Recent Hedge Fund Developments

Here are a series of recent videos released on developments within the hedge fund industry. If you are viewing this video through our daily hedge fund email newsletter please click here now to watch the embedded videos below.

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Plenty of Good Apples

More Alternative Investment Awareness

I recently read a post on Hedge Lines about the alternative investment industry and how Portfolio.com has claimed that private equity firms add no value – only fees. Here are some quotes from that blog post:

“The entire spectrum of alternative asset management is under attack.”

“The problem is that no one is talking about the good apples in the alternatives arena. No one is making the case that hedge funds and private equity are valuable, even important, vehicles for institutions, like pension funds, that should reasonably expect to make money even when the market is down. This should be an easy argument to make, but no one is actively taking it on.”

The Hedge Fund Group (HFG) and HedgeFundBlogger.com are taking this on. Through this financial crisis we have been pointing out how hedge funds have outperformed the markets, how hundreds of new funds are being started right now, and we have also detailed how this diverse industry is as alive as ever.

What the industry needs is a more concerted effort to converse with the public, with government officials, with banks, and wealth management firms. There should be an easier channel for hedge fund manager communication directly with the public whether they are a potential investor or not.

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Hedge Fund Trend

Hedge Fund Industry & The Markets

I just had a comment on a past blog post related to how the current markets have changed the current hedge fund strategies being offered right now.

Here was my response:

While many strategies have struggled in 2008 and 2009 global macro and shorting strategies have done well. I’ve also heard of many managers who are shifting their strategies to more short term vol trading instead of long term holding for obvious reasons. Managers who used to do 80% long term holding and 20% short term trading have now flipped those stats on their head. Lots of new commercial financing and distressed asset funds are coming out right now as well.

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Hedge Fund Course

Hedge Fund Course CHP Designation

Below is a short interview just conducted with popular private equity writer Theo O’Brien.

Theo: What is the Certified Hedge Fund Professional (CHP) program?

The CHP Designation program is an online hedge fund certification program sponsored by the Hedge Fund Group (HFG) starting in 2008.

The CHP Designation is a two part program. Level 1 helps participants gain a comprehensive base level of knowledge about the hedge fund industry. Level 2 allows participants to specialize within a niche area of the industry such as marketing and sales, due diligence or analytics.

Theo: What do graduates from the CHP program receive, as in what are the benefits from taking the program?

For a list of the benefits from completing the program please see this page: http://chadesignation.org/CHA-Designation-Benefits.html.

Our program also benefits hedge fund startups and sub $100M hedge fund managers. Here is how: http://chadesignation.org/How-To-Start-A-Hedge-Fund-Startup-Benefits.html

Theo: How is this program connected to the Hedge Fund Group (HFG) and who decides what goes on the exam?

The Hedge Fund Group (HFG) sponsors the CHP Designation and created it in 2008. There is a team of 5 professionals who have developed and maintain the designation and they are aided by an advisory board of approximately 55 professionals who work at hedge funds, fund of hedge funds and prime brokerage/auditing firms.

Theo: Where are classes held? New York? How much do they cost.

The CHP Designation is offered 100% online and tuition is $599 or $499 if you register within the first 24 hours of registration opening. The program and exam may be taken from anywhere in the world as long as the individual has a reliable internet connection. Last year we had participants from Hong Kong, UK, US, Canada, India and China.

Theo: So the CHP Designation program is really international and not based within the Manhattan or any one location for that matter.

Yes that is correct.

Theo: How well known is the program? Have mainstream media outlets interviewed your team?

To some extent we have been covered. We have not graced the cover of the WSJ or any large American newspaper but we have been picked up by the Financial Times, Alpha Magazine, Institutional Investor and Job Search Digest. Most of these stories were ran in interview form. The Financial Times was the most thorough, we spent over 4 hours speaking with them and that doesn’t count their inquiries to actual participants within the program as well.

Theo: Is there anything else you want to mention here before we end this interview?

We have much more information on our website: http://chadesignation.org/.

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Hedge Fund Performance

Truth About Hedge Fund Performance

(HedgeFundBlogger.com) Hedge funds have been hurt by their overall negative returns in 2008. The truth about hedge fund performance is that it still far outperforms the broader markets. With all of the recent bad press hedge funds have been receiving you would think they had lost twice as much as the S & P 500, the truth is they lost less than 20% while the S & P was down over 38% for 2008.

Counterparty risks, fraud and redemption notices are obviously the hot topics which are hurting the hedge fund industry just as much if not more than performance. Many in the industry hope and believe that many groups are sitting on cash, waiting to allocate and completing much more due diligence before investing back into the markets or hedge funds. Hopefully these issues mentioned above cease to break the front pages of the WSJ and fade away with the weak economy in 2009.

Here is a short snippet from a recent news story on hedge fund performance:

Although hedge funds finished up 2008 with some of the worst numbers to date, they showed some signs of promise in December. According to the latest research by the Hennessee Group LLC, a New York-based advisor to hedge fund investors, hedge funds advanced .51 percent in December.

Hedge funds finished up the year down 19.15 percent according to the research. Although it was a dismal year for funds as a whole, they still outperformed the S & P, which was down 38.5 percent on the year, the Dow Jones, who dropped almost 34 percent, and the NASDAQ Composite Index, which posted a 40 percent drop on the year. source

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Benefits of Hedge Funds

List of 4 Hedge Fund Benefits

In the midst of 200 articles on the Bernard Madoff fraud case which you can read about here, I spotted an article by Alphaville spelling out the top 9 ways in which hedge funds add value to the investment industry. Here is a short version of the list:

1. Providing liquidity
2. Bursting bubbles
3. Restore confidence during risky investment periods
4. Survival of the fittest models

Here is the full article.

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Hedge Fund Tracker Updates

Hedge Fund Tracker Notes | Updates

Our team has recently updated the Hedge Fund Tracker Notes on these hedge funds:

• Arcanum Capital Management
• Fortis Investments Hedge Fund
• Ramius Capital Group LLC
• RAB Capital Plc
• Bridgewater Capital
• Veritas Asset Management

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Video on Hedge Funds

What to Know About Hedge Funds

Here is a short video on hedge funds, the attention they are getting in the media and on short selling. What is nice about this movie is that in plain English it explains why most of what is going on is not new and how short selling is not evil. To view this video via my daily hedge fund newsletter please click here, otherwise please see below.

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The Truth

The Truth About Hede Funds

“All Truth passes through Three Stages: First, it is Ridiculed…
Second, it is Violently Opposed…
Third, it is Accepted as being Self-Evident.”

- Arthur Schopenhauer (1778-1860)

I believe by 2012-2015 that the value of hedge funds will be self-evident. We are living through the ridicule and violent opposition but in the end there is a place for hedge funds and there will always be investors in hedge funds.

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Hedge Fund Maguire

Hedge Fund Maguire | Letter to Hedge Funds

(http://HedgeFundBlogger.com) Below is a short excerpt from the NY Post and their comments on a letter which Sandra Manzke sent out earlier this week regarding the recent actions of many desperate hedge fund managers. If anyone has the full version of this letter please shoot it over or post it below. For now here is an excerpt of the review article:

Fed up with misbehavior in the hedge-fund industry, respected hedge fund investor Sandra Manzke is fighting back.

A pioneer in hedge-fund investing and best known for founding Tremont Capital Management, Manzke sent an angry missive to hundreds of her peers earlier this week, calling on them to join together to push for reform in the $1.5 trillion industry.

“I am appalled and disgusted by the activities of a number of hedge-fund managers,” said the letter, which raises a fist against what Manzke sees as a general degradation of ethics in the industry.

The letter, reminiscent of the way in which Tom Cruise’s Hollywood agent character penned a manifesto blasting his cutthroat industry in the hit movie “Jerry Maguire,” comes amid a historic shakeout of this once-lucrative business. Hedge funds are battling the double blows of poor performance – down an average of 20 percent so far this year – and billions in investor withdrawals, known as redemptions. Read more…

Here is the actual letter:

MAXAM Capital Management LLC
RE: AN IMPORTANT LETTER TO HEDGE FUND INVESTORS
Dear Sir/Madam:

I was one of the earliest investors in hedge funds. I made my first investment in 1985 when the industry was exclusive to the United States and there were only 68 funds in existence. As such, I have watched the industry grow from a small private investment club to its current state managing in excess of a trillion dollars with more than 10,000 funds. I was an early proponent of the fund of funds business which enabled smaller investors the ability to access the talent pool, and gain diversification with lower minimum investment. I once was proud of the industry, now I am concerned.

While we all recognize the difficulties of the current market environment, I am appalled and disgusted by the activities of a number of hedge fund managers. The increased use of gating, side pocketing, suspension of redemptions, failure to post an NAV, fund liquidations that favor management are just a few of activities that are giving this industry a bad name. Worse, there are managers who are attempting to get their money out ahead of investors, attempts to eliminate high water marks, asking investors to increase fees to pay for fund expenses, receiving fees on liquidating funds, receiving fees on illiquid securities, and mispricing their books.

We have seen funds which claimed to have no leverage, in fact, facing margin calls that wipe out capital. And managers who have received millions of dollars in incentive fees, walking away and leaving investors with nothing. Further, management fees have crept up to outrageous levels and hedge fund organizations are paying employees lucrative wages, while investors are bearing these costs, unjustified by mounting losses.

I was in favor of SEC registration and oversight and 2008 is certainly a poster child for the need for better regulation. Now, I feel that investors need to form an organization to protect against the egregious hedge fund manager. Hedge fund managers do not disclose their investors and we are each operating in a vacuum. We should be able to unite to change how this industry operates. I am proposing that we form the “Hedge Fund Investors United Forum” to propose reform in the industry that would protect our clients’ and our own interests.

Carl Icahn has started his shareholders group to change the behavior of corporate America. I urge everyone to go to his blog and join, because corporate America has lost its way. Corporate management needs to get back to running companies to make money for shareholders, not for personal gain. We need to get hedge fund managers to work for their investors and not for their personal gain.

As a group we can influence the future of the industry. We can start to define neutrally beneficial terms, not punitive investor terms. If we want to survive, we have to restore confidence and reshape the industry. I am not saying everyone out there is a bad apple, but there are too many bad apples for my taste and it only takes a few to bring the industry to its knees.

If you are interested in joining with me to bring reform to this industry, please email me and together we can start the process.

With great concern,
Sandra L. Manzke
Chief Executive Officer

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Hedge Fund Assets

Hedge Fund Assets Drop by Estimated $100B

(http://HedgeFundBlogger.com) Here is an article on the drop of assets within the hedge fund industry. While all of these reports are simply guesses based on limited information I agree with Kusano below that redemptions will probably continue for 6 months. What will be more interesting though is how much of those assets will jump right back into different hedge funds once the market levels out or turns. There is little evidence that hedge funds will not simply regain all of these assets plus more within the next 3-4 years. Here is the article exceprt:

The global hedge-fund industry lost $100 billion of assets in October, according to an estimate from Eurekahedge Pte, as firms including Sparx Group Co. were hammered by investor withdrawals.

Clients took about $60 billion out of funds, Singapore-based Eurekahedge said in a statement. Funds fell 3.3 percent on average, based on preliminary figures from the Singapore-based data provider, as measured by the Eurekahedge Hedge Fund Index, which tracks the performance of more than 2,000 funds that invest globally. That compares with a 19 percent slide in the MSCI World Index last month.

The biggest market losses since the Great Depression and investor withdrawals hurt the $1.7 trillion hedge-fund industry that manages largely unregulated pools of capital. The index of global funds has lost 11 percent this year, set for the worst performance since 2000 when Eurekahedge began tracking the data.

“This wave of redemptions in the hedge-fund industry is going to last for at least another six months,” said Toyomi Kusano, president of Kusano Global Frontier, a hedge-fund research firm in Tokyo. “There are some funds that halted withdrawals, but those funds would eventually have to defreeze, and that means another wave of redemptions.” Source

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Financial Crisis of 2008

Financial Crisis & Hedge Fund Performance

(http://HedgeFundBlogger.coM) Interesting article below looking at recent hedge fund performance vs. the S & P 500. Many hedge funds may have been dragged down farther than they would ever have liked, but I still believe when the market does correct hedge funds will be in place to outperform everyone else in the market once again. The biggest worry I have heard lately is that it may take 4-6 years for the market to to turn again.

Hedge funds as measured by both the Greenwich Global Hedge Fund Index (“GGHFI”) and the Greenwich Composite Investable Index (“GI2″) declined marginally when compared with global equity returns during the month of October.

The GGHFI and GI2 posted declines of -5.06% and -8.53% on the month compared to global equity returns in the S&P 500 Total Return (-16.79%), MSCI World Equity (-19.05%), and FTSE 100 (-10.71%) equity indices. Year-to-date, the GGHFI and the GI2 have shed -14.29% and -16.60%, while the S&P 500 Total Return, MSCI World Equity, and FTSE 100 Indices have lost -32.84%, -39.75%, and -32.21%, correspondingly. 36% of constituent funds in the GGHFI ended the month with gains.

“October’s returns are the result of similar market conditions that impacted hedge funds in September. Although long/short equity funds were notably lower, other event driven and arbitrage funds that trade in more illiquid securities were also negatively affected due to redemptions and forced selling. ” notes Margaret Gilbert, Managing Director.
Long/Short Equity managers experienced roughly half the losses of global equity markets during October, losing -7.88% on average. Source

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Improvement

HedgeFundBlogger.com Improvement

If you have a minute I would like to collect additional feedback from visitors of HedgeFundBlogger.com to understand:

1. Why you visit HedgeFundBlogger.com
2. What do you wish was here or somewhere online which you can never find?

Please leave your answers below within the comment form. Thank you in advance for the feedback.

DJ Hedge Fund Indexes

Dow Jones Hedge Fund Indexes

(http://HedgeFundBlogger.com) I thought this article on how Dow Jones was suspending the publication of over 1/3rd of their hedge fund strategy index benchmarks was interesting. I have never heard of this occurring before and I’m not sure this helps build faith in their product going forward. Here is the article excerpt:

Dow Jones Hedge Fund Indexes Inc. said Monday [Nov. 3] that it had temporarily halted daily publication of one-third of its hedge fund strategy benchmarks as the investment manager of the managed account platform worked to “reduce the risk profile of some of its underlying hedge fund managers.”

Effective Oct. 31, daily publication of the long/short equity and equity market neutral strategy benchmarks was suspended. Publication of the Dow Jones Hedge Fund Balanced Portfolio Indexes was also suspended, according to the company.

Dow Jones Hedge Fund Indexes referred questions about the investment manager’s action to the manager, which it did not name. The manager did not immediately respond to an inquiry passed along by Dow Jones Indexes/STOXX press office.

The long/short equity and equity market neutral indexes are among six strategy benchmarks tracked by Dow Jones Hedge Fund Indexes. The other strategies are convertible arbitrage, distressed securities , event driven and merger arbitrage. Daily publication of those strategy benchmarks will continue, according to Dow Jones Indexes. Read more…

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UK banks, led the FTSE100 higher but ended mixed (FTSE350 banks down 1.3%, which is really just camera shake, even HSBC down 2%, but Barclays down 13% is serious! It may be because of its intention to tap Government funds though moderated by offering existing investors the chance to take preference shares or other instruments beforehand. HBOS led the FTSE100 risers again by a long way, up 31% to reach the Lloyd TSB offer price, while RBS added 5.8% and Lloyds TSB up 1%.

The drop in the FTSE’s afternoon session coincided with the expiration of a U.S. SEC’s ban on short selling in more than 950 financial stocks.It seems to me the ban should have been extended. LIBOR rates fell with the base rate cut. There is a possibility that the Fed will do more to force banks to start lending to one another across the Atlantic. This was not the best result for the UK so-called bail-out plan. One bit of good news is that oil is now 40% below its July peak!
The newspaper posters and banners are screaming “Darling’s £260bn Bail-out!”, “£500bn World’s Biggest Gamble Ever!”, “New World Order!” and the revolutionary Economist magazine’s September cover, “OH FUCK!”. The FT today has calculated the figure to be £400bn with headlines, “Banks thrown £400bn lifeline!”, “The great British bail-out” and “There can be no return to business as usual!” At a face the press yesterday, our Scottish First Minister, Alex Salmon, began by saying not many people know that the Chinese “May you live in interesting times!” is actually a curse! We got that one.

The New World Order is a gathering recognition that the boot is on Asia’s foot. Martin Wolf titles his full page essay on the subject “Asia’s revenge” seeing that the credit crunch infects one half of the world economy but not the other half. Actually, both halves are interdependent and complicit in this problem. For years economists like Wynne Godley, Francis Cripps and Alex Izurieta have accurately predicted the current crisis seeing its origins in the extreme imbalance that grew in world trade (+ FDI flows) whereby credit boom high deficit economies had to package and sell financial assets to the trade surplus countries in order to maintain their GDP growth. This was not without massive benefits for credit boom economies (high employment and low inflation) and for emerging economies (double-digit growth despite high inflation). So what is this New World Order apart from cynical and deriseful loss of confidence in banks and in neo-liberal “small government is beautiful” ideology?

Already, we see a massive 180-degree turnabout in the world trade trends. China and Japan have no external growth impulse from exports (exports have stopped growing) while the USA is now increasingly reliant on export-growth while imports slump. So far so good, except all economies are now slowing down and Japan, USA, UK, Ireland, Italy, others are either officially in recession or probably in recession or close to it (at least two quarters of negative growth in profits and earned income and/or measured as falling general spending.) But is this ‘new’? The world’s stock markets have all been falling this week on recession fears more than fears for the banking sectors’ problems. That we’ve come through recessions before is not a salve to those fearing this time will be deeper and longer than any time since the 1930s and maybe even worse than that!

Property and financial assets worth somewhere between $10 and $20 trillions (maybe one third ratio to annual global income) have evaporated. It appears to be like a spreading global epidemic, like necrotizing fasciitis caused by a financial streptococcus pyogenes (flesh-eating bacteria). Are there more such fasciitis to come?

The above graphic shows states of the USA named after those countries in the rest of the world with the same GDP values.

The present global financial crisis began modestly with property boils bursting in parts of the USA like parts of California, Florida, Nevada and Ohio, which infected banks’ mortgage-books worth a third of banking assets. Credit defaults like bacteria spores took a year to double and triple to about 6-8% in aggregate. Capital flight followed into government paper, cash deposits, equities, Europe, commodities (oil, food, gold etc.) and Emerging Markets until the last three in turn also began deflating as Europe’s finance sector crashed and global recession fears did for the rest. Somewhat hidden under residential property price falls in the US, parts of Europe and elsewhere has been the predictably faster fall in commercial property. Next, as consumer spending falters and private savings rise, will be falls in corporate profits and defaults in corporate debt that will match and then exceed defaults on household debts. Banks can roll-over some of these for fear of triggering a domino effect. Small business closures will rise by half to over 10% of all firms, employing about 2% of workforces, but new firm creation will fall dramatically and unemployment will rise by about 5% of the total workforce. Large employers may fire another 2-5% of the workforce depending on how prolonged any recession appears to be? Unemployment figures will lag the underlying reality by 6 months or so, just as actual GDP figures may take a year to catch up with ‘the actuality’.

But the sequence is a ripple effect. Recession impulses spreading out from the USA and the USA investor dominance (25% or more, usually much more) of all global markets with ebbs and flows of the tides of US dollars means that after US (Anglo-Saxon countries’) credit and economic cycles there are later peaks and troughs for Europe, then Asia and rest of the world, by which time USA et al. have recovered – and we can see early signs of recovery in the rising dollar, falling oil and large increases planned for 2009 budget deficits.

The remaining fear is that the banking sector will not be fit to resume normal service for some years. This risk was long recognised and discussed by bank regulators and a central aspect of Basel II Pillar II whereby banks should become far more cyclically aware but not (it was warned again and again) to the extent of acting severely pro-cyclically otherwise all the responsibility would rest with governments to refloat beached economies! Governments know this and were most anxious to intervene early and often to jump-start banks’ transmission mechanisms before hurricane Recession would land-fall. They failed, why? There were several institutional impossible obstacles, very broadly stated: 1. banks failing to act collectively to save themselves (continuing to jockey individually for commercial advantage); 2. political hesitancy and disbelief that missed psychological moments to restore confidence in the markets; 3. trusting belief in self-righting buoyancy of capitalist markets to automatically rediscover fundamental values and bounce back. Nothing controversial or unexpected about anyu of that, surely?

It is equally easy to describe the circumstances of boom to bust as banks and businesses sweating their assets to the maximum (a business virtue) and everyone else sweating their incomes to the maximum (and beyond) to invest in expensive assets (in a seller’s market) that should become more expensive and did so for years much faster than employment earnings rose. When the boils are lanced or bubbles burst, those most highly leveraged are the first to become technically insolvent. Cash was the joker only so long as property was King.

The only sectors that cannot become technically insolvent, indeed the only truly fundamental values (in market confidence terms) are Governments (especially OECD governments) and the top 5% of households and half of major corporations that remain solvent even when all or most major asset classes have fallen in market price. Of these, only Governments are motivated and big enough to act counter-cyclically to restore general economic growth. There was a vague hope developing for years that if prudential rulebooks are successfully imposed on all banks they could and would become partners with governments in refinancing economies out of the inevitable holes they will find themselves in periodically? This private-partnership was most apparent when banks extended mortgage lending to low-income households thereby saving government the cost of building new public housing. Indeed, in the UK alone for over 20 years, at the rate that new social housing was built or replaced by direct government spending, most social housing would have to survive as long as Stone Henge! But, as the insightful reader will have noticed this brings us full-circle: was it not mortgages for the ‘sub-prime’ poor (a policy measure that appeared practical, neo-liberal, and new socialist) that started the present sorry mess?

Guest post by Banking on Economics

HedgeFundBlogger.com

HedgeFundBlogger.com | Kaizen

First off thank you for the support from everything, the emails, story submissions, linked resources and offers of help are appreciated. We hope to continue to build out our unique hedge fund tools, tracking services, marketing resources and career tips each week over the next few years. We will publish a hedge fund horse races post sometime in the next week showing how much traffic our site gets compared to others in the industry.

We are making several changes to HedgeFundBlogger.com. Once thing that many visitors have asked for in the past are comment forms available below posts such as this. We have tried this in the past and have received too many spam submissions. We are now trying it out again with a new spam filter.

Please feel free to post comments on any of the articles you now read on the site and we will do our best to publish anything value-adding to the conversation. Your own opinion, insight and resources are all encouraged.

For example do you have any feedback for us? How could we improve the site? Please comment below. If you are viewing this post on the front page of HedgeFundBlogger.com you may have to click on the title of the blog post to view this entry as a single post before being able to post your comment. – Thank you in advance.

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Hedge Fund Fight Night

Hedge Fund Fight Night | Charity Fundraiser

(http://HedgeFundBlogger.com) I had to read this headline twice before I believed it:

At 5-foot-4 and 48 years, Nissim “The Miracle” Tse is the shortest and oldest of 34 boxers signed up for this year’s Hong Kong Hedge Fund Fight Nite.

Calling himself “a financial warrior,” Tse likens boxing to his daytime job as a co-founder and head of trading for Hong Kong-based Pi Investment Management Ltd., a unit of London hedge fund manager RAB Capital Plc.

“It’s mental, it’s physical, it’s crazy, it’s stressful,” Tse said in an interview. “But it all happens very quickly, just like you are managing a hedge fund.”

The annual charity fight tonight, in its second year, takes place amid the most severe financial crisis since the 1930s and with the hedge fund industry bracing for its biggest annual loss since Hedge Fund Research Inc. started to keep data in 1990. The fight night aims to raise HK$1 million ($129,000) to repair children’s facial deformities and combat crime and juvenile delinquency in low-income and immigrant communities. The event beat the same target last year.

The world’s largest banks and securities firms have been saddled with more than $670 billion of losses and writedowns, with the crisis costing more than 149,000 financial industry jobs globally, according to data compiled by Bloomberg.

“This is the worst bear market I hope I will see in a lifetime,” added Tse, a 20-year hedge fund veteran who practices karate and plays golf and tennis.

All the more reason for a diversion, according to the fighters.

Graham “The Real Deal” McNeill, a 35-year-old partner at EC Harris LLP, said “therapeutic” lunchtime sessions were a release. “You completely forget about the rigors of the morning and focus on not getting your head knocked off,” he said. Read more…

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Trading Algorithms

Colbert on Software Trading Algorithms

Quick Link: Hedge Fund Video Library

Here is a short video from Colbert on automated trading programs and their role in the recent financial crisis.

If you are viewing this post through my daily hedge fund newsletter please click here to watch the video now.

Hat tip to Barry Ritholtz for first posting this video on his site first.

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Index Performance

Hedge Fund Index Performance

(http://hedgefundblogger.com) Pasted below is a recent hedge fund index performance chart showing which strategies are hurting most during this crisis:

The Credit Suisse/Tremont Hedge Fund Index was down 6.55% in September, according to Oliver Schupp, President of Credit Suisse Index Co., Inc.

Mr. Schupp said, “September was a difficult month for hedge funds across strategies, and the Credit Suisse/Tremont Hedge Fund Index will finish down 6.55% for the month.” Mr. Schupp went on to say “Convertible Arbitrage was the worst performing sector, finishing down 12.26%, while Managed Futures was down only slightly for the month, losing 0.57%. Managed Futures continues to be the best performing sector, and is currently up 6.70% year to date.”

Performance for the Credit Suisse/Tremont Hedge Fund Index and its ten sub-strategies is calculated monthly. September, August and 2008 year-to-date returns for all categories are listed below and are available at HedgeIndex.com.

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There was an article out today in the FT about low stock market trading volume. I have heard this directly from prime brokerage firms, I’ve also heard that managers are holding more cash than usual, taking more cautious trading positions than usual. The exception to this seem to be those few funds which thrive during this type of market volatility, but as the index figures which published this morning show – most funds are working within negative territory for 2008. Here is the story:

Some of the steepest sell-offs and gains witnessed in an especially volatile few weeks for Wall Street could have been exacerbated by relatively low trading volumes as frightened hedge funds sat on the sidelines.

This decoupling of volume and volatility in equity markets is just another example of the reluctance of traders to speculate against a backdrop of uncertainty over the global banking system and economy, say analysts.On October 15, for example, when the S&P 500, Wall Street’s benchmark equity index, dropped 9.9 per cent, its largest one-day drop in more than 60 years, volume was only 11.5bn shares. This was the third lowest volume day that month, with only October 1 and 2, when the ban on short-selling financials was still in effect, having lower trading levels. Indeed volume was only 58 per cent of the record reported on October 10 when the S&P 500 fell just 1.2 per cent. Source

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Australian Short Selling

Australia Drafts Short Selling Regulation

The Australian Treasury are seeking comments on their short selling exposure draft. The current legislation around short selling is complex and unclear and the absence of reporting covered short selling has heightened uncertainty about its real impact and contributed to a 30 day temporary ban being imposed on 21 September 2008.

I believe that concerns about the impact of short selling on the general level of sharemarkets is overstated, and that while there are benefits in producing clearer legislation in the area, it will do little to address the current difficulties facing the Australian and global financial systems.

I am concerned that para 14 says “The Bill will replace ASIC’s interim reporting requirements for covered short sales …” If the temporary ban on short selling remains in place until the Bill becomes an Act, then the Australian financial system will be seriously impacted in the meantime.

Notwithstanding these high level comments, the draft is well balanced and shows a good understanding of the issues. I note para 16 in particular which says that “The Government is not seeking to prohibit or discourage covered short selling activity.” That’s good.

The draft distinguishes between naked and covered short sales. This distinction is relevant in relation to the current interpretation of the reporting requirement for short sales. Beyond that, a short sale is a short sale and the economic impact of being naked or covered is not relevant. This is a red herring in the argument.

Para 16 uses stock lending activity to estimate an upper limit of short selling in Australian listed securities of 4%. It notes that stock lending can be used for other purposes than short selling. However, there is no discussion of the likelihood that stock lending transactions may pass through many hands (it is a deep and liquid market) before it finally reaches a short seller. I have no evidence to support this, but typically a fund manager will ask their prime broker for stock availability. The prime broker may draw the stock from their own/their client’s inventory or go to the market to borrow the stock for the manager. To the extent this occurs, stock lending activity will further overestimate short selling.

Para 22 argues that the absence of transparency in short selling may adversely impact investor confidence and market integrity, increasing the cost of capital and reducing investment activity. I would argue that the absence of short selling brought about by the temporary ban will also have this impact.

Para 23 discusses objectives. The first two points are side benefits to investors, but are inappropriate as objectives for any legislation. Providing information that is hard earned by one set of participants freely to others is unfair and unbalanced. In the case of the first point, “to provide a signal that individual securities may be overvalued”, assumes that short sellers are better judges of share value than other investors ie those holding the investments long. This is not necessarily the case. If it is the case, then why should legislation be introduced that makes it easier for poorer judges of value?

The discussion of gross or net reporting of short sales is not relevant. Only net short selling will have an economic impact.

The main weakness of option two (para 26) is that reporting will be made on a trade basis. This implies a significant accounting requirement to follow through the impact of the sale on existing positions and to correct for any trade failures etc. Is the position opening a new short sale, extending an existing, reducing an existing ie a purchase.

It will be more straight forward to report positions and not trades at designated points of time. This information should be published from the source of truth, which is not the trade advice received by the broker. Typically brokers do not carry a record of holdings for their clients and investors may use multiple brokers to achieve a desired position.

I believe the best source of this information is held by the investor or as is generally the case, the investor’s agent, the custodian or sub-custodian. Custodian’s that carry short positions on behalf of clients already capture, settle and report this data daily on a traded and settled basis. Positions will also include off-market transactions for which they act as custodian. There are fewer custodians, than either investors or brokers. This alternative was not mentioned at all in the exposure draft, but is likely to be the preferred route and impose lowest regulatory cost.

Also not mentioned is that Short Interest has been captured in other markets for some time. In the US, Short Interest is published by major exchanges fortnightly eg http://www.nasdaq.com/aspxcontent/shortinterests.aspx?symbol=MSFT&selected=MSFT shows Microsoft’s Short Interest history. What is the process employed in these markets? Can it be applied in Australia?

Will there be areas of activity not captured by using custodians? Offshore investors will presumably use sub-custodians. Users of direct market access systems will report trades to their custodian for setlement. Broker’s principal positions? Anything else?

Para 34 discusses the problem of different trading desk activity in the same firm. Using the custodian approach, each account will be aggregated across every security. The fact that some houses will have offsetting long positions is not relevant. The fact that one group in the house has borrowed stock (or sold in advance of borrowing stock or settling) as principal or for a client is what is required to be captured, and will be captured using this approach.

Para 34 also discusses whether short sale reporting should be delayed. The concern presently is that the data should be provided frequently and quickly as it is believed to be materially important. However, international experience is that data provided fortnightly serves the market well. In fact, there is little movement from one fortnight to the next. But where there is a commercial advantage for short sellers in those markets, I believe it is sufficiently preserved with this level of periodic reporting.

In summary, the use of brokers to collect short sale trade information at the point of the trade is not the most effective way of achieving the desired outcome. Periodic position reporting by custodians, and investors that do not have custodians, is likely to provide adequate transparency of short selling in Australian securities.

Guest post by Rick Steele

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Hedge Fund Industry

Hedge Fund Industry | US Economy

Here is a short piece reviewing what has happened to hedge funds within 2008:

They preached to the rich that they had the answers – philosophically-driven investment vehicles for the rich. Some crawled and leaped into emerging markets (high-growth but unstable developing countries), a few financed movies while others created and plied the infamous derivative trade – many packaging subprime mortgages, rating them in tranches and either holding them or selling them as high-yield instruments to institutions like Bear Stearns, AIG and Lehman Bros. A lot of billionaires were born and made in those deals.

Today, even the federal bailout has excluded investing in these funds, as hedge funds are pulling their investments out of emerging markets as fast as they can, tanking the local currencies against a rising dollar and yen. Investors are pulling their money, when they can, out of hedge funds themselves (literally dumping their investments in the already volatile marketplace), and that is a big shoe rapidly slipping off the foot ready to drop. The New York Times today: “Hedge funds lost an estimated $180 billion during the last three months and some are near collapse. Investors are demanding their money back, and Wall Street is bracing for a shake-out in the $1.7 trillion industry.” Source

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Spain Hedge Fund Guide

1 Page Guide to Hedge Funds in Spain

Here is a short collection of articles on the hedge fund industry in Spain. I am always looking for more valuable online tools and resources to add to these geographical hedge fund guides to the hedge fund industry. If you have a white paper or PowerPoint that I can include here please send me an email and I will post it for everyone’s benefit.

• Spain will authorize domestic sales of hedge funds this year, provided they publish trading prices at least every six months and meet other requirements, the Economy Ministry said Wednesday. A ministry spokeswoman, who declined to be identified, said an initial investment of at least $50,000 or $60,000 will also be mandatory and fund managers must be based in one of the 30 nations in the Organization for Economic Cooperation and Development, a group of market-oriented countries.
• With the approval of Circular by the Spanish regulator, the CNMV, the regulation on hedge funds has been finalized after prior approval of the Regulation on Collective Investment Institutions. Once this regulation is approved, Spanish management companies would be able to file for the license to manage hedge funds, which would be the prior step for the first product to be launched.
• As Spain’s Comisión Nacional del Mercado de Valores becomes the latest European regulator to implement a regime for fund of hedge fund managers looking to tap retail interest, market participants are divided over its impact on the market for hedge fund-linked products
• Vulture funds are finally saying debt from Spanish retailer Cortefiel is now cheap enough to buy, after waiting for months to see prices of the struggling company’s debt fall further. The funds, which have raised billions of dollars to invest on the hopes that a worsening global economy will depress debt prices, are closely monitoring the Spanish group whose debt trades at about 42 percent of its face value.
• Great introduction article about hedge funds and other assets in Spain.
• Very in depth and thorough Hedge Week guide to everything hedge fund related in Spain.
• Regulation governing Spain’s hedge fund market is set to be finalized this month, following more than a year of uncertainty. The rules, expected to be approved by the Spanish parliament within the next few weeks, will provide a massive boost to the country’s hedge fund industry, say market participants.
• Overcoming Spain’s natural conservatism headline
• Rarely has the approval of a financial product in Spain generated such controversy as the decision to allow sales of domestic hedge funds. After lengthy and intense discussion involving politicians, regulators and those working in the financial sector, the first such fund was registered with the stock market commission on November 8, 2006. But one year on, demand for hedge funds has fallen short of expectations.
• U.S. retail investors have had a growing appetite for hedge funds, and now European investors will get the chance to test the waters in these high-return, sometimes risky investments, as Spain is the first European country to introduce retail investors to hedge funds, according to Boston-based consultancy firm Aite Group.
• Madrid, Spain-based Altex Partners Group has won approval from Spanish regulators for a new fund of hedge funds promoted in partnership with GLG Partners. Altex GLG becomes the 35th fund of hedge fund authorized by Spain. Altex GLG Fund will only invest in funds managed by U.K.-based GLG Partners, one of the biggest hedge fund managers in the world, with over US$26 billion of asset under management.
• Great must read article about regulations in the Spanish hedge fund market.
• Sometimes it’s the most innocuous-looking headlines that spell the most trouble. With most papers leading on “here comes the recession”-type stories, it would be very easy to overlook the report on page five of yesterday’s FT that the “ECB is to tackle abuse of liquidity aid”. And no wonder. The story sounds either a) very technical or b) something about the financial equivalent of binge drinking. But there’s a bombshell being delivered here – the European Central Bank is about to stop bailing out eurozone commercial banks. And that could mean another big lender going ‘bust’.
• The failure of the Spanish property firm, Martinsa Fadesa, is a sign that hedge funds are stepping up efforts to wring profit out of ailing companies, in moves that might prompt more Spanish insolvencies. Hedge funds which bought Martinsa Fadesa debt at discounts of as much as 50 percent of its value could now profit from its administration process because an expected sale of assets might pay them back at a price closer to face value.
• Spanish finance lawyers have been busy working on the launch early in 2007 of the country’s first domiciled Hedge Funds, amid debate over which law firms are best placed to advise on these new investment vehicles. The stock exchange regulator, CNMV, has already approved for trading the first fund managers, and a rapid buildup in the number of authorizations and products is expected as “H-day” approaches.
• Another great in depth guide to regulations of hedge funds in Spain and Europe.
• Spanish hedge funds move closer to reality.
• Spain’s newly-approved hedge funds must now prove they have what it takes to attract business. At the end of 2006 and after months of anticipation, the first Spanish-registered hedge funds were launched with the approval of the Comisión Nacional del Mercado de Valores (CNMV), the country’s securities market regulator.
• Valorica Global FIL, one of Spain’s first onshore hedge funds, has implemented Insight, a sophisticated portfolio management and accounting system developed by specialist hedge fund technology provider, Tradar. Valorica Global FIL, which was launched on 28th September 2007, following approval from the Comisión Nacional del Mercado de Valores (CNMV), manages three investment vehicles.
• The Swiss banking group SYZ & CO and the Madrid-based asset management company A&G Fondos, Asesores y Gestores Financieros Fondos have announced the imminent launch of two Spanish-regulated funds of hedge funds. SYZ & CO and A&G are thus among the first institutions to benefit from new Spanish legislation authorizing the marketing of alternative investment funds.
• Some background and introductory material taken from the Hedge Funds World Espana 2007 Event

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Hedge Fund Meltdown?

Hedge Fund Meltdown? | 30% Decline in AUM?

One of the most frequent questions I keep receiving is, “What does this (the financial crisis) all mean for the hedge fund industry as a whole?” It is relatively straight forward to predict the short-mid-term consequences, but over the long-term I disagree with many. Some experts are predicting a 30% decrease in total assets under management within the hedge fund industry, others have been predicting for some time that the industry will disappear altogether. I believe with banks less able to take on the types of risks which hedge funds get paid to take, hedge funds will recover what has been lost and come out only stronger within 3 years of today. There will be funds closed, as they are always are, someone new will go to jail, and some investors will feel the pain of gating clauses but in the end hedge funds as a group are more diversified than banks, private equity firms or sovereign wealth funds. They will survive and thrive over the long-run.

Here’s an excerpt from a recent story predicting a 30% decline in AUM within the industry:

In happier times, the bronzes in the window of WH Patterson’s gallery in London’s Mayfair would have been quickly snapped up. Their titles — Lioness Attacking, Lioness Stalking and Cheetah I and II — would have appealed to the hedge-fund managers who work in the area and fancy themselves as financial-market predators.

To them, the asking price of £10,000-plus would have been little more than small change; but those days have gone and the hunters are rapidly becoming the hunted.

A handful of managers in London and New York were forced last week to liquidate funds, including the flagship funds at MKM Longboat and Powe Capital, as investors demanded their money back. It is only the beginning.

Experts are predicting a 30% reduction in the hedge-fund industry — there are roughly 10,000 funds worldwide, and the industry is worth approximately $2 trillion. One broker said: “Small firms are bleeding. Assets are being sold off, investors are redeeming money and the managers are scuttling off to work somewhere else.” Read more…

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Letters to Investors

Hedge Fund Letters to Investors

Below are a series of hedge fund letters as I have seen them posted on other websites such as Dealbreaker and Naked Shorts.

Updated

• Andrew Lahde | Hedge Fund Closure Letter to Investors
• TPG Axon
• Tontine Partners
• Cerberus
• Greenlight Capital
• Richard Perry’s Perry Partners
• Tosca Asset Management
• Maverick Capital
• Colony Capital
• Oaktree Capital Management
• Hayman Advisors LP
• Balyasny Asset Management LP
• Baupost Group
• Perry Capital

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