Paul Singer’s Elliott International Hedge Fund Up 11.8% in 2013 (Wall Street Journal)
Hedge-fund manager Paul Singer turned in another steady year of performance in 2013, according to a monthly investor update. Mr. Singer’s flagship Elliott International Ltd. rose 11.8% last year. The fund, which hasn’t reported a negative month in a year and a half, gained 0.9% in December and 2.5% in the fourth quarter. The smaller Elliott Associates LP, with a strategy of focusing on distressed credit similar to the main fund, climbed 12.4% last year. The Elliott Associates fund rose 0.9% in December and 2.6% in the final quarter of 2013, according to the update.
Glenview’s Robbins Tops Hedge-Fund Ranking With Bet on Obamacare (San Francisco Chronicle)
Larry Robbins’ corporate handicapping helped his $1.8 billion Glenview Capital Opportunity Fund to an 84.2 percent gain through Oct. 31, which made it No. 1 in the annual Bloomberg Markets ranking of the best-performing large hedge funds. Robbins, 44, chief executive officer of Glenview Capital Management LLC, trounced his rivals by betting on U.S. stocks as they rose to record levels, Bloomberg Markets magazine will report in its February issue. He’s predicting at least another year of gains, while other managers fret and hold cash. “The current environment is opportunity heavy, and it’s return heavy,” Robbins says in an interview at his offices in the General Motors Building on New York’s Fifth Avenue.
TCI has record year – but this time charity won’t benefit (Telegraph.co.uk)
The hedge fund manager, Chris Hohn, has made billions of dollars after a record year – but, for the first time since founding The Children’s Investment (TCI), his charity may not see a penny of the profit. TCI’s flagship $7.9bn (£4.8bn) Master Fund generated a 47pc return during 2013 – among the best performances of any hedge fund in the world – from investments in companies including Royal Mail. Mr Hohn, who is the biggest shareholder in the newly privatised delivery group, set up TCI in 2003 so that the majority of its annual profits were automatically channelled into the Children’s Investment Fund Foundation (CIFF), the charity run by his wife, Jamie Cooper Hohn.
Hedge Funds Trail Stocks for Fifth Year With 7.4% Return (Bloomberg)
Hedge funds trailed the Standard & Poor’s 500 Index (SPX) for the fifth straight year as U.S. markets rallied to record levels. Hedge funds returned an average of 7.4 percent in 2013, after a gain of less than 0.1 percent in December. The Bloomberg Hedge Funds Aggregate Index is down 1.8 percent from its July 2007 peak. The index is weighted by market capitalization and tracks 2,257 funds, 1,264 of which have reported returns for December. Funds lagged behind the S&P 500 by 23 percentage points last year, the most since 2005, as the U.S. benchmark surged 30 percent for its best performance since 1997. Hedge funds fell short of investor expectations as clients targeted net returns of 9.2 percent from their investments in 2013, according to a Goldman Sachs Group Inc (NYSE:GS) 2013 investor survey.
Carmignac Snaps Up Four-Man Team from SAC Capital (Wall Street Journal)
Four more London-based SAC Capital Advisors hedge-fund employees have landed jobs, this time to oversee some €1.6 billion ($2.2 billion) in European equities for the Carmignac Gestion Group. The team is led by Muhammed Yesilhark, who joined SAC in 2009 after working at U.S. hedge-fund firm York Capital Management and, before that, as an investment analyst in Lazard Ltd (NYSE:LAZ).’s Frankfurt office. Carmignac Gestion, based in France with offices throughout Europe, oversees some €55 billion euros in 17 funds, according to its Web site. Carmignac Gestion announced the moves Tuesday, saying the SAC team will help increase its European-equities business, and they new hires will generate investment ideas across a wide range of funds.