Hedge Funds Recorded Strong Returns In April 2020

Hedge funds recorded strong returns in April recouping some losses they suffered in Q1 2020 Q1 2020 hedge fund letters, conferences and more Equal-weighted and asset-weighted hedge fund performance Hedge fund managers ended April 2020 up 3.97% on an equal-weighted basis, and 2.65% on an asset-weighted basis, supported by the robust performance...

The Great Tail Risk Debate

In case you missed it this weekend, there was a big debate/mudslinging argument going on between alternative investing titans Nassim Taleb and Cliff Asness on Twitter over the long weekend. The quick summary was Asness of AQR fame essentially saying Tail Risk funds such as Taleb’s are dumb, and...

How Do You Select a Long/Short Equity Hedge Fund Manager?

There has recently been increased interest in long/short equity strategies after strong relative performance in the 1st quarter of 2020 relative to equity indices and the perception that the recent sell-off and rebound in the marketplace have created an environment for long/short equity managers to excel.  This is great...

Hedge Funds: Gross Leverage Rose While Net Leverage Fell

Skanderbeg Asset Management's Put into Perspective newsletter for the month of April 2020. "The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails." - William Arthur Ward Q1 2020 hedge fund letters, conferences and more Hedge Funds Exposures: Overall book grosses and nets fell, while fundamental...

Gruesome Stocks

“The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money.” - Warren Buffett, 2007 Shareholder Letter Q1 2020 hedge fund letters, conferences and more Dear fellow investors, We are big fans of Buffett’s theories about businesses with low...

Evolution of the Hedge Fund Industry Since 2008

Recent news headlines state that the hedge fund industry saw its highest level of redemptions during the 1st quarter of 2020 in over a decade, with $33 billion leaving the industry. A more appropriate headline would have been “Hedge Funds Only Lose 1% of Industry Assets – Learned from...

Ray Dalio: The Changing Value of Money

This is an appendix to Chapter 2, “The Big Cycle of Money, Credit, Debt, and Economic Activity.” It is intended to look at the concepts expressed in that chapter in a more granular way and to show you how these concepts are consistent with the actual cases that are...

3 Realistic Ways To Play A Bounce In Oil

When #crudeoil and $USO are trending on Twitter – you know it’s something more than just some 5% move or so; AND it’s about the exact same time we’re getting calls from people asking the best way to invest in crude oil and the best way to profit from...

ESG: The latest incarnation of marketing-led investment strategies

Institutional investment management is broken. Asset gathering business objectives and gold-plated cost structures magnify the imperative to grow AuM. Investment firms led by marketers rather than investment managers create strategies tailored to what will sell rather than what works. Large pools of management fees are required to fund large,...

Boost your Cardinal Health Dividend Yield

Now more than ever many investors need consistent income without a threat to their nest egg. There is a path for this, and it coincides with the best general investment strategy: Q1 2020 hedge fund letters, conferences and more Take what the market is giving you! The current market gift is high...

The six deadly sins of institutional money management

Tollymore has developed six behavioural constraints impairing institutional money managers’ execution of a sound long term investment programme. Q1 2020 hedge fund letters, conferences and more mohamed_hassan / Pixabay The pursuit of informational edge Overconfidence can have profound consequences, inflating investors’ valuation of their investments, leading physicians to gravitate too quickly to...

What Competitive Advantages Are You Building For Yourself?

In an age of constant abundance, some texts are meant to be devoured in urgency. Others to be completely ignored. And, there are few that are truly deserving of deep reflection and of a dialogue with the author. Q1 2020 hedge fund letters, conferences and more rawpixel / Pixabay Daniel Gross’ essay,...

Millions Of US Small Businesses May Never Reopen

FORECASTS & TRENDS E-LETTER Q1 2020 hedge fund letters, conferences and more by Gary D. Halbert April 14, 2020 IN THIS ISSUE: Overview: 20%-30% of Small Businesses Could Fail Fast Facts Regarding Small Businesses & Role They Play Another 6.6 Million Americans Filed For Unemployment Half of Small Businesses...

March Manager Performance Snapshot

Commodity Q1 2020 hedge fund letters, conferences and more  Program  Last Month  YTD Minimum Cayler CapitalQ 14.94% 18.72% 125K Red Rock Commodity Long Short 13.16% 25.15% 500K Jaguar AegirQ  9.14% 10.79% 1MM Aquantum Commodity 3.58% 7.87% 5MM Aquantum EnergyQ 2.20% 7.46% 5MM Emil Van Essen SpreadQ  -1.17% -15.66% 5MM Auspice Short TermQ -1.27% 0.17% 5MM Caerus Group Oil Futures Trading Program -1.64% -18.06% 200K Catalyst Hedged Commodity (CFHIX)  -4.32% -0.70% 2.5K EVE InfrastructureA -23.91% -38.20%  100K Volatility  Program  Last Month  YTD Minimum Covenant Total Volatility Fund 35.33% 29.72% 100K Orion Beta OpportunityQ 11.29% 37.20% 100K Pearl Hedged VIXQ 7.34% 3.64%  500K Deep Field Vol ArbQ 7.09% 11.65% 500K Deep Field ICCQ 1.13% 2.44% 500K Certeza Macro VegaQ -7.80% -8.20% 1MM Short Term  Program  Last Month  YTD Minimum Breakout Funds 7.67% 12.96% 1MM Adalpha 4.92% 7.53% 1MM Systematic Alpha F/X 3.39% 3.54% 3MM Deep...

Eurekahedge Hedge Fund Index was down 4.77% in March

Key highlights for March: Q1 2020 hedge fund letters, conferences and more The Eurekahedge Hedge Fund Index registered its strongest outperformance relative to underlying markets since October 2008, outperforming the MSCI AC World Index by 9.22% in March. Long volatility and tail risk hedge funds topped the performance tables for...

ETFs gathered net inflows of $20.44 billion during March 2020

ETFGI reports ETFs and ETPs listed globally gathered net inflows of US$20.44 billion during March 2020 Q1 2020 hedge fund letters, conferences and more LONDON — April 17, 2020  —  ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs and ETPs ecosystem, reported today that ETFs and ETPs listed...

Traders or Commodity Finance Banks pt. XXIV: -The American Dollar Commodity, an Harbinger of the Risk-Capacity in the Swiss-based Commodity Sector.

If money is a commodity, the American dollar is the best brand in this world  (this is not an understatement). The sharp appreciation of the dollar coinciding with a large (negative basis) on other currencies takes on the attributes of a risk-capacity indicator for the commodity trading and finance sector....

The Irrelevance of Financial News

I have been a consumer of financial news for more than thirty years. For fifteen years I have joined in financial writing, consistently citing the best work I can find. Traditionally investors could see great stories on the economy, corporate earnings, relevant government policies, and suggestions for investment themes. Q1...

How’s managed futures doing during the corona-crash

We’re going to get into a bit of a deep dive on just how the more classic managed futures profile (you, know, crisis period performing trend follower types) have performed during the past month and a half. We’ve covered some of the non-classic vol traders doing well here and...

Did Capital One run into a Commodity Pre-Pay Wall ?

In our last post we touted a too-big too fail return in the commodity-sector (a name nobody dare to pronounced. Today prices are down but market volatility is up (VaR is up, prices are down). Capital one, a FDIC-insured bank is allowed to skip a $1B margin call related...

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