Hedge Fund Survey

Hedge Fund Investor Survey

A recent survey of hedge fund investors showed that many of them, over 50% are satisfied with their alternative investment or hedge fund investments right now. Only 30% of this same group were satisfied with their stock and bond investments.

I thought this would be interesting to post here and important because it cuts through the bias placed upon the reporting on hedge fund blow ups, billion dollar take downs and locks ups that we have seen a lot of in the mainstream news outlets.

Here is an excerpt from another blog posts on this subject:

The survey, of 400 clients with $3 million or more in investible assets, found that more than half of those with hedge-fund investments were “satisfied” with the funds’ performance.

That compares with an approval rating of just 30% for traditional investments such as stocks and bonds. Other alternatives also fared better than stocks and bonds: a 41% approval rating for venture capital, 41% for real-estate, and 35% for private equity.

What gives? Haven’t hedge funds had one of the worst years in history?

According to Hedge Fund Research, the hedge-fund industry was down 3.2% for the month through July 24. That’s the worst July performance since the research firm starting tracking the business in 1990, and the worst monthly performance since 2000.

Yet stocks have fared even worse. The S&P is down 16% for the year, and the Dow is down about the same. Hedge funds also offer a greater opportunity to play the downturn with distressed funds.

Source: WSJ Wealth Report

Special thanks to Rick at FinancialAwakenings.com for alerting me to this survey.

- Richard

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Marketing Internship

Third Party Marketing Internship

If you are looking for an internship within the area of third party marketing or hedge fund marketing please send me an email. We have room for two additional non-paid interns who would like to get their feet wet in this area and build a strong foundation of knowledge to start a career on. To apply please send an email to Richard@HedgeFundGroup.org.

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Investment Risks

Hedge Fund Investment Risks

This PowerPoint presentation outlines the investment risks that hedge fund investors face and methods for reducing these risks. Operational problems often lead to hedge funds failing and this guide provides a list of these operational risks with a short explanation. It includes: age and stability, capacity, liquidity, organizational structure, counter-parties, operational costs and a manager’s utility (risk aversion).

These are simple factors to consider when selecting a hedge fund. The author points out that there are inherent risks that the investor should realize like illiquidity and often slippage in the investments. A suggested way to reduce risk is to have frequent meetings with the manager and continually monitor the manager and operations. This will help reduce risk and minimize costs on the investment.

Resource: Risks of hedge fund investing & portfolio management

- Richard

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In May, HFN Hedge Fund Average Aggregate was +2.02%, and the S&P Total Returns Index was +1.30%. The energy sector continued to rise this year with the HFN Energy Sector Average at +4.38% last month. The equity markets’ success seems to have led to the HFN Long/Short Equity Average outperforming the S&P Total Return Index, yielding +2.76.

In regional benchmarks, while hedge funds investing in China and India performed dismally, funds investing in Russia and Brazil boosted the Emerging Markets Average to +2.55%. Hedge funds using the long only strategy have performed poorly this year but improved thanks to the global equity markets, the Long Only Average was %3.41 in May. Investors have shown dissatisfaction with the technology sector through redemptions and liquidations. Total assets in tech sector funds fell 10.89% in Q1 of 2008, yet the Technology Sector Average was one of the best performers in May at 3.46%.

- Richard

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Prime Brokerage New York

Prime Brokerage New York / Evolution

The prime brokerage industry is constantly evolving adapting to new client demands, opportunities and regulatory environments. I was in New York yesterday discussing some of these ongoing changes with a few prime brokerage professionals and they mentioned that several times a year there are events which slightly re-shape their industry.

If you haven’t read it already there was an interesting article put out by ICFA a few days ago about the changing landscape of the hedge fund prime brokerage business model. Special thanks to Fintag for finding this article.

The main point of change that this article pointed to was the widespread interest in hedge funds by traditional investment managers. This is leading prime brokerage clients to service clients who also run 130/30 and long only portfolios as well.

“According to a recent Vodia Group survey traditional asset managers have 3 per cent of their asset base – equivalent to $1.95trn – in leveraged investments, with 86 per cent of major asset managers expecting to run 130/30s by mid-2009. The firm predicts that leveraged assets will increase from $2.65trn today to $4.48trn in 2012, driving greater demand for prime brokerage services.”

“But traditional asset management clients are forcing prime brokers to adapt their business model, placing greater emphasis on custody, reporting and risk management and de-emphasising capital introduction and leverage. These factors will push margins lower and increase operational requirements in the prime brokerage business, Vodia said.”

While I can see why the largest of institutional money managers are not going to be drawn by the hopes of capital introduction I still believe that those prime brokers who do offer capital introduction services will have a competitive advantage while competing for the business of hedge fund managers here in the US. Every year the field becomes more competitive, and most hedge funds need help marketing and raising capital.

- Richard

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Hedge Funds in California

Hedge Fund Managers in California

Someone from the Hedge Fund Group (HFG) recently sent me this list below of hedge fund managers based in California. This list will be added later today to the current California Hedge Fund Guide. This list is not exhaustive, this is not a recommendation to invest in these funds and this list is not guaranteed to be up to date either. Some of these hedge funds may no longer be in operation.

• Analytic Investment Managment, Inc.
• Angelo, Gordon & Co.
• Ares Management
• Ascend Capital, L.L.C.
• Canyon Capital Adivsors, L.L.C.
• Clados Management, L.L.C.
• Context Capital Management, LLC
• Criterion Capital Management
• Gilbert Global Equity Capital
• Guggenheim Partners, L.L.C.
• Husic Capital Management
• Ivory Investment Management, L.P.
• Los Angeles Avengers
• Macke Asset Management
• Mellon Capital Management Corp
• North Point Advisors
• NWQ Investments
• Oaktree Capital Management, L.L.C.
• OMT Capital Management
• Origin Capital Management, L.L.C.
• Pacific Alternative Asset Management Co.
• Robeco Boston Partners Asset Management
• Seasons Capital Management
• SG Cowen & Co.
• Sierra Ventures
• Soros Fund Management
• Standard Pacific Capital, L.L.C.
• Stonnington Group, L.L.C.
• Strata Capital Management
• Tremblant-Trident, L.L.P.
• Zazove Associates

- Richard

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Dwight Anderson

Dwight Anderson of Ospraie Fund

The following piece on Dwight Anderson is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.

It is rare that a hedge fund manager comes out and actually apologizes for the low performance. Less than 1/5 letters that I have seen actually use the words sorry or apologize.
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In the world of palladium, gold and soy beans, hedge-fund manager Dwight Anderson was known as an imposing figure with an appetite for risk.At 6-foot-3-inches (1.9-metres), Anderson’s towering physical presence was long matched by towering returns at his flagship 9-year-old hedge fund, one of several portfolios managed at Ospraie Management LLC, the world’s biggest commodities hedge fund firm.But the 41-year-old investor, whose flagship Ospraie Fund Ltd returned 15% a year on average from 2000 to 2007 with $US3.8 billion ($4.5 billion) invested at its peak last year, may have attempted to climb too far too fast, say investors in his fund..

Anderson confirmed on Tuesday what had been rumored in the $US2 trillion industry for days — the Ospraie Fund lost 27% in August, forcing him to close it with a crippling 39% loss for the year.Anderson, who launched the Ospraie Fund while working for another hedge-fund legend, Paul Tudor Jones of Tudor Investment Corp, joins a growing list of prominent fund managers forced to shut funds or firms amid heavy losses in the last few months. “After nine years of striving to be a good steward of your capital, I am very sorry for this outcome,” he wrote on Tuesday in a letter to investors such as Lehman Brothers, Credit Suisse and smaller endowments.More details would come on Thursday, he added.The hedge fund firm still manages other portfolios, including the $US1.2 billion Ospraie Special Opportunities Fund. Read more…

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Family Wealth Management

Family Wealth Management

Content coming soon on Family Wealth Management please check back soon for more details.

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Long Stock Position

Long Stock Position Definition

(1) An option position in which a person has executed one or more options trades with the net result being that the number of contracts bought exceeds the number of contracts sold. In such a case, the person is an “owner” or holder of options.

(2) A position in which an individual owns securities. An owner of 1,000 shares of stock is said to be “long the stock.

To view additional Terms & Definitions please click here.

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Australian Stock Exchange ASX

Australian Stock Exchange ASX LTD Stocks

Australian Stock Exchange. ASX was formed in 1987 through incorporation under legislation of the Australian Parliament enabling amalgamation of six independent stock exchanges operating in Australia’s state capital cities. ASX provides three markets for trading: (a) equities, (b) debt securities, and (c) equity and index derivatives.

The Australian Stock Exchange Limited operates as a private, non-profit organization whose stated purpose is: “To provide, for the benefit of all participants, the most internationally competitive and fair market for financial securities and derivatives so as to enhance Australia’s position as a regional financial centre.”

For more information, see the ASX web site

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