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Hedge Fund Legend’s Best Ideas Frankly Not Very Good

‘Direct access to Dmitry Balyasny’ has proven pretty costly.
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By SimpleIcon ( [CC BY 3.0 ], via Wikimedia Commons

By SimpleIcon ( [CC BY 3.0 ], via Wikimedia Commons

Ten years ago, as the hedge fund industry was roiled by the financial crisis, the brain behind Balyasny Asset Management had an idea. Sure, I’ve got dozens of teams trading all sorts of strategies, but let’s be honest: All people want from Balyasny Asset Management is more Balyasny. All Balyasny, if possible. And if that’s what the people want, that is what they shall have, in the form of the Atlas Fundamental fund, giving investors “direct access to Dmitry Balyasny” and his very best ideas.

Ten years later, it seems no one wants “direct access” to Balyasny’s best ideas, as they have pulled all of their capital from Atlas Fundamental. This is probably because Balyasny the man’s best ideas have been even worse than the already not-very-good ideas being generated by Balyasny the firm.

Atlas Fundamental, billed in marketing materials as providing “direct access to Dmitry Balyasny,” declined about 5.9 percent this year through Aug. 24, and Atlas Enhanced is up less than 1 percent through Sept. 21, according to investor documents. Balyasny declined to comment…. Net assets stood at $308 million in December before investors fled this year and the fund closed.

Fear not, however: If you’d still like lose money on Dmitry Balyasny’s brain droppings—which you don’t, because if you did, you wouldn’t have collectively fled from Atlas Fundamental—you still can. Just, like, not as quickly or in so concentrated a fashion.

Balyasny Asset Management shut down the Atlas Fundamental Trading Fund after deciding it’s more cost effective to manage the capital within Atlas Enhanced, the levered version of the firm’s flagship vehicle, according to a person familiar with the situation.

Dmitry Balyasny Shutters His Own Best Ideas Hedge Fund [Bloomberg]


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