Shannon River Hedge Fund Is Betting Big on News (Bloomberg)
Shannon River Capital Management, a $450 million technology-focused hedge fund that beat peers last year, says digital subscriptions for news are the next big thing. “News is where music was 10 years ago,” Spencer Waxman, who founded Shannon River in 2003, said in a telephone interview. “At that time, no one thought you’d pay for music again.”
Preqin Hedge Fund Gauge Sheds 3.4% Last Year, Worst Since 2008 (HedgeCo.net)
(Asia Asset Management) The global hedge fund industry registered the worst performance in ten years in 2018 with 59% of funds posting negative returns as turbulent markets exacted a toll, according to London-based data provider Preqin. The Preqin All-Strategies Hedge Fund benchmark, which gauges overall performance of global hedge fund managers, lost 3.42% after gaining over 10% in 2017, Preqin says in a report on January 23. It was the worst showing since the global financial crisis in 2008.
GaoTeng to Launch Hedge Fund Headed Up by Ex-Nomura Trader (FinanceMagnates.com)
A former Nomura trader launched a new hedge fund this Monday. According to a report published by Bloomberg, Desmond How’s fund will be focusing on emerging-market corporate bonds. How will be opening the hedge fund at his current company – GaoTeng Global Asset Management. Based in Hong Kong, GaoTeng is owned by Chinese conglomerate Tencent Holdings and investment management company Hillhouse Capital.
The Old Hedge Funds Are the Good Ones (Bloomberg.com)
Fund-of-funds LCH Invesments NV does an annual ranking of the top 20 hedge funds measured by the total profits that they have made for investors since inception; this year’s version came out recently and you can read about it here or here or here or here. The perennial champ is Bridgewater Associates, which has made $57.8 billion for investors since it started in 1975, adding $8.1 billion last year.
Rosseau Asset Management Celebrates its 20th Anniversary (MarketWatch)
TORONTO, Jan. 29, 2019 /PRNewswire/ – Rosseau Asset Management Ltd. celebrated its 20 [th] anniversary this past week. Rosseau’s flagship fund, Rosseau LP, earned a 13.67% average annual compound rate of return net of all fees since its inception 20 years ago. This performance is more than double that of the S&P/TSX Total Return Index over the same period with seed investors earning 13 times their original capital. Rosseau’s performance ranks at, or near the top, of all Canadian hedge funds for the past 20 years.
Parker Drilling Strikes Deal With Stockholder Saba Capital (The Wall Street Journal)
Parker Drilling Co. has struck an agreement with hedge-fund firm Saba Capital Management LP, a major stockholder and holder of company bond debt, over the terms of the drilling-rig-service provider’s chapter 11 plan. The company said Saba has signed a “joinder agreement” to a restructuring-support pact that already has the backing by other bondholders, according to papers filed Monday in the U.S. Bankruptcy Court in Houston.