Hedge Fund Returns Through June 2011

Hedge funds aren’t performing very well this year because of their hedges. We calculated the returns for hedge funds’ 13F holdings in S&P 500 constituents in the following articles: 10 Best Performing Star Hedge Fund Managers, 10 Worst Performing Star Hedge Fund Managers, and 25 Best Hedge Funds of Q2 2011 . These returns represent the long side of the hedge funds’ portfolios. Since the market was up this year, these stocks performed better than the hedge funds themselves.

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We also compiled hedge funds’ returns for the first half of 2011. Here are the returns:

1. John Paulson – Paulson & Co: John Paulson’s flagship fund lost around 15% through the end of June. However, Paulson invests most of his wealth in gold denominated versions of his fund, so his personal loss is less than 15%. Paulson’s long positions in S&P 500 constituents lost only 6% during the second quarter.

2. Chris Hohn – Children’s Investment Fund: Hohn gained around 15% through mid June. You can check out his top stock picks by following the link.

3. David Einhorn – Greenlight Capital: Greenlight lost around 5% through the end of June (See how his large-cap stock picks beat Einhorn’s actual returns)

4. Chase Coleman – Tiger Global: Chase Coleman returned more than 15% so far in 2011. Unfortunately it is very difficult to imitate his returns. He made more than a billion dollars in Facebook and he also bought LinkedIn privately last year. Nevertheless imitating his large-cap stock picks would have returned 5.5% during the second quarter.

5. Louis Bacon – Moore Capital: Moore lost around 5% through mid June.

6. Ray Dalio – Bridgewater Associates: Dalio’s flagship fund returned around 11% through mid June.

7. Paul Tudor Jones – Tudor Investment Corp: Tudor’s Momentum fund is down 1.7% and Tudor Tensor is down 5.2% through May.

8. Rehan Jaffer – H Partners: Jaffer returned around 22% through mid June. You can check out his top stock picks by following the link provided.

9. Bill Ackman – Pershing Square: Bill Ackman lost 2.3% through mid May.

10. Jim Simons – Medallion: Simons’ Medallion fund gained around 15% through mid May. We calculated Medallion’s alpha to be around 34% which is by far the highest number we have ever seen.

11. Dan Loeb – Third Point: Third Point’s flagship fund gained 6.3% through June. His Offshore fund is up 6.8%.

12. Steve Cohen – SAC Capital: Steve Cohen’s flagship fund is up 9% through the end of May.

13. Boaz Weinstein – Saba Capital: Reuters reports that Saba Capital is up around 3.5% so far this year.

14. Ping Jiang – Ping Capital: Ex-SAC Capital trader returned 7.6% through the end of May.

15. Ken Griffin – Citadel: Ken Griffin returned about 11% through June.