For Some Big Macro Funds, September Offered Some Hope (InstitutionalInvestorsAlpha)
Call it a tale of two macro worlds. In September the average macro hedge fund tracked by Lyxor Asset Management lost nearly 1 percent. As a result, these funds were down 2.8 percent in the third quarter and are now up just 0.7 percent for the year. “The third quarter was a challenging period for macro managers,” says the just-released third-quarter commentary from Lyxor’s Managed Account Platform research team.
Einhorn Gift Of $50 Million To Fund Cornell Program (FA-Mag)
Cornell University has unveiled a $150 million community engagement initiative that will be funded in part by a $50 million gift from a trust established by hedge fund manager David Einhorn. The initiative is aimed at getting Cornell students to “become active citizens and to tackle critical challenges by participating in hands-on, practical learning experiences in communities at home and around the world,” the university said today in a statement.
Billionaire Jim Simons Owns Westport Innovations Inc.; Should You Buy, Too? (Fool)
You’ve probably never heard of him. But everyone in the know on Wall Street has heard of Jim Simons. Simons is the founder of the Medallion Fund. Since its inception in 1989, he has consistently posted double-digit returns for his clients. Today, it’s widely considered to be the most successful hedge fund of all time. That’s why you should always watch what stocks Simons is buying. And right now, he’s making some interesting bets in the energy sector.
Hedge Fund Assets Nearing All-Time Pre-Recession Highs (247WallSt)
BarclayHedge and TrimTabs Investment Research announced Tuesday in a report that the hedge fund industry took in $18.4 billion in August. This marks the highest inflow in three months and signaled a strong rebound from redemptions of $750 million in July. Meanwhile, hedge funds underperformed against the S&P 500 while they kept growing assets. The monthly Hedge Fund Flow Report from TrimTabs and BarclayHedge noted that the Barclay Hedge Fund Index gained 1.2% in August. This underperformed the S&P 500 which gained a 3.8% for the month. Over the past 12 months the Barclay Hedge Fund Index returned 10.3% compared to the S&P 500 which gained 25.2%.
The Hedge Fund Winner Who Went to Juilliard: Bruce Kovner’s Arts Philanthropy (InsidePhilanthropy)
Bruce Kovner founded and ran one of the most successful hedge funds in the country, Caxton Associates, from 1983 until his recent retirement. Now, he’s worth $5 billion and has more time on his hands for philanthropy. Which is why we’ve been paying attention to this guy lately. The son of a trade unionist, Kovner went to Harvard, holds conservative views, and was once dubbed “George Soros’ Right Wing Twin.” Here’s a little trivia for you: Kovner’s firm Caxton is named after the first printer of books in the English language.