to Spitznagel’s 2021 book, Taleb evoked a saint who lived her life as a man and was falsely accused of impregnating a local woman until she was vindicated after death. The book, he wrote, was a “monumental f*** you to the investment industry.”
After 22 years hedging tail risks, Jerry Haworth at 36 South Capital Advisors knows just how hard it is to explain and defend the business. But he says managers should avoid over-selling a single month’s performance.
“I don’t think any fund, tail risk or not, should market investment returns by cherry picking by time or asset class or product,” he said. “It’s a difficult pitch, but it shouldn’t be.”
...
3.4.
Why One Firm's 3,612% Return Is Drawing the Ire of Hedge Funds
https://finance.yahoo.com/news/why-one-firms-3-612-125040045…
...
It’s such a tough sell that in a foreword to Spitznagel’s 2021 book, Taleb evoked a saint who lived her life as a man and was falsely accused of impregnating a local woman until she was vindicated after death. The book, he wrote, was a “monumental f*** you to the investment industry.”
After 22 years hedging tail risks, Jerry Haworth at 36 South Capital Advisors knows just how hard it is to explain and defend the business. But he says managers should avoid over-selling a single month’s performance.
“I don’t think any fund, tail risk or not, should market investment returns by cherry picking by time or asset class or product,” he said. “It’s a difficult pitch, but it shouldn’t be.”
...
Antwort auf Beitrag Nr.: 73.553.620 von faultcode am 25.03.23 20:32:0125.3.
Billionaire Chris Rokos De-Risks Hedge Fund After Losses
https://www.bnnbloomberg.ca/billionaire-chris-rokos-de-risks…
...
“We have de-risked following this month’s market price action, and P&L volatility has declined substantially as a result,” Rokos’s London-based investment firm told clients in a letter on Saturday, a copy of which was seen by Bloomberg.
...
In the letter to clients, Rokos said the firm played no part in the discussions between the two regulators.
“However, we can confirm that throughout this period our unencumbered cash has been, and remains, at healthy levels. There have been no requests for additional initial margin from our counterparties,” the firm said.
Bloomberg reported last year that the investment firm, which already runs about $15.5 billion, was raising extra money because it’s required to post higher margin with counterparties due to the more volatile climate.
Rokos’s macro hedge fund lost 15.3% this month through March 17, which if sustained will mark his second-worst monthly decline. The fund is down about 10% this year after a 51% surge in 2022.
...
Billionaire Chris Rokos De-Risks Hedge Fund After Losses
https://www.bnnbloomberg.ca/billionaire-chris-rokos-de-risks…
...
“We have de-risked following this month’s market price action, and P&L volatility has declined substantially as a result,” Rokos’s London-based investment firm told clients in a letter on Saturday, a copy of which was seen by Bloomberg.
...
In the letter to clients, Rokos said the firm played no part in the discussions between the two regulators.
“However, we can confirm that throughout this period our unencumbered cash has been, and remains, at healthy levels. There have been no requests for additional initial margin from our counterparties,” the firm said.
Bloomberg reported last year that the investment firm, which already runs about $15.5 billion, was raising extra money because it’s required to post higher margin with counterparties due to the more volatile climate.
Rokos’s macro hedge fund lost 15.3% this month through March 17, which if sustained will mark his second-worst monthly decline. The fund is down about 10% this year after a 51% surge in 2022.
...
Antwort auf Beitrag Nr.: 73.021.826 von faultcode am 04.01.23 14:04:33Chris Rokos -- Margin Call:
24.3.
FT: SEC raised concerns over hedge fund Rokos after losing bond bets
US regulator contacted UK authorities after large collateral calls
https://www.ft.com/content/225d3f76-8695-4752-b895-877eadea8…
...
The US Securities and Exchange Commission has raised concerns over Rokos Capital Management after the hedge fund was forced to hand over large amounts of cash to its banks as collateral when an outsized bet on US government bonds backfired earlier this month.
SEC chair Gary Gensler brought up the hedge fund during calls with UK regulators this week after it faced larger margin calls than peers, according to people familiar with the conversations.
The US regulator does not supervise London-based Rokos but is on high alert for tensions in financial markets after a spate of recent blow-ups in the banking sector. UK regulators agreed to keep an eye on the hedge fund, one of the people said.
The conversation points to regulatory fears that the rapid unwinding of concentrated hedge fund bets could exacerbate strains in the US government bond market, which forms the bedrock for asset prices around the world.
The episode stems back to the failure of Silicon Valley Bank earlier this month and concerns around the broader health of the US regional banking system. After SVB collapsed, investors snapped up Treasuries, as they bet that the US Federal Reserve would slow the pace of interest rate raises to shore up financial stability.
When bond prices climbed, many hedge funds were wrongfooted in the rally, but industry participants say Rokos was one of the biggest short-term losers. The fund, which manages about $15.5bn, was down by 12.5 per cent for the month, the Financial Times reported on March 17, when multiple counterparties requested that it put up more assets to meet margin calls, said two people familiar with the matter.
However, counterparties contacted by the FT said they were not concerned about Rokos’s ability to meet the margin calls.
Unlike many other macro hedge funds, which tend to be more diversified, the vast majority of Rokos’s leverage is in government bond markets.
Billionaire Chris Rokos, who co-founded hedge fund Brevan Howard before striking out on his own, hit the headlines in late 2021 when he was caught out by a huge sell-off in short-term government debt. He subsequently reduced the amount of market risk he was taking and made more than 50 per cent last year, before this month’s losses.
...
24.3.
FT: SEC raised concerns over hedge fund Rokos after losing bond bets
US regulator contacted UK authorities after large collateral calls
https://www.ft.com/content/225d3f76-8695-4752-b895-877eadea8…
...
The US Securities and Exchange Commission has raised concerns over Rokos Capital Management after the hedge fund was forced to hand over large amounts of cash to its banks as collateral when an outsized bet on US government bonds backfired earlier this month.
SEC chair Gary Gensler brought up the hedge fund during calls with UK regulators this week after it faced larger margin calls than peers, according to people familiar with the conversations.
The US regulator does not supervise London-based Rokos but is on high alert for tensions in financial markets after a spate of recent blow-ups in the banking sector. UK regulators agreed to keep an eye on the hedge fund, one of the people said.
The conversation points to regulatory fears that the rapid unwinding of concentrated hedge fund bets could exacerbate strains in the US government bond market, which forms the bedrock for asset prices around the world.
The episode stems back to the failure of Silicon Valley Bank earlier this month and concerns around the broader health of the US regional banking system. After SVB collapsed, investors snapped up Treasuries, as they bet that the US Federal Reserve would slow the pace of interest rate raises to shore up financial stability.
When bond prices climbed, many hedge funds were wrongfooted in the rally, but industry participants say Rokos was one of the biggest short-term losers. The fund, which manages about $15.5bn, was down by 12.5 per cent for the month, the Financial Times reported on March 17, when multiple counterparties requested that it put up more assets to meet margin calls, said two people familiar with the matter.
However, counterparties contacted by the FT said they were not concerned about Rokos’s ability to meet the margin calls.
Unlike many other macro hedge funds, which tend to be more diversified, the vast majority of Rokos’s leverage is in government bond markets.
Billionaire Chris Rokos, who co-founded hedge fund Brevan Howard before striking out on his own, hit the headlines in late 2021 when he was caught out by a huge sell-off in short-term government debt. He subsequently reduced the amount of market risk he was taking and made more than 50 per cent last year, before this month’s losses.
...
20.3.
Trader Who Made Billions in 2008 Refrains From Turmoil Bets
https://www.bloomberg.com/news/articles/2023-03-20/trader-wh…
• Artradis co-founder Diggle remains on sidelines amid crisis
• Diggle doesn’t see systemic problem from SVB, Credit Suisse
...
Steve Diggle, co-founder of volatility hedge fund Artradis Fund Management, which scored a $2.7 billion trading gain between 2007 and 2008, is sitting on the sidelines this time as bank woes rock markets.
While he doesn’t see systemic risk akin to the global financial crisis, the “imprecise and impossible to quantify” investor sentiment is keeping him from putting on a trade, said Diggle, who now invests money for his family office Vulpes Investment Management.
...
Trader Who Made Billions in 2008 Refrains From Turmoil Bets
https://www.bloomberg.com/news/articles/2023-03-20/trader-wh…
• Artradis co-founder Diggle remains on sidelines amid crisis
• Diggle doesn’t see systemic problem from SVB, Credit Suisse
...
Steve Diggle, co-founder of volatility hedge fund Artradis Fund Management, which scored a $2.7 billion trading gain between 2007 and 2008, is sitting on the sidelines this time as bank woes rock markets.
While he doesn’t see systemic risk akin to the global financial crisis, the “imprecise and impossible to quantify” investor sentiment is keeping him from putting on a trade, said Diggle, who now invests money for his family office Vulpes Investment Management.
...
16.3.
Former Bridgewater Exec Sees Hedge Funds Driving Odd Stock Moves
https://www.bloomberg.com/news/articles/2023-03-16/former-br…
• Bob Elliott says de-risking is driving market volatility
• Credit Suisse liquidity issues introduced counterparty risk
...
Tech stocks are strong while small caps sink. US equity benchmarks stay placid while a generational repricing grips Treasuries. Is there a grand, unifying theory for the weird motion of markets over the last two weeks? One exchange-traded fund manager says yes.
The force behind it all: Sudden moves from hedge funds that were positioned for one economic environment and got another, says Bob Elliott, chief investment officer of Unlimited Funds.
Specifically, speculators who had hitched their fortunes to trades that might do well in a rising-interest-rate world — value companies and international equities — have been rotating into once-shunned groups that are the market’s new relative winners.
The latter include large-cap growth, as demonstrated by the consistent outperformance of the Nasdaq 100 since Thursday, when anxiety started spiraling over stress the banking system.
The gauge is up 4.3% versus the Dow Jones Industrial Average’s 0.2% loss and the S&P 500’s 0.8% advance.
Small caps tracked by the Russell 2000 Index are down nearly 3% over the stretch, while the Stoxx Europe 600 has shown a similar loss.
...
Former Bridgewater Exec Sees Hedge Funds Driving Odd Stock Moves
https://www.bloomberg.com/news/articles/2023-03-16/former-br…
• Bob Elliott says de-risking is driving market volatility
• Credit Suisse liquidity issues introduced counterparty risk
...
Tech stocks are strong while small caps sink. US equity benchmarks stay placid while a generational repricing grips Treasuries. Is there a grand, unifying theory for the weird motion of markets over the last two weeks? One exchange-traded fund manager says yes.
The force behind it all: Sudden moves from hedge funds that were positioned for one economic environment and got another, says Bob Elliott, chief investment officer of Unlimited Funds.
Specifically, speculators who had hitched their fortunes to trades that might do well in a rising-interest-rate world — value companies and international equities — have been rotating into once-shunned groups that are the market’s new relative winners.
The latter include large-cap growth, as demonstrated by the consistent outperformance of the Nasdaq 100 since Thursday, when anxiety started spiraling over stress the banking system.
The gauge is up 4.3% versus the Dow Jones Industrial Average’s 0.2% loss and the S&P 500’s 0.8% advance.
Small caps tracked by the Russell 2000 Index are down nearly 3% over the stretch, while the Stoxx Europe 600 has shown a similar loss.
...
23.1.
Citadel’s $16 Billion Win Tops Paulson’s Greatest Trade Ever
https://news.yahoo.com/citadel-makes-16-billion-top-00010056…
...
Ken Griffin’s Citadel churned out a record $16 billion in profit for clients last year, outperforming the rest of the industry and eclipsing one of history’s most successful financial plays.
...
The top 20 hedge fund firms collectively generated $22.4 billion in profit after fees, according to estimates by LCH Investments, a fund of hedge funds. Citadel’s gain was the largest annual return for a hedge fund manager, surpassing the $15 billion that John Paulson generated in 2007 on his bet against subprime mortgages. ...
Citadel’s performance wasn’t about one trade. Its flagship hedge fund gained 38% last year by trading everything from equities to commodities, Bloomberg reported earlier this month. The firm made money in each of its five core strategies, which also include fixed income and macro, quant and credit. Citadel returned about $8.5 billion in profit to investors at the end of last year.
...
“The largest gains were once again made by the large multistrategy hedge funds like Citadel, DE Shaw and Millennium,” LCH Chairman Rick Sopher said in a statement. “The strong gains they have generated in recent years reflect their increasing dominance in strategies which do not depend on rising asset prices, and their substantial size.”
...
The findings also reflect the growing clout of multistrategy hedge fund firms, which are on the cusp of taking over equity-focused funds to become the dominant strategy in the industry. Their growing assets and higher fees are helping them win an expensive battle to hire and retain top traders.
...
Citadel’s $16 Billion Win Tops Paulson’s Greatest Trade Ever
https://news.yahoo.com/citadel-makes-16-billion-top-00010056…
...
Ken Griffin’s Citadel churned out a record $16 billion in profit for clients last year, outperforming the rest of the industry and eclipsing one of history’s most successful financial plays.
...
The top 20 hedge fund firms collectively generated $22.4 billion in profit after fees, according to estimates by LCH Investments, a fund of hedge funds. Citadel’s gain was the largest annual return for a hedge fund manager, surpassing the $15 billion that John Paulson generated in 2007 on his bet against subprime mortgages. ...
Citadel’s performance wasn’t about one trade. Its flagship hedge fund gained 38% last year by trading everything from equities to commodities, Bloomberg reported earlier this month. The firm made money in each of its five core strategies, which also include fixed income and macro, quant and credit. Citadel returned about $8.5 billion in profit to investors at the end of last year.
...
“The largest gains were once again made by the large multistrategy hedge funds like Citadel, DE Shaw and Millennium,” LCH Chairman Rick Sopher said in a statement. “The strong gains they have generated in recent years reflect their increasing dominance in strategies which do not depend on rising asset prices, and their substantial size.”
...
The findings also reflect the growing clout of multistrategy hedge fund firms, which are on the cusp of taking over equity-focused funds to become the dominant strategy in the industry. Their growing assets and higher fees are helping them win an expensive battle to hire and retain top traders.
...
Antwort auf Beitrag Nr.: 73.101.141 von faultcode am 16.01.23 17:47:19--> IE00BLP5S460 (JUPITER MERIAN GLOBAL EQUITY ABSOLUTE RETURN FUND; Minimale Investitionssumme EUR 500; L KLASSE; EUR): https://www.wallstreet-online.de/fonds/ie00blp5s460-jupiter-…
https://www.jupiteram.com/de/de/individual/product-page/jupi…
=> 30.11.2022:
• Gesamtwert Long-Positionen: 502
• Gesamtwert Short-Positionen: 383
------
• Gesamtzahl der Positionen 885
=>
https://www.jupiteram.com/de/de/individual/product-page/jupi…
=> 30.11.2022:
• Gesamtwert Long-Positionen: 502
• Gesamtwert Short-Positionen: 383
------
• Gesamtzahl der Positionen 885
=>
13.1.
Quant Fund That Once Lost 92% of Assets Is Making a Big Comeback
https://finance.yahoo.com/news/quant-fund-once-lost-92-14300…
...
And the manager of the once-$16 billion equity fund has a message for Wall Street peers hooked on the traditional strategies it once embraced: Ditch the old-school playbook.
On the back of inflation-driven market turmoil and newfangled tools like alternative data, the flagship vehicle for London-based Jupiter Fund Management is up about 29% in the last two years. It joins the swelling ranks of firms enjoying a big revival in factor investing, which picks stocks based on characteristics like how cheap they look or how their prices have moved.
But even as several well-established trades like value and quality rally anew, Jupiter’s quants reckon the days are numbered for peers who simply rely on the basic tenets of an allocation style that were largely forged decades ago, before the data deluge and computing advances of this era.
“If there’s one constant, it’s the cyclicality of those factors,” said Amadeo Alentorn, who took over as the lead manager of Jupiter Merian Global Equity Absolute Return Fund, or GEAR, in early 2022. “Proprietary factors, not generic factors, can help you remove a lot of that.”
The 44-year-old computational finance Ph.D. says factor investing has simply become too crowded and volatile, echoing a long-standing critique that was amplified during the so-called quant winter. It’s a lesson Jupiter learned the hard way, when assets in GEAR dropped more than 90% in about two years through to late 2020 — a period when Big Tech dominated the stock market and systematic strategies making more dispersed bets suffered.
Back then, GEAR was more focused on fundamental factors, but now it can cut its factor weightings significantly depending on prevailing conditions. Value, for instance, can be as little as 2% of the fund, Alentorn said. That compares to 40% when the models were first built.
Meanwhile, to capture forces missed by traditional factors, the team, which oversees $6 billion overall, has added new inputs based on research that started in 2019. These include the trading patterns of corporate directors, intel from earnings transcripts and changes in environmental, social and governance ratings. A signal that looks at fund flows, for instance, is intended to find stocks benefiting from hot investment trends regardless of rhyme or reason.
...
These new signals “tend to be shorter-term,” said Alentorn, who has been working on these models since 2005. “As we have seen, it’s not easy to exploit factors consistently, unless you really have a very long time horizon.”
The shift away from fundamentals is a significant step for Jupiter and GEAR. Originally launched in 2009 at Old Mutual Ltd., the fund historically followed traditional factors based on decades of academic work arguing certain stock characteristics always prevail in the long run.
That was still working in the first half of the last decade, helping GEAR become a juggernaut. But when cheap money abounded and Big Tech ruled in the three years through 2020, the fund lost 14% as its models bet on all the wrong horses.
...
“How markets wrestle with inflation expectations, with potential recession, now obviously with Covid being back in the news in China — all of those things should be good for uncertainty,” he said. “This is a great environment for us.”
...
Beitrag Nr. 41 nochmal (die angezeigten Daten entsprachen teilweise nicht den verarbeiteten Daten --> immer die Rohdaten checken und nie Soll- mit Ist-Daten aus dem Internet gleichsetzen)
=============
ich glaube, man kann indirekt zeigen, warum einige/so viele (Macro) Hedge Funds in 2022 so gut abgeschnitten haben, teilweise historisch gut (und warum einige/viele klassische Large Cap-Aktien-Fonds oft ein maues 2022 hatten).
Idee nach: https://www.oreilly.com/library/view/python-for-finance/9781… (sehr empfehlenswert mMn) --> Unterkapitel "Portfolio Optimization"
Python source code: https://pastebin.com/FssQUUBg
Ein etwas ulkiges Demo-Portfolio mit den teilweise überlappenden Assets: $AAPL, $MSFT, $SPY (S&P500-ETF) und $GLD (Gold in USD) -- aber trotzdem mit einem erstaunlichen Ergebnis über jeweils 2500 Simulationen mit jeweils zufälligen Portfolio-Gewichten (weights = np.random.random(NOA)) von 2019 bis 2022:
2019, quasi Jahr 1 "vor Corona":
<das lineare Modell in schwarz, dashed>
2020: das "Corona-Jahr": deutlich volatiler, aber im Schnitt klar positiv:
2021: wieder deutlicher Rückgang der Vola und im Schnitt auch noch gute Renditen:
aber dann in 2022:
=> eine deutlich negative Steigung des linearen Modells und kein positives Sharpe ratio mehr
___
3.1.
Portfolio Asset Class Returns, 2022 Year-End Review
https://www.mymoneyblog.com/portfolio-asset-class-returns-20…
...
Unlike years like 2020 and 2021 where nearly everything went up, 2022 was a year when nearly everything went down. Considering how high inflation was as well, there really was no place to hide.
The “set and forget” Vanguard Target Retirement 2055 fund (roughly 90% diversified stocks and 10% bonds) was down 17.5% in 2022, the biggest loss since the Financial Crisis in 2008.
...
=============
ich glaube, man kann indirekt zeigen, warum einige/so viele (Macro) Hedge Funds in 2022 so gut abgeschnitten haben, teilweise historisch gut (und warum einige/viele klassische Large Cap-Aktien-Fonds oft ein maues 2022 hatten).
Idee nach: https://www.oreilly.com/library/view/python-for-finance/9781… (sehr empfehlenswert mMn) --> Unterkapitel "Portfolio Optimization"
Python source code: https://pastebin.com/FssQUUBg
Ein etwas ulkiges Demo-Portfolio mit den teilweise überlappenden Assets: $AAPL, $MSFT, $SPY (S&P500-ETF) und $GLD (Gold in USD) -- aber trotzdem mit einem erstaunlichen Ergebnis über jeweils 2500 Simulationen mit jeweils zufälligen Portfolio-Gewichten (weights = np.random.random(NOA)) von 2019 bis 2022:
2019, quasi Jahr 1 "vor Corona":
<das lineare Modell in schwarz, dashed>
2020: das "Corona-Jahr": deutlich volatiler, aber im Schnitt klar positiv:
2021: wieder deutlicher Rückgang der Vola und im Schnitt auch noch gute Renditen:
aber dann in 2022:
=> eine deutlich negative Steigung des linearen Modells und kein positives Sharpe ratio mehr
___
3.1.
Portfolio Asset Class Returns, 2022 Year-End Review
https://www.mymoneyblog.com/portfolio-asset-class-returns-20…
...
Unlike years like 2020 and 2021 where nearly everything went up, 2022 was a year when nearly everything went down. Considering how high inflation was as well, there really was no place to hide.
The “set and forget” Vanguard Target Retirement 2055 fund (roughly 90% diversified stocks and 10% bonds) was down 17.5% in 2022, the biggest loss since the Financial Crisis in 2008.
...
Antwort auf Beitrag Nr.: 73.063.919 von faultcode am 10.01.23 23:14:26
10.1.
Hedge Fund Clients Seek Out Stock-Pickers After Tough 2022
https://finance.yahoo.com/news/hedge-fund-clients-seek-stock…
...
Some are also seeking out stock funds, which is a bit surprising given that some of the biggest equity funds are coming off a year of record losses.
“We are redirecting a portion of our portfolio toward equity-market-neutral and Asian-equity strategies that have underperformed in the previous year,” said Sébastien Sirois, chief investment officer at Blue Lotus Management.
Sirois is taking money from macro managers, saying he believes higher inflation — the trend that benefited many of these traders last year — is now reflected in asset prices. Other investors, though, said they’re maintaining their macro wagers because they expect continued market volatility will create opportunities in everything from currencies to commodities.
Jon Caplis, head of hedge fund research firm PivotalPath, said managers and investors he’s spoken with are most enthusiastic about credit, global macro and some stock-pickers.
While some clients told him they expect technology-focused funds — last year’s worst performers — to continue to struggle, they’re more optimistic about other equity funds, including those focused on biotech and health care.
...
Zitat von faultcode: ich glaube, man kann indirekt zeigen, warum einige/so viele (Macro) Hedge Funds in 2022 so gut abgeschnitten haben, teilweise historisch gut (und warum einige/viele klassische Large Cap-Aktien-Fonds oft ein maues 2022 hatten).
...
10.1.
Hedge Fund Clients Seek Out Stock-Pickers After Tough 2022
https://finance.yahoo.com/news/hedge-fund-clients-seek-stock…
...
Some are also seeking out stock funds, which is a bit surprising given that some of the biggest equity funds are coming off a year of record losses.
“We are redirecting a portion of our portfolio toward equity-market-neutral and Asian-equity strategies that have underperformed in the previous year,” said Sébastien Sirois, chief investment officer at Blue Lotus Management.
Sirois is taking money from macro managers, saying he believes higher inflation — the trend that benefited many of these traders last year — is now reflected in asset prices. Other investors, though, said they’re maintaining their macro wagers because they expect continued market volatility will create opportunities in everything from currencies to commodities.
Jon Caplis, head of hedge fund research firm PivotalPath, said managers and investors he’s spoken with are most enthusiastic about credit, global macro and some stock-pickers.
While some clients told him they expect technology-focused funds — last year’s worst performers — to continue to struggle, they’re more optimistic about other equity funds, including those focused on biotech and health care.
...
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