For the most part, 2013 was not kind to Steve Cohen. The Feds put his balls in a jar and put that jar on Preet Bharara’s desk. One of his ex-employees went to trial for (and was later found guilty of) masterminding the “most lucrative insider trading scheme ever.” Other former traders helped bring the number of SAC alums indicted on securities fraud charges to nine. His genius idea to give out free hot dogs on the front lawn of SAC HQ failed to prevent a number of departures. He lost his biggest fan. For a lot of hedge fund managers, all of this would add up to moping around the office and turning in less than stellar work. For Steve Cohen, it meant turning up the Styx and getting down to business. Read more »
May was the worst month for hedge funds since October 2008. The HFRX Global Hedge Fund Index lost 2.6 percent and Louis Moore Bacon got hammered. Not Boaz Weinstein. Yeah, he might have lost $1 billion at Deutsche Bank, but that’s old news. Boaz’s Saba Capital (Hebrew for grandfather) bucked the trend in May, up 1.6 percent for the month and 5.8 percent for the year.
Here’s some other winners and losers from May: Read more »
Last week, we told you about certain Tiger Cubs that were having a rough go of it this month. Today, we get some updated numbers thanks to Hedge Fund Alert. Eddie Lampert’s ESL Investments is getting walloped, off 15 percent so far this month.
As one investor put it: “A lot of guys are long and wrong in this environment.”
Here’s some other results. Read more »