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巴曙松教授,博士,国务院发展研究中心金融研究所副所长,研究员,博士生导师,享受国务院特殊津贴。    巴曙松教授在银行、证券、基金、企业年金等领域有过10余年的实践工作经验,熟悉商业银行风险管理、基金与年金运作,参与中银香港海外重组上市项目,主持起草了《中银香港风险管理政策与流程》。目前的主要研究领域为金融机构风险管理与金融市场监管、企业融资问题与货币政策决策,出版了国内第一本系统研究巴塞尔新资本协议的《巴塞尔新资本协议研究》(中国金融出版社2003年版)

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hedge funds fall off a ledge  

2008-01-28 14:59:29|  分类: 信息汇总 |  标签: |举报 |字号 订阅

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year 2008 must be a different year......
 
 

January24, 2008, 5:39 pm

 

Postedby Dana Cimilluca

Even the hedge-fund brain trust hasbeen caught off guard by the wacky and unpredictable markets of2008.

U.S. equity hedge funds fell 5% on averagethrough Jan. 18, according to a Reutersstory citingHennessee Group, ahedge-fund researcher and investor. Put in perspective,hedge funds haven't posted aloss of more than 1% in any January since 1993 , whenHennessee started tracking the data. Last year, which had its fairshare of volatility and market pain, hedge-fund performance topped10%. (Those funds focused on international stocks, meanwhile, weredown 8%, while merger-arbitrage investors suffered a similar drophalfway through January, the data show.)

That the S&P 500 was downroughly 10% through the 18th may be cold comfort for theendowments, wealthy individuals and others who pay hedge-fundmanagers hefty fees for returns that are supposed to leave thebroader market in the dust and to "hedge" against exactly the kindof market decline experienced lately. Those fees, of course, haveenabled hedge-fund managers to make the chieftains of companies inthe S&P 500 look like paupers.

It also won't come as welcome newsto those who bought stock in Och-Ziff Capital Management andFortress Investment Group, hedge funds that have had bumpy ridessince they went public last year.

"Investors are getting fed up inhearing about absolute returns," but seeing red ink, a Hennesseeofficial told Reuters.

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Prominent hedge funds nurse heavy losses in2008

  • Reuters
  • Wednesday January 23 2008

By Svea Herbst-Bayliss

 

BOSTON, Jan 23 (Reuters) - Recent stock marketdrops hurt some of the world's most famous hedge fund managers, whohave long attracted money with promises that they could sidestepeven the worst conditions.

 

Bruce Kovner's Caxton Alpha Equity fund, LeeAinslie's Maverick Fund and Leon Cooperman's Omega fund rank amongthe $2 trillion hedge fund industry's prominent losers in the firstdays of 2008, according to people whohave seen the numbers.

The averageglobal hedge fund lost 3 percent through the end of last week,according to Hedge Fund Research data, and that was before globalmarkets plunged on Monday, when indexes fell 7.2 percent in Germanyand 7.4 percent in India. U.S. markets were closed onMonday.

U.S. hedge funds specializing in stocks were off 5percent on average through last Friday,according to data from New York-based Hennessee Group, whichinvests in hedge funds and tracks theirperformance.

"This month is going to be the worst start to theyear for hedge funds in a very, very long time," said CharlesGradante, a principal at Hennessee.

In fact hedge funds, loosely regulated portfoliosthat became hugely popular with endowments and pension funds overthe last decade on promises to protect against declines, have neverlost more than 1 percent in the first month of the year sinceHennessee began tracking the data in 1993.

Hedge funds, unlike mutual funds, are notrequired to report returns and the first indication of theindustry's performance for the start of 2008 won't be known for atleast two weeks.

Now 2008 promises to be different at the start,the middle and the end of the year, industry analysts and investorssaid. They did note that so-called short sellers, who betexclusively on stocks falling, are having a good year, building ontheir average 9.6 percent return last year as recorded byHennessee.

"We are going to see a very wide disparity ofreturns even among funds that pursue the same type of strategy,"said Stewart Massey, founding partner of Massey, Quick & Co, aninvestment consultant with $1.3 billion underadvisement.

Already in the first two weeks of January,Maverick Fund, which returned 26.7 percent last year by betting ondeclines in financial stocks, was battered itself. A person who sawthe numbers but was not authorized to discuss them publicly said itlost 4.95 percent through Jan. 11, more than the Standard &Poor's 500 index, which fell 4.6 percent through Jan.11.

The Caxton Alpha Equity fund, up 12.18 percentlast year, slid 6.92 percent through Jan. 15, more than the broaderS&P index, which was off roughly 6 percent, the personsaid.

"There are people getting crushed by thesemarkets," said a hedge fund investor who asked not to be named.Last year, the average hedge fund returned 11.6percent.

Many investment advisers aresoothing nervous clients by reminding them that even hedge funds,despite their ability to short stocks, can't escaped unscathed fromselling that sent the S&P down 10 percent for the year through Tuesday.

Hedge fundsfocused on international stocks are down an average 8 percent whilethose specializing in arbitrage strategies are off by 7 percent to8 percent midway through the month, Hennessee data show.

"The question is going to be are your managersdown 8 percent or are they down 2 percent in January," Massey said."I would certainly not characterize (the latter) as a great outcomebut I would also not be disappointed."

But some investors are losing patience and maypull money out of offshore funds at the end of January or quitonshore funds at the end of March, the earliest time many can getout.

"The market-neutral hedge fund managers arereceiving redemptions for last year's poor performance. Investorsare getting fed up in hearing about absolute returns," but seeingred ink, Hennessee Group's Gradante said. (Editing by BradenReddall)

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