d**z
发帖数: 3577 | 1 http://www.mitbbs.com/article_t/Military/44911689.html
有名对冲基金BlueCrest成绩差，决定退出理财服务。
能力技术不行，即使只看管自己的资本，结果也不会多好。
今后几年是金融市场，尤其对冲基金，大换血的过渡期。
BlueCrest To Turn Private：
Mike Platt, the billionaire founder of the $8bn BlueCrest hedge fund, is
pushing out his external investors, arguing that the industry’s fee model
is no longer profitable enough to be worth the effort.
BlueCrest has haemorrhaged billions of dollars in assets as investors
withdrew money in recent years, shrinking from managing as much as $36bn to
$8bn. It said it would become a private investment partnership and manage
only Mr Platt’s fortune as well as money from other partners and employees.
“It is no longer a particularly profitable business to run a multi-manager
hedge fund on 2 and 20 per cent fees,” Mr Platt told the Financial Times.
“Instead we are happy to be our own client and run our own amount of
leverage. We are going from earning 2 and 20 on clients’ money to earning 0
and 100 on our own.”
The term “2 and 20” refers to hedge funds charging clients a flat annual
fee of 2 per cent of their invested assets, and 20 per cent of profits. The
model that has made multibillionaires of many hedge fund managers, including
Mr Platt, but these fees have come down in recent years under investor
pressure.
In 2014 Mr Platt was estimated to be the sixth highest earning hedge fund
manager, making $800m that year.
The BlueCrest International Fund, the hedge fund’s oldest and once its
largest, has suffered large redemptions this year as it has posted several
years of poor returns. After surging by 45 per cent in 2009, the
International fund has in the last three years lost money or barely managed
to scrape into positive territory.
The AllBlue fund, a fund that combines a mix of BlueCrest funds, has done
better, making an average 4 per cent per year for the last three years up
until October of this year.
“BlueCrest has not been delivering compelling returns for several years,
and investors started to react,” said an institutional investor who
previously held money with BlueCrest.
“For someone who has made as much money as [Platt] has it must get tiring
having all your investors ring you up and complain about you not actually
being that great in terms of performance,” the investor said.
BlueCrest’s closure to outside investors comes in a challenging year for
the hedge fund industry when some of its star managers have been wrongfooted
by markets and suffered painful losses.
At the same time hedge fund clients, increasingly made up of pension funds,
have become more critical of paying high fees for investment services, and
sensitive to traders who borrow a lot of money to boost their returns.
“Clients have strict requirements about levels of risk they want us to take
with their money,” Mr Platt said.
“We have felt that this level of risk is not levered enough to generate the
returns we want. At the same time some clients have said we take on too
much risk, and taken their money out.”
He also said that the high cost of retaining traders had eaten into his
profits. “We pay more out to traders than we receive in performance fees,”
he said.
The hedge fund industry continues to generate large amounts of money for its
leaders, with the industry’s 25 highest earners making $21.5bn in total in
2013, roughly equivalent to the gross domestic product of Jamaica.
By returning money to outside investors Mr Platt follows other large hedge
fund managers including George Soros and Stanley Druckenmiller who have
converted their funds into private groups that manage their own fortunes.
BlueCrest late last year split from its computer-driven trading business,
run by Leda Braga, meaning $9bn of assets left the firm. Last month
BlueCrest sold down the majority of its remaining stake in Ms Braga’s
Systematica fund to the investment group AMG.
Mr Platt, born in Preston in the north of England, co-founded BlueCrest
after a career as a trader at JPMorgan Chase, building the fledgling hedge
fund into one of the largest in the world by assets under management.
He defended his investment record, noting that AllBlue was close to its all-
time highs, and BlueCrest as a whole had generated $22bn in trading profits
over its 15 year history.
“Everyone who invested in BlueCrest has made money,” he said. “All Blue
is up, net of fees, more than 3 per cent this year. Our returns are still
good. This is not an admission that we can’t make money. With this
particular business model we are showing we would like to be our own client.”
http://www.ft.com/cms/s/0/115504dc-982a-11e5-9228-87e603d47bdc.
http://www.mitbbs.com/article_t/Military/44911689.html | d**z
发帖数: 3577 | 2 Billionaire David Einhorn's Hedge Fund Is Down By 20% In 2015
Billionaire David Einhorn’s terrible year got even worse in November with
his Greenlight Capital hedge fund tumbling by about another 5%. As a result,
Einhorn’s Greelight Capital has fallen by more than 20% in the first
eleven months of 2015, according to the web site of his reinsurance company.
With the U.S. stock market basically flat this year, Einhorn’s returns look
particularly bad and, in a way, represent the general disappointment of
hedge fund returns this year. A noted stock picker and short seller, Einhorn
, 46, seems sure to be heading toward only the second down year of his hedge
fund career.
Einhorn’s returns this year have been hurt by big bets on stocks like
SunEdison, the solar and wind energy producer, and Micron Technology, the
semiconductor company. Securities & Exchange Commission filings show that
Einhorn had sold a chunk of his holdings in both SunEdison and Micron by the
start of October. But SunEdison’s stock fell by more than 56% in November
and still seems to have further dented Einhorn’s returns.
Einhorn’s Greenlight Capital hedge fund has a very large position in Apple,
which represents a big chunk of Greenlight’s U.S. stock portfolio, SEC
filings show. Shares of Apple fell by 1% in November, meaning Einhorn’s
hedge fund was facing a headwind during the month. Einhorn has signification
positions in two other stocks that also performed poorly in November. The
stock of one of those significant positions, Time Warner, fell by 7% in
November. The stock of the other position, Green Brick Partners, fell by 28%
in November.
http://www.forbes.com/sites/nathanvardi/2015/11/30/billionaire-
http://www.mitbbs.com/article_t/Military/44911689.html | d**z
发帖数: 3577 | 3 Trafigura Says It's Winding Down Flagship Commodity Hedge Fund
Commodities trader Trafigura Pte Ltd. said it is closing its flagship Galena
Metals Fund, the latest hedge fund victim of the rout in raw materials
markets from oil to copper.
Commodities hedge funds are heading for their worst year since the 2008-09
global financial crisis, with some shutting down -- including the $450
million Armajaro Commodities Fund -- after losing money and clients.
"In view of the difficult conditions prevailing on commodities markets,
Galena Asset Management has decided to wind down the Galena Metals Fund,"
Trafigura said in a statement on Monday. "Investors have been informed and
trading positions are being unwound in an orderly manner.”
Galena is one of the best-known hedge funds investing in metals,
particularly copper, alongside rivals Red Kite Group and Citrine Asset
Management LLC. Copper prices fell this month to a six-year low below $4,500
per metric ton. The LMEX Index, which tracks the price of aluminum, copper
, nickel, zinc, lead and tin, has lost half its value since setting a record
in 2007.
The $300 million Galena Metal Fund dropped 4.5 percent this year, heading
for its first annual loss since 2012, according to data compiled by
Bloomberg. The fund, which was more than twice its current size five years
ago, had made money in nine out of 10 years since it was started in 2005.
The closure comes days after Trafigura said that Duncan Letchford, chief
executive officer of Galena, was leaving the company to pursue other
interests. The trading house, which has major operations in Geneva and
Singapore, said it will retain other funds, including its private equity
fund focused on debt and equity of mining companies.
Galena had assets under management of $2.2 billion as of September 2014,
according to Trafigura’s annual report. The trading house will update the
market on its hedge funds when it releases its results later this month.
Trafigura joins other trading houses restructuring their hedge fund
businesses. Cargill Inc., a major trader of agriculture commodities, said in
September it would spin off its $7 billion hedge fund unit Black River
Asset Management. The separation came two months after Black River shut down
four funds investing in equities, emerging markets, commodities and a
regional fund focused on Europe, Africa and the Middle East.
Krom River Trading AG, a commodities hedge fund based in Switzerland, told
investors earlier this year it would re-launch after its assets under
management fell to $64 million in June, down from about $800 million in 2012.
Hedge funds betting on commodities are heading for their worst performance
in seven years, after losing 4.6 percent in the first 10 months of 2015,
according to the Newedge Commodity Trading Index. The amount of money under
management by hedge funds specializing in commodities stands at $24 billion,
15 percent below the peak three years ago, data from Hedge Fund Research
Ltd. show.
http://www.bloomberg.com/news/articles/2015-11-30/trafigura-say
http://www.mitbbs.com/article_t/Military/44911689.html | d**z
发帖数: 3577 | 4 Louis Dreyfus Hedge Fund Edesia Said to Close Singapore Unit
The hedge fund controlled by commodity giant Louis Dreyfus Holding BV will
close its Singapore office to focus on its European trading operations,
according to three people with knowledge of the matter.
The closure will eliminate four positions at Edesia Asset Management BV,
about 10 percent of the hedge fund’s staff, said two of the people, asking
not to be identified because the decision hasn’t been made public. Edesia
currently has close to $1.9 billion in assets, down from a peak of about $2.
4 billion in 2012, the people said.
It’s the latest sign of the pain for commodity hedge funds as raw material
prices trade at the lowest since the global financial crisis. Trafigura Pte
Ltd., another major commodities trader, said Monday it’s winding down its
flagship commodity fund due to difficult market conditions. Galena Asset
Management’s Chief Executive Officer and Trafigura management board member
Duncan Letchford is leaving the firm.
Hedge funds betting on commodities are heading for their worst performance
in seven years, after losing 4.6 percent in the first 10 months of 2015,
according to the Newedge Commodity Trading index, which tracks the
performance of raw-material trading strategies including equities and
physical products.
Still Committed
Edesia, which trades agricultural commodities and metals, remains committed
to the sector and has the backing of its investors, including institutional
hedge funds, two of the people said. Even as metal prices have slumped to
the lowest level in six years, Edesia’s performance has been flat this year
, according to the people.
The company has a trading and administrative office in Geneva, a trading
office in London and a two-person trading unit in Wilton, Connecticut.
The hedge fund was formed in 2008 by Louis Dreyfus Group, which controls
Louis Dreyfus Commodities BV, the world’s largest rice and raw cotton
trader and one of the four biggest agricultural commodity trading houses
known as the ABCDs.
Billionaire Margarita Louis-Dreyfus is considering a potential sale of a
minority stake in Louis Dreyfus Commodities after fellow family members
signaled their intention to sell their shares, Bloomberg News reported Nov.
19.
Trading Hires
As funds have closed some executives have joined trading houses. Glencore
Plc hired Jean Bourlot, who founded commodity hedge fund Higgs Capital
Management, and Kieran McKenna, who created oil hedge fund Mastic Investment
, this year. At their peak, the two funds had combined assets of almost $500
million.
Cargill Inc.’s Black River Asset Management unit shut its commodity unit in
July and Armajaro Asset Management LLP closed one of its funds. The
founders of Vermillion Asset Management, the commodities hedge-fund firm
owned by Carlyle Group, left this year after losses.
Copper prices for delivery in three months rose 0.2 percent to $4597.50 a
metric ton on the London Metal Exchange at 10:15 a.m. in London. The price
of the metal has declined 27 percent this year. ICE coffee futures have
dropped 30 percent this year.
http://www.bloomberg.com/news/articles/2015-12-01/louis-dreyfus
http://www.mitbbs.com/article_t/Military/44911689.html |
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