Summer has official come to a close for Wall Street. The tents are up in Bryant Park. The keys to the summer rentals have been returned to the owners. The kids are heading back to school. The girlfriend has already packed away that denim skirt you liked so much. The traders are back at the desk. The wife is planning on spending your money on a ski vacation. Clients are on the phone. Everyone’s waiting for the rumored layoffs to start. Hedge fund investors and analysts at investment banks are starting to get some real numbers on the performance on hedge funds over the final turbulent weeks of the summer.
For many hedge fund managers, the picture isn’t pretty. Last week HSBC’s Private Bank released it’s first performance review covering some of the turbulent weeks and months that hit some hedge funds where it hurts—in their overall performance. Atop the list of losses is Greenwich’s Tontine Associates. It’s TFP Overseas Fund suffered a year-to-date loss of nearly 42% through the end of July, making it the worst-performing fund tracked in the report. It lost nearly 24% in July alone, according to the report. “Things may get worse: Many financial names suffered big declines in August,” notes the hedge fund watchers at FinAlternatives.
There are some bright spots. In addition to listing the 20 worst hedge fund performers, FinAlternatives lists the 20 best. (Free registration required for FinAlt’s website.) FinAlternatives analysis of the winners after the jump.
Cayman Islands-based 788 Asset Management’s China Fund was the best-performing hedge fund tracked by HSBC, soaring 61.43% through July 31 (and making up, in part, for the firm’s Japan Fund, which found itself on the wrong list with a 9.11% decline through the same date). Interestingly, 788 isn’t the only name on both lists, with Odey’s European fund posting a 27.2% jump through Aug. 24 and GLG’s Emerging Markets Fund, which is up 23.73% through the end of July.”
Who’s Winning, Who’s Losing [FinAlternatives] (free registration required)
Gendell was probably the single largest holder of homebuilder stock after fidelity.
shocking that just the overseas fund was the big loser there
that is awesome. I remember reading the Tontine Associates June 07 letter (dated early July) and thinking to myself what an incredible prick the manager of that fund came off sounding.
His derisive attitude for Wall Street’s “over-reaction” to the sub-prime problem by the street was laughable. I thought to myself that this jackwad couldn’t be that simplistic and was just dumbing it down for his investors.
Glad I didn’t have any money with that turd.
again, what would be the major OVERSEAS subprime exposures?
Where is citadel? both kensington & wellington funds up >25%
I don’t believe (though I can’t say for certain) that it’s an overseas fund per se.
If you read the article, it mentions it is a long/short equity fund focused on financials.
My guess is that the “overseas” designation is a particular share class for foreign investors that happens to be tracked by HSBC. Likely there domestic LP’s (if managed in the same fashion) fared similarly
fair enough
Gendell is a genius …. just ask him
If you want a real laugh, go to your B Berg and punch in CTX, LEN,or PHM Equity HDS and look for Hotchkis and Wiley.
They own a boatload of homebuilders and they were averaging down HUGE in the 2nd quarter. Working there must be like going to work in a funeral home everyday…
Ski Vacation?
My wife was working on the “fall” break today, 1 day after returning from the Hamptons for a month.
Christ!