Two Bridgewater Funds Suffer Setbacks in Third Quarter (InstitutionalInvestorsAlpha)
Raymond Dalio‘s Bridgewater Associates suffered a big setback in the third quarter. His Bridgewater Pure Alpha Fund II lost 4.5 percent in the September quarter, while Bridgewater Pure Alpha Major Markets II shed 3.7 percent. As a result, their gains for the year have been cut, to 2.9 percent and 8.9 percent, respectively, says an investor in the funds. According to a fund of fund with an investment in the two macro funds, the Westport, Connecticut-based hedge fund firm suffered the bulk of its losses in commodities and some currency pairs.
SS&C GlobeOp Forward Redemption Indicator: October notifications 3.12% (HedgeCo)
Today SS&C GlobeOp announced that its Forward Redemption Indicator for October shows notifications of 3.12%. This figure is down from 3.25% in September. “October’s forward redemptions decreased slightly from September, but remain in line with historical averages,” said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. The SS&C GlobeOp Forward Redemption Indicator represents the sum of forward redemption notices received from investors in hedge funds administered by SS&C GlobeOp on the SS&C GlobeOp platform, divided by the AuA at the beginning of the month for SS&C GlobeOp fund administration clients on the SS&C GlobeOp platform.
Son of Billionaire George Soros To Co-host Fundraiser For KS ‘Independent’ Greg Orman (BreitBart)
He is a man of principle whose votes in Congress will depend upon which way the wind is blowing. “I think what I’ve said and what I’ve been clear about since the beginning is if one party or the other is in the majority, I will seek to caucus with the party that is in the majority,” Orman said. He may not caucus with the Democrats, but he will certainly fund-raise with them. The son of left-wing billionaire George Soros, will co-host a fundraiser for Orman in New York on Wednesday.
Ex-SAC manager Martoma loses bail bid as judge doubts appeal (Business-Standard)
Ex-SAC Capital Advisors LP portfolio manager Mathew Martoma lost a bid to remain free while he fights a conviction for perpetrating the most lucrative insider trading scheme in US history, as a federal judge expressed doubt that his appeal will succeed. Martoma is scheduled to begin his nine-year prison sentence on November 10. US District Judge Paul Gardephe in Manhattan, in rejecting the request for bail, said the hedge fund manager failed to show that his appeal raised issues likely to get a reversal of the jury verdict by the US Court of Appeals. Gardephe called the evidence presented at trial “overwhelming.”
Eton Park Ekes Out a Gain, Remains Upbeat (InstitutionalInvestorsAlpha)
Eric Mindich‘s Eton Park hedge funds barely eked out gains of less than 1 percent in the third quarter. As a result, the multistrategy funds, managed by Mindich’s New York-based Eton Park Capital Management, are up about 2 percent, depending on the share class, excluding their special investments, according to the firm’s third-quarter letter, obtained by Alpha. The share classes that also include those illiquid investments are up less than 1 percent for the year, as the special investments posted a loss of 3.6 percent in the third quarter and 9.14 percent for the year to date, according to the letter.