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)