Here’s Something Vladimir Putin Forgot To Gloat About At The UN

Russia = big winner for hedge funds.

To mid single-digit returns!

As depressing as it is that some of this year’s best hedge fund returns have come from Russia, how’s this for worse? Those third-best hedge fund returns in the world? 6.71% through August, which might explain why Vladimir Putin chose to chide us about other things this week before dropping bombs on all of those weapons the CIA bought.

This has come despite Russia's economy being in tatters, as gross domestic product contracted 4.6 percent in the second quarter. The nation has become a pariah on much of the global stage thanks to the conflict in Ukraine and its assistance to Syrian strongman Bashar Assad. Yet the investment returns pour in….

By means of comparison, the S&P 500 had lost 6 percent for the comparable period (and is currently down nearly 7 percent year to date). Hedge fund strategies in total, as gauged by the HFRI Equity Hedge Index, are off 0.33 percent.

Russia has been gold for hedge funds this year [NetNet]