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Todd Walker is the Executive Director and Chief Strategist at HedgeTracker, where he is responsible for overseeing research, analytics and business development. He has particular expertise in investments that are popular among elite hedge fund managers, shareholder activists and... More
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  • Hedge funds flat in March, Fortress Investment Group & BlueGold Capital outperform 0 comments
    Apr 13, 2011 12:18 AM | about stocks: FIG
    Hennessee Group LLC announced yesterday that its hedge fund index was up just 0.23% in March and 2.35% year-to-date. In comparison, the Standard & Poor’s index was up 5.43% during the same period in 2011, but down 0.10% in March. Also, Hedge Fund Research, another Hedge fund research firm which aggregates data on over 2,200 hedge funds for its Hedge Fund Research Index, said its average hedge fund was up 0.31% in March and 1.99% YTD.

    The strongest performers in the Hennessee index were technology (+5.2%) and healthcare-focused (+1.7%) hedge funds, while overall long/short equity funds were up 0.23%.

    Poor performance was largely attributed to volatility caused by the earthquake in Japan and the widespread unrest and instability in the Middle East. Hennessee’s Global/Macro Index was up 0.32% but the Macro Index fell -1.33% in March and -1.29% YTD. Furthermore, The Hennessee International Index fell 0.50% in March, though was still up 1.32% YTD.

    However, Fortress Investment Group was one winner in March, with its Asia Macro Fund up 3.5% in March. Fortress Investment Group’s Global Macro Fund was also up 1.8% and its commodities fund rose 1.5% in March. Notably, according to reports, all of Fortress Investment’s hedge funds recorded gains in March.

    Another big winner is Pierre Andurand’s BlueGold Capital, which specializes in energy investments. BlueGold was up 5.5% for the quarter, far outstripping the average energy hedge fund, which was down almost -3% for the quarter.

    Some notable losers include John Paulson’s Advantage Fund, down 3.10% in March and 1.24% YTD. Paulson & Co. ’s Advantage Plus Fund fared even worse, losing 4.4% in March, bringing its YTD performance down to -1.74%. Paul Tudor Jones’s Tudor BVI Global fund also fell -0.47%, and even Dan Loeb’s Third Point Offshore fund, one of the year’s top performers at a 6.78% gain over the first quarter, fell in March.

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