Keine Angst vom "schwarzen Schwan": Corona-Börsen: Ruhig bleiben und zukaufen, statt dem h - 500 Beiträge pro Seite | Diskussion im Forum

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Es handelt sich um einen automatisiert angelegten Thread zur Nachricht "Keine Angst vom "schwarzen Schwan": Corona-Börsen: Ruhig bleiben und zukaufen, statt dem hysterischen Crashpropheten-Chor zu lange zu zuhören" vom Autor wallstreet:online Zentralredaktion

Im Börsenmedien-Gewitter, das die Corona-Krise auslöst, bleiben zwei recht junge Börsianer auffallend cool: Jannes Lorenzen von Aktienrebell.de analysiert kühl. Wall Street-Experte Tim Schäfer bleibt „stur und stetig“: „Ich kaufe jedenfalls weiter …

Lesen Sie den ganzen Artikel: Keine Angst vom "schwarzen Schwan": Corona-Börsen: Ruhig bleiben und zukaufen, statt dem hysterischen Crashpropheten-Chor zu lange zu zuhören

[faultcode]

Da seien unter anderem Gerd Kommer, Ben Carlson, Meb Faber, Rob Arnott, David Swensen und Ray Dalio zu nennen“, so Lorenzen.

=> Ray Dalio lebt spätestens seit 1975 nicht vom Handel mit Aktien, sondern davon daß er das Geld anderer Leute Gasse führt, bzw. führen lässt: Bridgewater Associates

[faultcode]

Antwort auf Beitrag Nr.: 62.798.936 von faultcode am 26.02.20 20:01:23

Bridgewater fällt schon seit Jahren mit Underperformance auf; in derselben Peer Group wohlgemerkt; vermutlich schon wegen ihrer Größe:


https://www.smarteranalyst.com/bloggers-corner/heres-ray-dal…

[faultcode]

Antwort auf Beitrag Nr.: 62.798.978 von faultcode am 26.02.20 20:04:42

außerdem ist Ray Dalio bzw. Bridgewater Associates in Deutschland eher keine besonders sympathische Größe, da er seine Kiddies in Westport, Connecticut, in diesem Zyklus besonders gerne europäische und deutsche Standardwerte shorten lässt:




--> wobei man sagen muss, daß sie damit seinerzeit im Schnitt richtig lagen


=> mit anderen Worten:

• Bridgewater gehört genau zu den Marktteilnehmern, die Kursrückgänge immer mal wieder verstärken:


Euro Stoxx 50, Jan-Mär 2018

[Himmelrakete]

Tja, dann viel Spaß beim Zukaufen.

1) Neuartiger Virus => keine Impfstoff
2) asymptomatisch
3) Überlebt bei Kälte auf Flächen 9 Tage.
4) Hoch infektiös Ro = 2,3 bis 5,6 ?
5) Reinfektion möglich wie bei einem Aidskranken.
6) Statistiken von China gefälscht ohne Ende.
7) Mortalitätsrate in Italien und Iran deutlich höher => mutiert schon genetisch ?!

[Abfischer]

haha, wenn die Marktschreier kaufen rufen, dann ist es zeit in Deckung zu gehen.

die Kiste DAX wird total im Graben landen.

Öl wird faktisch wertlos.

Immobilien werden pro objekt (auch mehrfamilienhäuser) für 1 unze gold in hülle und fülle

zu kaufen sein. 20-35 % aller infizierten werden nämlich sterben.

das bedeutet für alles an Konsum und Existenzgüter : Unendliche Angebote, 0 Nachfrage.

und jetzt EZB, versuche mal diese Deflation mit Geldrucken auftzuhalten. LL Lächerlich Lagarde....

[anfaenger2019]

Bei mir alles Rot. Zwischen 15 und 28% im Minus. Aber das kann liegen bleiben. Mit Zukauf noch zu früh. Ich warte. Ihr könnt ruhig verkaufen 😁 umso preiswerter bekomme ich meine 😁💰💸💵💴

[hobbytrader13]

Antwort auf Beitrag Nr.: 62.801.021 von Abfischer am 27.02.20 03:20:33

Meinst du wirklich für 8 Stk. 1-fach Dukaten (ca. 1 Unze) mit dem aktuellen Wert von ca. 160 Euro je Stück wird man ganze Häuser kaufen können?

[faultcode]

Antwort auf Beitrag Nr.: 62.798.978 von faultcode am 26.02.20 20:04:42

Zitat von faultcode: Bridgewater fällt schon seit Jahren mit Underperformance auf; in derselben Peer Group wohlgemerkt...

https://www.bloomberg.com/news/articles/2020-03-14/dalio-s-m…



...
The Bridgewater founder offered a fairly rosy outlook for markets as recently as last month. Dalio said in mid-February that investor concerns over the virus “probably had a bit of an exaggerated effect on the pricing of assets because of the temporary nature of that, so I would expect more of a rebound.” He later issued a statement clarifying his remarks.

In January, Dalio had urged investors to get off the sidelines and benefit from strong markets, telling CNBC in an interview, “Cash is trash.”

Bridgewater’s worst month on record for the Pure Alpha II strategy was a 10.5% drop in April 2008. Even so, it ended that year up 9.4%.

Since 2011, the Westport, Connecticut-based firm has found it harder to make money, posting averaging low-single digit returns. In 2019, Pure Alpha II lost money for the first time in two decades, declining 0.5%.

A representative for Bridgewater declined to comment.
...



"Principles": https://www.principles.com/

[faultcode]

Antwort auf Beitrag Nr.: 63.008.780 von faultcode am 14.03.20 17:12:18

15.3.
Bridgewater's Dalio says his flagship fund lost money amid market turmoil -FT
https://www.reuters.com/article/health-coronavirus-funds-bri…
...
“We did not know how to navigate the virus and chose not to because we didn’t think we had an edge in trading it. So, we stayed in our positions and in retrospect we should have cut all risk,” the newspaper quoted Dalio as saying.

“We’re disappointed because we should have made money rather than lost money in this move the way we did in 2008.”
...

[faultcode]

Antwort auf Beitrag Nr.: 63.015.325 von faultcode am 15.03.20 18:55:30

Ray Dalio, der Nacherklärer. Nachher weiß es jeder:




https://twitter.com/RayDalio/status/1239555524376645640

[faultcode]

Antwort auf Beitrag Nr.: 63.036.076 von faultcode am 17.03.20 12:23:00

Der feine Herr Dalio wettet also gegen "coronavirus ridden countries":

17.3.
Bridgewater's $14 Billion Bet Against European Stocks
https://www.bloomberg.com/news/videos/2020-03-17/bridgewater…

Bridgewater Associates, the world’s biggest hedge fund, has built up a $14 billion bet that shares in European companies will continue to sink amid the worsening coronavirus outbreak. Bloomberg's Sonali Basak has more on "Bloomberg Daybreak: Americas."

[faultcode]

Antwort auf Beitrag Nr.: 63.036.076 von faultcode am 17.03.20 12:23:00

https://www.bloomberg.com/news/articles/2020-04-03/bridgewat…


--> darin werden Brevan Howard (Asset Management) erwähnt. Zumindest diesen beiden closed-end funds machten es richtig:

BHGG BH GLOBAL LD ORD NPV GBP
GG00B2QQPT96



https://www.londonstockexchange.com/exchange/prices-and-mark…


BHMG BH MACRO LD ORD NPV (GBP)
GG00B1NP5142



https://www.londonstockexchange.com/exchange/prices-and-mark…


https://www.bhglobal.com/reporting/monthly-shareholder-repor…

• die Monthly Shareholder Reports werden mit ~1 1/2 Monaten Verspätung effektiv veröffentlicht
• das ist aus dem "BH GLOBAL LIMITED MONTHLY SHAREHOLDER REPORT FEBRUARY 2020":

--> fast alle Assets sind an Zinsen, Vola und FX gebunden:


<das PDF selber ist vom 1.4.2020>
BHCM = Brevan Howard Capital Management LP


Im Februar tut sich bei beiden Fonds noch "nichts". Aber dann im März. Aus dem Januar-Brief vom 11.3.2020:



=> nur eine Andeutung zu COVID-19 (zu diesem Zeitpunkt, 11.3.2020, hat der DJIA bereits -19% seines Wertes verloren (*))

...und im Februar-Brief als globalen Rezessionstreiber beschrieben (1.4.2020):




=> irgendetwas müssen die sehr richtig gemacht haben (im Gegensatz zu Bridgewater). Aber man weiß halt nicht (ich zumindest nicht), wann der jeweilige MANAGER’S MARKET REVIEW AND OUTLOOK wirklich geschrieben wurde

Und lesen lohnt mMn nicht, da zu spät (*).

[faultcode]

Antwort auf Beitrag Nr.: 63.036.886 von faultcode am 17.03.20 13:28:47

Zitat von faultcode: Der feine Herr Dalio wettet also gegen "coronavirus ridden countries":
...

...scheint aber zuletzt eher in die Hose gegangen zu sein:

24.7.
Bridgewater Associates Lays Off Several Dozen Employees
World’s largest hedge fund made cuts in its research department, client-services team, among recruiters
https://www.wsj.com/articles/bridgewater-associates-lays-off…
...

[faultcode]

7.2.
Renaissance Hit With $5 Billion in Redemptions Since Dec. 1
https://finance.yahoo.com/news/renaissance-hit-5-billion-red…
...
Clients pulled a net $1.85 billion across the three hedge funds in December and requested a net $1.9 billion back in January, according to investor letters seen by Bloomberg. Investors are poised to yank another $1.65 billion this month, the letters show.

Those figures could be offset if there are any inflows in February or if investors decided to walk back any of their redemption requests.
...

Renaissance told clients in a September letter that its losses were due to being under-hedged during March’s collapse and then over-hedged in the rebound from April through June. That happened because its trading models “overcompensated” for the original trouble.
...


=> der Witz an der Sache ist, daß weniger AUM praktisch jedem Portfolio Manager das Leben leichter macht (außer man ist als großer/größerer Value-Investor unterwegs)

Also würde es mich nicht wundern, wenn Renaissance Technologies (RenTec) am Ende von 2021 ein recht gutes Jahr haben sollten

[faultcode]

22.4.
Hedge Fund IPM Shuts Doors After Losing $4 Billion in Pandemic
https://finance.yahoo.com/news/hedge-fund-ipm-shuts-doors-08…
...
Informed Portfolio Management, a Swedish hedge fund that had relied on statistical models to devise its strategies, is set to shut its doors and return investor capital after losing roughly $4 billion during the pandemic.

IPM, whose main owner is Stockholm-based investment firm Catella AB, had assets under
management of close to $5 billion in late 2019, before the pandemic hit. A year later, that amount had more than halved to $2 billion, with the investor exodus since then depleting assets to about $750 million.

“The recent investment market for systematic macro-funds has unfortunately been very challenging and IPM has had weak returns and large capital outflows,” Catella said in a statement on Thursday. “IPM will ensure that all investors are treated fairly. This includes that all investors will be able to redeem their capital in the coming months according to each fund’s specific liquidity rules.”

IPM had used quantitative strategies, which rely on mathematical models instead of on-the-ground analysis of portfolio assets. But the historical statistical models the fund built proved unequal to the task of predicting how markets would move during the volatility brought on by the coronavirus pandemic.

IPM joins a growing list of hedge funds shutting down in recent years as investors rethink their allocations to the industry. More hedge funds have closed than started in the last six years, with 770 of them shuttering in 2020, according to data compiled by Hedge Fund Research Inc.

Last year was particularly tough for computer-driven quant funds. Algorithms largely failed to decipher the impact of a rapidly moving virus and the response from central banks to contain economic damage. The market selloff in March last year and subsequent recovery humbled some of the most sophisticated of quants -- most notably behemoths such as Renaissance Technologies, Winton and Two Sigma.

IPM was founded over two decades ago. Catella had hoped to find a buyer for the troubled fund, and it recently even announced several new hires amid a plan to branch out into new strategies.

“Despite many promising dialogues during the spring, we have not been able to find a suitable buyer for IPM,” Catella said.
...

[faultcode]

28.5.
Credit Suisse’s RenTech Fund Holds Back Some Client Withdrawals
https://finance.yahoo.com/news/credit-suisse-rentech-fund-ho…
...
Credit Suisse Group AG is temporarily barring clients from withdrawing all their cash from a fund that invests with Renaissance Technologies after the strategy tanked and investors rushed to exit.

The bank has invoked a so-called hold back clause, after assets in the CS Renaissance Alternative Access Fund slumped to about $250 million this month from approximately $700 million at the start of 2020, according to people with knowledge of the matter. While investors will receive 95% of their redemption requests after two months, the remaining 5% is expected to be paid out in January, after the fund’s year-end audit, the people said.

The fund lost about 32% last year, in line with the decline in the Renaissance Institutional Diversified Alpha Fund International fund that it invests into, the people said. Renaissance, regarded as one of the most successful quant investing firms in the world, was rocked by billion of dollars in redemptions earlier this year after unprecedented losses in 2020. Three of its funds open to external investors fell by double digits last year.

Credit Suisse and Renaissance declined to comment.
...

[faultcode]

einmal ist immer das erste Mal:

Alphadyne’s losses, the largest to be publicly revealed among macro hedge funds, are particularly surprising because its strategy has never had a down year since it started up in 2006.

3.8.
Hedge Fund Alphadyne Loses $1.5 Billion in Rates Short Squeeze
https://finance.yahoo.com/news/hedge-fund-alphadyne-loses-1-…



...
Alphadyne was founded by Khuong-Huu and Bart Broadman, who were colleagues at JPMorgan Chase & Co. Its investors include pensions, insurance companies and sovereign wealth funds, according to its website. In 2017, Alphadyne spun off its Asia team into Astignes Capital Asia Pte, which focuses on trading interest rate and currency instruments in the region. Broadman is now CIO of Singapore-based Astignes.

Khuong-Huu, who the New York Times described in a May article as a Frenchman of Vietnamese descent, was Goldman Sachs Group Inc.’s head of interest rates in the early 2000s before forming Alphadyne. During his time at the Wall Street bank, he overlapped with Glenn Hadden, who spent more than a decade there trading global government bonds and U.S. Treasuries before leaving in 2011 to run interest-rate trading at Morgan Stanley.

Hadden joined Alphadyne in 2014 and is considered one of its top portfolio managers, according to people familiar with his trading. That’s largely paid off -- Alphadyne posted double-digit gains in each of the previous four years.
...

[faultcode]

Antwort auf Beitrag Nr.: 68.340.494 von faultcode am 28.05.21 20:25:18

es gibt eine Vor-Steuer-Rendite und eine Nach-Steuer-Rendite:

3.9.
Jim Simons, RenTech Insiders to Pay Billions in Back Taxes
https://finance.yahoo.com/news/jim-simons-rentech-insiders-p…

...
Jim Simons, one of the world’s most successful investors, has just been handed a rare defeat.

The founder of quantitative hedge-fund manager Renaissance Technologies and his colleagues will pay billions of dollars in back taxes, interest and penalties to resolve one of the biggest tax disputes in U.S. history, under the terms of a deal reached by the firm and the Internal Revenue Service.

Renaissance Chief Executive Officer Peter Brown disclosed the agreement Thursday in a letter to investors seen by Bloomberg. While it doesn’t say how much money will be paid, U.S. Senate investigators in 2014 pegged potential unpaid taxes in the case at $6.8 billion, before interest and penalties.

The IRS has long contended that Renaissance mischaracterized profits from its flagship Medallion Fund, using a complex options arrangement to transform short-term capital gains into long-term gains, which are taxed at a lower rate.

Medallion is owned almost exclusively by current and former employees of the East Setauket, New York-based firm. Renaissance funds that are open to outsiders, such as the institutional equities fund, aren’t part of the tax dispute.

Under the terms of the deal, Simons and six other current and former members of Renaissance’s board will pay 100% of the additional tax that would have been due if they had characterized the gains as short-term, as the IRS said they should.

That group includes Brown as well as Robert Mercer, a former co-CEO and noted conservative political donor who was a prominent backer of former President Donald Trump. The board members will also pay unspecified interest and penalties.

Other Medallion investors will pay 80% of the additional tax for short-term gains, along with interest.

Simons, 83, who served as chairman of Renaissance during the period when the options were in use, paid an additional $670 million to the IRS, according to the letter. That resolves another problem that the agency identified with the options arrangements, involving dividend withholding tax.

The board opted for a settlement “rather than risking a worse outcome, including harsher terms and penalties, that could result from litigation,” Brown wrote. He said the firm spent years engaging with the IRS’s Office of Appeals. If a taxpayer can’t reach a resolution there, a dispute typically moves to U.S. Tax Court or another federal court.

A spokesman for the firm said Simons, Brown and Mercer weren’t available for comment.

Seven years ago, the Senate Permanent Subcommittee on Investigations revealed that, for more than a decade, Renaissance used options sold by Deutsche Bank AG and Barclays Plc to shelter some $34 billion of income in Medallion, cutting the rate paid by fund investors by as much as 20 percentage points.

Brown and other Renaissance executives defended the transactions at a hearing in Washington, arguing that the firm had entered into the deals for non-tax reasons and that they complied with the law.

The hearing “really knocked the IRS around and shook them up to start pursuing this more aggressively,” said Steven Rosenthal, a tax lawyer and senior fellow at the Urban-Brookings Tax Policy Center in Washington who also testified. “The IRS is so resource-strained that it often can’t pursue good cases, but here they nabbed one.”

Medallion is one of the best-performing funds in history, returning about 40% annualized since its formation in 1988. Simons has a net worth of $25.7 billion, according to the Bloomberg Billionaires Index.
...

[faultcode]

Antwort auf Beitrag Nr.: 69.238.419 von faultcode am 04.09.21 13:19:57

Das WSJ schreibt, das es sich um die bislang höchste Steuernachzahlung in den USA handeln könnte: https://www.wsj.com/articles/james-simons-robert-mercer-othe…

PDF mit Executive Summary von 8 Seiten, auf das am Ende alles zurückging: https://t.co/SZphcL86d0?amp=1

JULY 22, 2014 HEARING
ABUSE OF STRUCTURED FINANCIAL PRODUCTS:
Misusing Basket Options to Avoid Taxes and Leverage Limits
...

=> man könnte fast sagen, so eine Art Cum-Ex-Skandal in den USA, denn ohne die Hilfe der zwei Banken ginge das so nicht, nicht zuletzt deshalb, weil die Hedge Funds mit Hilfe von bankeigenen Konten ihre Trades ausgeführt haben

Und Kredite haben sie dafür auch noch von den Banken bekommen.


I. EXECUTIVE SUMMARY
...
The basket option contracts examined by the Subcommittee investigation were used by at least 13 hedge funds to conduct over $100 billion in securities trades, most of which were short-term transactions and some of which lasted only seconds.

Yet the resulting short-term profits were frequently cast as long-term capital gains subject to a 20% tax rate (previously 15%) rather than the ordinary income tax rate (currently as high as 39%) that would otherwise apply to investors in hedge funds engaged in daily trading.

While the banks styled the trading arrangement as an “option” under which profits from short-term trades would be treated as long-term capital gains, in essence, the banks loaned the hedge funds money to finance their trading and allowed them to trade for themselves in highly leveraged positions in the banks’ proprietary accounts and reap the resulting profits.

The banks offering the “options” benefited from the financing, trading, and other fees charged to the hedge funds initiating the trades.

In the end, the trading conducted by the hedge funds using the basket option accounts was virtually indistinguishable from the trading conducted by hedge funds using their own brokerage accounts, and provided no justification for treating the resulting short-term trading profits as long-term capital gains.
...

zuvor:
This investigation offers yet another detailed case study of how two financial institutions – Deutsche Bank AG and Barclays Bank PLC – developed structured financial products called MAPS and COLT, two types of basket options, and sold them to one or more hedge funds, including Renaissance Technologies LLC and George Weiss Associates, that used them to avoid federal taxes and leverage limits on buying securities with borrowed funds.

[faultcode]

so fängt das Hedge Fund-Elend oft an:

Ron Ozer’s vehicle was one of the world’s top performers last year

27.9.
Natural gas hedge fund Statar suffers $130m hit
https://www.ft.com/content/2b347fd8-0334-4f70-a8c1-46725643e…
...
A top-performing US hedge fund specialising in natural gas has suffered a large hit to its performance this month in a sign that even commodity experts are struggling to deal with soaring prices.

Miami-based Statar Capital, which manages $1.7bn in assets and is run by Ron Ozer, a former trader at Citadel and DE Shaw, made a hefty gain in the first 10 days of this month, according to a person familiar with its performance. But it suffered a pullback the following week, leaving it down about 7.7 per cent for September before fees, according to documentation seen by the Financial Times.

The reversal in fortunes wiped out gains made earlier in the month and left the fund with a loss of about $130m in the first two and a half weeks of the month. Statar declined to comment.
...

The “exodus of risk capital from the commodity markets” has exacerbated temporary market mispricings, while producers increasingly want to hedge, Statar says on its website. “This has provided the best opportunity set for natural gas trading in many years.”

Ozer, who studied at Massachusetts Institute of Technology, joined DE Shaw in 2008 and focused on trading natural gas futures and options, before moving to Citadel to become head portfolio manager for US natural gas. According to Statar’s website, he was promoted after his first year to report directly to the firm’s founder, Ken Griffin.

[faultcode]

13.10.
Man Group Gets $5.3 Billion to Lift Assets to Another Record
https://finance.yahoo.com/news/man-group-pulls-5-3-062226946…
...
Man Group Plc pulled in $5.3 billion in new cash during third quarter, the highest for any quarter in at least a decade, showing the rising interest in the hedge fund industry. Its shares rose.

The world’s largest publicly traded hedge fund firm said assets hit yet another record of $139.5 billion, thanks mainly to inflows into its alternative funds and $400 million in performance gains. Inflows beat analyst forecasts.

“We see positive momentum continuing into the fourth quarter, with a high level of client engagement on a number of larger institutional mandates across our systematic long-only and multi-manager strategies,” Chief Executive Officer Luke Ellis said in a statement on Wednesday.
...

[faultcode]

2.12.
Alphadyne’s Hedge Fund Loss Widens to 22% After November Rout
https://finance.yahoo.com/news/alphadyne-hedge-fund-loss-wid…
...
Alphadyne’s macro hedge fund tumbled 6.4% in November, extending its decline for the year to 22%, according to a person with knowledge of the matter, who didn’t elaborate on what trades contributed to the losses. The fund logged a similar drop in October, when its macro and relative value trades backfired amid volatility in the interest rates market.
...

Alphadyne was founded by former JPMorgan Chase & Co. colleagues Philippe Khuong-Huu and Bart Broadman. The Alphadyne International Master Fund hasn’t recorded an annual loss since its 2006 debut.

The firm managed $10.2 billion at the start of last month, down from about $12 billion earlier in the year.

[faultcode]

6.12.
Billionaire Chris Rokos Hedge Fund Breaks Five-Month Losing Streak
https://finance.yahoo.com/news/billionaire-chris-rokos-hedge…

Chris Rokos’s hedge fund gained about 1.5% last month, ending five months of losses for the billionaire macro trader.

The hedge fund, which manages about $12 billion, is still down 25% this year, according to a person with knowledge of the matter who asked not to be identified because the information is private.

A spokesman for the London-based money manager declined to comment.
...
verständlich

wie gesagt S&P 500 total return bislang in 2021 > 20%


...
Rokos fell about 18% in October in his biggest-ever monthly decline since he started trading for his own hedge fund firm in 2015. It is heading for a record year of losses after returning 44% in 2020. Macro hedge funds tracked by Bloomberg were up an average of almost 8% in the first 10 months of this year.
...

[faultcode]

9.12.
JPMorgan Offers Hedge Funds a Way to Dodge Meme Stock Shocks
https://www.bnnbloomberg.ca/jpmorgan-offers-hedge-funds-a-wa…
...
JPMorgan Chase & Co. is testing a product to guard big-ticket clients from losses linked to the meme stock phenomenon that has captivated Wall Street this year.

Around 30 asset managers and quant fund managers have been trying out the “through the retail lens” product since September, the bank said. It’s a response to the surprise that hammered investment professionals in January when day traders rushed in to buy stocks, sending the share price of firms including GameStop Corp. and AMC Entertainment Holdings Inc. soaring.

The screening tool is a dataset on U.S. retail investor trends sold to institutional clients. It provides predicted retail flows, significant buy or sell signals on single stocks, negative or positive sentiment based on the bank’s internal data and scouring of social media forums, such as Reddit or Twitter.

“If you don’t have a clear view of what retail is up to, it feels like you’re driving partially blind,” said JPMorgan’s Chris Berthe, global co-head of cash equities trading, by phone. The lens is also serving as a guide to JPMorgan’s own traders.

The focus isn’t just on meme stocks: During the Black Friday selloff, retail investors were big buyers and that’s the kind of signal billion-plus dollar funds actively seek, he said. “That was a real source of interest for our clients.”

Until recently, so-called retail traders were seen as small-time players dabbling in stock markets. But Covid-led lockdown boredom and the rise of zero-commission trading now means amateur investors make up 20% to 30% of trading volume in the U.S., according to JPMorgan.
...

[faultcode]

15.12.
Anchorage Capital Is Closing $7.4 Billion Flagship Hedge Fund
Letter to investors reports closing of Anchorage Capital Partners and eventual return of money to clients
https://www.wsj.com/articles/anchorage-capital-closing-7-4-b…
...
Anchorage Capital Group, one of the biggest hedge-fund investors in distressed debt, is closing its flagship fund after 18 years and returning the $7.4 billion it manages to clients, citing a market environment in which cheap money has helped keep stock and bond prices elevated while suppressing corporate defaults.
...

[faultcode]

12,1.
Quant Hedge Fund Solaise to Shutter After 11 Years of Trading
https://finance.yahoo.com/news/quant-hedge-fund-solaise-shut…
...
Quantitative investing firm Solaise Capital Management is closing down after 11 years following a decline in assets amid poor performance.

The London-based hedge fund firm’s Solaise Systematic Program was up 5.5% in 2021 and had lost 13% the year before, trailing peers over the period, according to an investor letter seen by Bloomberg. The fund was left with assets of just $51 million.

“It has been a tough environment for futures traders and our absolute returns have not been as we would have hoped,” Ali Nejjar, founding partner and chairman of the firm, said in the letter. “We have thus decided to call a halt.”

James Walker, a managing partner at the firm, confirmed the decision and said that while they continued to believe in the power of their trading system, asset levels were insufficient to support the business. The firm managed more than $400 million at its peak in 2015, he said.

Smaller funds are finding it increasingly difficult to remain in business as costs rise and investors migrate to bigger investment firms. More than 400 hedge funds shuttered during the first three quarters of last year, according to data compiled by Hedge Fund Research Inc.
...

[faultcode]

23.2.
Hedge Funds Slash Tech in Pivot to Other Strategies, Goldman Report Says
https://finance.yahoo.com/news/hedge-funds-slash-tech-pivot-…
...
U.S. hedge funds have been slashing positions in technology stocks, and started 2022 more tilted toward cheaper shares than at any time in over a decade, according to Goldman Sachs Group Inc.
...
The analysis looked at 13F filings for 788 hedge funds, released on Feb. 15. It showed that while the so-called “FAAMG” group of S&P 500 tech giants including Apple Inc. and Microsoft Corp. still rank as the most popular long positions, hedge funds continued to rotate their portfolios from growth into so-called value shares.
...
Contributing to the losses was a ‘VIP list’ of 50 stocks that appear most often in the top 10 holdings of fundamental hedge funds, which has lagged the benchmark by 21 percentage points during the last 12 months. That’s the worst performance in the 20-year history of the basket, which includes Facebook parent Meta Platforms Inc. and Netflix Inc.
...


"so-called value shares"

[faultcode]

Zitat von faultcode: Gabe Plotkin hört auf

18.5.
Gabe Plotkin’s Melvin Capital to Wind Down After Losses
https://finance.yahoo.com/news/gabe-plotkin-melvin-capital-w…
...
Gabe Plotkin plans to wind down Melvin Capital Management after suffering billions of dollars of losses and angering investors with a botched plan to reboot the firm.
...

[faultcode]

Antwort auf Beitrag Nr.: 71.607.714 von faultcode am 19.05.22 00:18:35

"capping the size of the fund"

ein Wort dazu: SIZE MATTERS!

das kam offensichtlich schon zu spät:

Plotkin laid out a plan last month to overhaul Melvin by capping the size of the fund at about $5 billion -- at the time it was $8.7 billion -- and he told investors he wouldn’t allow it to expand above $7 billion until at least June 2027.

Feb 10, 2021
The fund began this year with $12.5 billion in assets under management,... (AUM)
https://markets.businessinsider.com/news/stocks/melvin-capit…

Ich nehme einfach mal an, daß das um das Top herum war beim AUM, obwohl ich auch andere Zahlen dazu gelesen habe.

Irgendwann ist man - nach einer jahrelangen Welle des gehebelten Erfolgs - zu groß in dem Sinne, daß man sich laufend - egal ob long oder short - in "Crowded positions" wiederfindet und damit nur noch schwer ein Alpha (difference between a stock’s return and the market’s return) zu erreichen ist.

=> kommen dann noch persönliche Fehlannahmen und damit Fehlentscheidungen hinzu, war's das mit irgendwelchen Überrenditen und "der Markt korrigiert" diese wieder auf Normalmaß zurück - minus der eigenen Kosten

[faultcode]

Antwort auf Beitrag Nr.: 62.799.149 von faultcode am 26.02.20 20:19:42

siehe oben: ich bin alt genug mich noch daran zu erinnern, daß sowas schon mal schiefgegangen ist

<aber pssst: es ist ja heute wie damals (meist) nur das Geld anderer Leute>


23.6.
Bridgewater Doubles Short Wagers in Europe to $10.5 Billion
https://ca.finance.yahoo.com/news/bridgewater-doubles-bet-ag…
...
Ray Dalio’s Bridgewater Associates has built a $10.5 billion bet against European companies, almost doubling its wager in the past week to its most bearish stance against the region’s stocks in two years.

The world’s biggest hedge fund firm disclosed short bets against 28 companies that include individual wagers of more than $500 million against ASML Holding NV, TotalEnergies SE, Sanofi and SAP SE, according to data compiled by Bloomberg. The total bet is up from $5.7 billion against 18 firms last week, the data shows.

All the companies that Bridgewater is shorting are part of the Euro Stoxx 50 index. The move comes as Euro-area economic expansion slows sharply amid surging prices. An indicator for economic activity by S&P Global fell to a 16-month low in June, driven by rampant inflation, concerns over energy and rising borrowing costs.

Short sellers try to profit from declining stock prices by selling borrowed shares and buying them back when they fall. They are mounting their bets at a time of rising interest rates and inflation that are increasing the chances of recession. It’s not clear whether Bridgewater’s bets are aimed at pure profit or part of a broader hedging strategy.

In a Bloomberg TV interview last week, Greg Jensen, the co-chief investment officer of the firm, said the sell-off in stocks was still small as compared to the rally they had seen over the last decade and that bigger moves in Europe and the US was still possible. He declined to comment on Bridgewater’s European bets.

The current wagers are the highest since the firm built a $14 billion position against European companies in 2020 and before that, a $22 billion bet in 2018. The total may be even greater since hedge funds are only required to disclose their biggest bets.
...

[faultcode]

Antwort auf Beitrag Nr.: 71.839.802 von faultcode am 23.06.22 12:41:06

15.7.
Bridgewater’s Giant Bet Against Europe Stocks is Starting to Pay Off
https://ca.finance.yahoo.com/news/bridgewater-giant-bet-agai…
...
The world’s biggest hedge fund firm now has about $9.4 billion worth of wagers against 26 companies in Europe’s large-cap Euro Stoxx 50 index, according to data compiled by Bloomberg. Since Bridgewater’s initial bets were disclosed last month, the gauge has lagged major equity benchmarks in the US, the UK and Japan.

A protracted global equity selloff combined with a worsening economic outlook, exacerbated by an energy crisis and political turmoil, has created fertile ground for these bearish wagers in Europe. And Bridgewater’s call against the region’s largest companies is already bearing fruit.

The US firm has made large wagers against ASML Holding NV, TotalEnergies SE, SAP SE and Siemens AG, which have all underperformed the Euro Stoxx 50 over the past month, with Sanofi the only stock among its biggest shorts to rise.
...

[faultcode]

Antwort auf Beitrag Nr.: 71.988.979 von faultcode am 15.07.22 14:03:40

..und wieder retour

26.7.
Bridgewater Associates baut Short-Positionen ab
Der weltgrößte Hedgefonds Bridgewater Associates von Starinvestor Ray Dalio ist im Juni milliardenschwere Short-Positionen auf zahlreiche deutsche sowie europäische Aktien eingegangen. Inzwischen baut Bridgewater seine Leerverkäufe aber langsam wieder ab, wie jüngste Meldungen aus dem Bundesanzeiger belegen.
https://www.godmode-trader.de/artikel/bridgewater-associates…
...


...

[faultcode]

Jul 28, 2022 - 06:21 PM
Hedge Funds Massacred As "Most Hated" Tech Stocks Explode Higher
https://www.zerohedge.com/markets/hedge-funds-massacred-most…
https://twitter.com/zerohedge/status/1552764056192286720
...



=>

[faultcode]

Antwort auf Beitrag Nr.: 72.062.030 von faultcode am 26.07.22 21:14:38

..und wieder re-retour:

2.9.
Bridgewater again builds European shorts with €4bn bet on market plunge
Bridgewater at the end of August held short positions of at least 0.5% in 13 stocks in the Euro Stoxx 50 index
https://www.fnlondon.com/articles/bridgewater-shorts-euro-st…
...
Bridgewater Associates has once again made big bets on European stock declines as the hedge fund discloses huge short positions in European stocks.

On 31 August, Bridgewater disclosed that it held short positions in 13 companies that each made up at least 0.5% of their shares, according to research firm Breakout Point. The stock are all members of the Euro Stoxx 50 index. These short positions include French energy firm TotalEnergies, financial services firm Allianz, and pharmaceutical giant Bayer.
...

[faultcode]

aufpassen mit Leverage -- know what you have:



12.9.
https://uk.news.yahoo.com/fraga-backed-fund-faces-88-1817503…
Fraga-Backed Fund Faces 88% Drop as Leveraged Clarus Bet Sours
...
A small equity fund backed by former Brazilian central bank chief Arminio Fraga suffered an 88% rout after leveraged bets in American outdoor sports gear company Clarus Corp. went wrong.

The Rio de Janeiro-based asset manager TT Investimentos Ltda, which has two of Fraga’s nephews as founding partners, saw its TT Global Equities FIA IE fund shed about 73 million reais ($14 million) in assets after peaking in March of last year. Losses accelerated recently after the fund failed to meet a margin call and was forced by its custodian to liquidate its Clarus position, according to Arthur Fraga Bahia.

The trade consisted of selling put options and buying call options of Clarus. Fraga Bahia apologized to clients in an emailed message, adding that losses were “irreparable.”

Arminio Fraga, who lifted Brazil’s benchmark interest rates to 45% on his first day as central bank president in 1999, was the fund’s largest client. He had no involvement with the fund’s management activity and was solely an investor.
...


Clarus Corp:

[faultcode]

26.10.
Pimco Reloads Stock Shorts, Says Tech Is ‘Canary in Coal Mine’
https://finance.yahoo.com/news/pimco-reloads-stock-shorts-sa…
...
Pacific Investment Management Co. raised bearish stock wagers as the market bounced back, according to portfolio manager Erin Browne, who warns that the latest earnings woes from tech giants are a sign of what’s coming next for Wall Street.

“Over the last week or so, we’ve been resetting shorts at higher levels, taking that as an opportunity to get more underweight stocks,” Browne told Bloomberg TV. “I don’t think yet that we have received the all-clear signal,” she added. “What I think tech is highlighting now is they’re the canary in the coal mine for the broad market.”

Stocks have recovered after hitting their bear-market low earlier this month as speculation grew that the Federal Reserve will slow its aggressive monetary tightening amid a weakening economy. Despite disappointing results from Microsoft Corp. and Google parent Alphabet Inc., the S&P 500 erased earlier losses, rising 0.6% as of 11:50 a.m. in New York. The index has climbed about 8% this month.

Browne isn’t alone in her skepticism. Hedge funds tracked by JPMorgan Chase & Co., for instance, also sold stocks during last week’s bounce.
...

[faultcode]

4.1.
Odey’s Hedge Fund Soars 152% in Best Ever Year on Inflation Bet
https://finance.yahoo.com/news/odey-hedge-fund-soars-152-102…
...
His flagship European Inc. hedge fund surged 152% last year, powered mainly by his highly leveraged short wagers on long-dated UK government bonds as inflation and political turmoil roiled the British economy, according to an investor document seen by Bloomberg.

A spokesman for London-based Odey Asset Management declined to comment.

The returns mark a stunning comeback for Odey, who has now fully recouped losses accumulated between 2015 and 2020 when his bearish wagers repeatedly failed to pay off. The fund was up as much as 193% last year but gave up some of the gains during the fourth quarter, another document shows.

The money manager joins a group of macro hedge funds, such as those managed by Said Haidar and Chris Rokos, seeing their fortunes turn as central banks roll back years of quantitative easing to control soaring inflation.

Odey had built up a huge short wager against UK government bonds mostly related to two U.K. government securities that mature in 2050 and 2061. At one point, the bet totaled almost 800% of the net asset value of his hedge fund.

The position turned in profits as inflationary pressures soared in the UK and around the world. The fund manager has since reduced the size of that trade to about 200% of the fund’s net asset value as of the end of November, according to the investor document. Macro hedge funds were up about 2% on average through November last year, according to data compiled by Bloomberg.
...

[faultcode]

4.1.
New Hedge Fund Soars 163% Betting Everything Is Going Down
https://finance.yahoo.com/news/hedge-fund-soars-163-betting-…
...
A veteran trader’s well-timed bet on the end of easy money has achieved triple-digit returns in his new hedge fund’s first full year.

After running Eagle’s View Capital Management as a fund of funds for 16 years, founder Neal Berger decided to add his own fund to the mix. The Contrarian Macro Fund launched initially with partner capital in April 2021 to load up on bets that the Federal Reserve would unwind a decade of stimulus — even as policy makers were describing inflation as “transitory.” By the time the Fed reversed course, Berger was starting to accept external money.

“The reason why I started the fund was that central bank flows were going to change 180 degrees. That key difference would be a headwind on all asset prices,” said Berger. “One had to believe that the prices we saw were, to use the academic term, wackadoodle.”

The wager proved prescient, delivering the new fund a return of about 163% in 2022, according to an investor document seen by Bloomberg. Berger declined to comment on the fund’s returns. New York-based Eagle’s View manages about $700 million in total, with $200 million in the Contrarian Macro Fund.

He joins a number of macro hedge fund managers, including Said Haider, Crispin Odey and Michael Platt’s BlueCrest Capital Management, who managed to use bets on the economy to multiply their money during the past year of turbulence that spelled lackluster returns at many other funds.

Berger said he’s using futures contracts to short stocks and bonds he saw as distorted by years of monetary stimulus.

“The $19 trillion of sovereign debt trading at negative yields, the SPAC boom, the crypto boom, private equity valuations and public equity valuations — they’re all stripes of the same zebra,” said Berger, whose prior macro trading experience includes Millennium Management, Chase Manhattan Bank and Fuji Bank. “The zebra being the ocean of liquidity, first in response to the Great Financial Crisis and then to Covid.”

The Contrarian Macro Fund mostly holds bearish bets on Europe and American assets, with hedges that pay off during more positive periods. After the Bank of Japan widened the upper limit for 10 year-yields, the fund also set up short positions against Japanese bonds and wagered that the yen would rise.

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.

Berger plans to keep his short positions for years. The pain isn’t over yet, and its end will only be clear after assets trade sideways for multiple months, he said.

“You have your variations, your rallies day-to-day, month-to-month,” he said. “But big picture, everything is going down. Price action is ultimately the bible.”
...

[faultcode]

9.1.
AQR’s Longest-Running Fund Has a Record Year With 43.5% Gain
https://finance.yahoo.com/news/aqr-longest-running-fund-reco…
...
AQR Capital Management’s longest-running strategy had its best year since its inception in 1998, posting a gain of 43.5% net of fees, as a range of its funds achieved record performance.
...

It’s been a banner year for many macro funds, with traders including Said Haidar and Michael Platt producing some of the top returns.

Scott Bessent, a former Soros Fund Management investing chief, posted a 30% gain in his macro hedge fund, and Chris Rokos produced his best-ever gains last year in a dramatic change of fortunes for the hedge fund manager. The $15.5 billion Rokos Macro Fund he leads surged 51% in 2022, according to people with knowledge of the matter. The return was his best since 2015, when he began trading for his eponymous firm in London.

One exception has been Bridgewater Associates, the giant firm founded by Ray Dalio, which gave up much of its gains after losing money in October and November.
...

[faultcode]

!

Dieser Beitrag wurde von FairMOD moderiert. Grund: auf eigenen Wunsch des Users

[faultcode]

Antwort auf Beitrag Nr.: 73.063.919 von faultcode am 10.01.23 23:14:26

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.
...

[faultcode]

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.
...

[faultcode]

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.”
...

[faultcode]

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

=>

[faultcode]

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.
...

[faultcode]

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.
...

[faultcode]

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.
...

[faultcode]

Antwort auf Beitrag Nr.: 73.021.826 von faultcode am 04.01.23 14:04:33

Chris 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.
...

[faultcode]

Antwort auf Beitrag Nr.: 73.553.620 von faultcode am 25.03.23 20:32:01

25.3.
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.
...

[faultcode]

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.”
...

[faultcode]

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.

[faultcode]

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…
...
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…

[faultcode]

Antwort auf Beitrag Nr.: 73.021.826 von faultcode am 04.01.23 14:04:33

04.01.2023

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.”
...

[faultcode]

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.”
...

[faultcode]

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."

[faultcode]

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/ -->

[faultcode]

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.
...

[faultcode]

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.”
...

[faultcode]

Antwort auf Beitrag Nr.: 74.015.589 von faultcode am 16.06.23 13:18:05

31.10.
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.
...

[faultcode]

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.
...

[faultcode]

Antwort auf Beitrag Nr.: 73.021.862 von faultcode am 04.01.23 14:07:47

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.”
...

[faultcode]

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…
...
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.”
...

[faultcode]

Antwort auf Beitrag Nr.: 73.499.455 von faultcode am 17.03.23 16:42:13

7.12.
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…
...
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.
...

[faultcode]

3.1.
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.
...

[faultcode]

Antwort auf Beitrag Nr.: 74.931.664 von faultcode am 08.12.23 02:34:09

4.1.
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.
...

[faultcode]

Antwort auf Beitrag Nr.: 73.021.862 von faultcode am 04.01.23 14:07:47

noch 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-…
...
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.
...

[faultcode]

Antwort auf Beitrag Nr.: 75.060.597 von faultcode am 06.01.24 13:28:20

noch 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-…
...
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.
...

[faultcode]

17.1.
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.

[faultcode]

22.1.
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.”
...

[faultcode]

Qube Research & Technologies -- aktuell Deutschland's größter Leerverkäufer:

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…
...
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.
...


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.
...