Aswath Damodaran

Hedge Fund Short-Sellers Are Coming Back

Evanston Capital's Weatherlow Fund of funds returned 3% net during the second quarter as long/ short equity funds contributed about 80% of the gains for the quarter. For comparison, the HFRI Fund of Funds Composite Index was up 1.7% for the second quarter. Year to date, Weatherlow is up 9.5% net, compared to the HFRI Fund of Funds Composite Index's 6.4% gain over the same time period. The fund manages about $3.1 billion in net assets.

Q2 hedge fund letters, conference, scoops etc

Weatherlow's top strategies and funds

The fund's long/ short equity holdings, which constituted 53% of the total portfolio, returned 2.4% for the second quarter and 8.2% for the first six months of the year. The global asset allocation or macro strategy returned 0.2% for Q2 and 1.1% for the first two quarters. The strategy consists of 20% of the portfolio. Event-driven strategies were 19% of Weatherlow's portfolio and contributed 0.3% for Q2 and 0.8% for the first six months of the year. Relative value strategies made up 8% of the portfolio and were flat for the second quarter and down 0.6% year to date.

According to Evanston Capital's second-quarter letter to investors, which was reviewed by ValueWalk, Weatherlow's best-performing fund was Matrix


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