Nishkama Capital Fund Series A was down 6.5% for the first quarter, compared to the S&P 500's 19.6% decline and the Nasdaq's 14% decline. Nishkama averaged 25% net exposure and 91% gross exposure for the quarter. The fund's longs generated a gross performance of -13.4%, while its shorts generated...
Editor’s note: This article is part of a series ValueWalk is doing on tail risk hedge funds. The series is based on several weeks of research and discussions with over a dozen experts in the field. All the content will be first available to our premium subscribers and some...
Hedge fund redemptions soared to $85.6 billion in March amid the coronavirus-driven selloff, according to the Barclay Fund Flow Indicator. In February, redemptions totaled just $8.1 billion. Eurekahedge put investor redemptions at $81 billion for March, compared to preliminary data showing $3 billion in net inflows for April. Q1 2020...
Gold confiscation has been a hot topic at various times, and amid the coronavirus crisis, some are worried that it could happen again. In his April letter, which was reviewed by ValueWalk, Crispin Odey suggests there's a small chance the government could confiscate gold again in an extreme situation....
March was a difficult month for many months as uncertainty around the coronavirus peaked. For Canyon Partners, it was the worst month in its 30-year history. On the flip side, April was the fund's best month since 2009. Q1 2020 hedge fund letters, conferences and more The worst month and the...
David Einhorn's long/ short Greenlight Capital was not the only place of pain for the famed investor in Q1. Einhorn's fund of funds got killed during the first quarter, just as many funds did. Einhorn's Greenlight Masters fund was down 17.9% for the quarter. The fund of funds lost...
Sio Partners was up 2.6% net for March, compared to the S&P 500's 12.4% decline for the month. The MSCI World Healthcare Index was down 3.9%, while the MSCI World Index was down 13.5%. Sio's long positions detracted 6.6% from its performance, while its shorts contributed 9.8%. Q1 2020 hedge...
The Voss Value Fund and Voss Value Offshore Fund were down 18% net for the first quarter, compared to the Russell 2000's 30.6% decline and the S&P 500's 19.6% decline. Voss had a gross exposure of 141.1%. Its top 10 longs have a gross weighting of 77.1%, while its...
Sosin Partners was down 44.3% net for the first quarter, compared to the SPY exchange-traded fund's 19.5% decline including dividends. In his first-quarter letter to investors, which was reviewed by ValueWalk, Clifford Sosin said the fund ended the first quarter with seven stock positions "of any significance on the...
Deer Park Road's STS Master Fund was up 4.92% for February, compared to the S&P 500 Total Return's decline of 8.23% and the Credit Suisse Hedge Fund Index's 1.99% decline. For the first two months of the year, Deer Park Road was up 7.07%. Q1 2020 hedge fund letters, conferences...
The coronavirus has resulted in the greatest amount of economic stimulus ever. Paul Tudor Jones noted in his recent letter to investors, which was reviewed by ValueWalk, that the sudden drop-off in the economy took modern monetary theory from theory to practice without debate. The move left him "speechless." Q1...
Lee Ainslie's Maverick Fund had a disappointing first quarter, as did much of the hedge fund industry. However, there were four stocks in particular that had an outsized impact on the fund's returns. In his first-quarter letter to investors, which was reviewed by ValueWalk, Ainslie highlighted (more…)
SoMa Equity Partners was down 1.8% for the first quarter, compared to the NASDAQ's 14% decline and the S&P 500's 20% decline. The fund's average net exposure was 70% during the quarter. Its long book return on invested capital was -4%, while its short book return on invested capital...
Aristides Fund LP was up 1.61% for April, while Aristides Fund QP, LP gained 1.54%. On a year-to-date basis, LP is down 6.02%, while QP, LP is down 5.24%. In his April letter to investors, which was reviewed by ValueWalk, managing member Christopher Brown said they estimate their positive-level...
DG Value Funds were down nearly 18% for the first quarter, with 90% of that performance driven by equities and the other 10% driven by credit investments. As of the end of March, DG Value Funds had a net exposure of 48% equity and 52% credit. Q1 2020 hedge fund...
Lombard Odier Investment Managers' 1798 Credit Convexity Fund was up 31.44% for the first quarter, with most of that gain coming during March. The fund was up 26.77% for March, 2.33% for February and 1.33% for January. Q1 2020 hedge fund letters, conferences and more An astonishing quarter In their first-quarter letter...
The Roubaix Fund Composite declined 0.33% for the first quarter, compared to the Russell 2000 Total Return Index's 30.62% plunge and the 13.05% decline for the HFRI Equity Hedge Fund Index. Q1 2020 hedge fund letters, conferences and more rawpixel / Pixabay In his first-quarter letter to investors, which was reviewed by...
The coronavirus pandemic has changed the world in just a few short months. Social distancing and other measures have ground the global economy to a halt, and it's unclear how these measures can be ended without triggering a second wave. Q1 2020 hedge fund letters, conferences and more In his April...
Jacobs Asset Management was up 1% for April through April 17, bringing its year-to-date return to -15.6% through that date. The S&P 500 is down 10.5%, and the KBW Bank Index is down 37.6% over that same timeframe. Q1 2020 hedge fund letters, conferences and more Lenaeriksson / Pixabay Themes In his mid-April...
Allan Mecham's Arlington Value told investors recently that it will wind down in the next six to nine months, citing health reasons. The fund may have had a bumpy ride lately, as have most hedge funds due to the market crash, but any losses racked up by Arlington lately...
The market rollercoaster continues, with many surprised at how quickly everything crashed. However, Paul Singer of Elliott Management questioned why investors were surprised at all, given how high valuations had gotten before the COVID-19-related crash. Q1 2020 hedge fund letters, conferences and more Passive investing In his April 16 letter to investors,...
Russell Clark's Horseman Capital Management was up 15.17% for March and 26.92% for the first quarter. Those returns represent a remarkable turnaround from 2019, when the fund was down 34.91%. Q1 2020 hedge fund letters, conferences and more During March the fund's 10 biggest long positions were: (more…)
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