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Headline Investment Management | Hedge Fund Tracker Notes

Headline Invest. Mgmt.

Headline Investment Management | Notes

The following piece on Headline Investment Management is being published as part of our daily effort to track hedge funds in the industry. To review other hedge fund research notes please see our Hedge Fund Tracker Tool.

Resource #1 (11.17.08) Quantitative hedge funds that were posting miserly returns just last summer are now taking it to the market. These funds are trouncing their fellow hedge funds and the broader markets, and some are on pace for their best year ever.

Lonny Bernath, principal of Charlotte, N.C.-based Headline Investment Management, has had a lot of success this year trading his $23 million Headline Group Fund, which employs four strategies: a pair of equities strategies, a futures exchange-traded fund strategy and a currency strategy. Bernath said all of the strategies adopt rules-based modeling and none of them are correlated to each other.

“Most quant funds will start with a mathematical formula and work their way into a trade,” he said. “We start with a logical idea that we think will work in any market and we use numbers and modeling to back up that idea. That logic has really held up well even in these markets.”

So far, the fund’s logic has held water in an increasingly tough market for hedge funds. Headline is up 22% this year through October. “Our best performing trades have been our equities trades and we’ve made money on both sides this year,” said Bernath. “Our equities strategies are built around earnings, so during earnings season we heavily invest on the equities side and when we roll out of earnings season we roll our book into the currency trade a little more.” Source

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