Traxis Partners LP | Hedge Fund Tracker Notes

Traxis Partners, LP

Traxis Partners LP | Hedge Fund Notes

The following piece on Traxis Partners, LP and Barton Biggs (pictured left) is being published as part of our Hedge Fund Tracker Tool, our daily effort to track hedge funds in the industry.

Resource #1: (4.24.09) In the past week or so, a number of highly-respected investors -- including long-time bears -- have lined up to pronounce the recent stock market rally the real deal.

Now former Morgan Stanley Chief Global Strategist Barton Biggs, who currently manages hedge fund Traxis Partners -- appeared on CNBC's Fast Money to say that he too thinks the current rally will develop into a long-term bull run. source

Resource #1: (11.12.08) Barton Biggs, managing director of hedge fund Traxis Partners, says he doesn’t see the redemption tsunami predicted by billionaire George Soros and others.

Soros has said he expects two-thirds of hedge funds to be closed down by a wave of redemptions as investors cash out. Economist Nouriel Roubini went so far as to warn that the resulting rush of stock sales would shut down stock markets for two weeks or longer.

Not gonna happens, says Biggs, a former Morgan Stanley strategist, writing in Fortune. During the bear market of 2000 to 2003, hedge funds still posted positive returns, Biggs points out, and the result was a boom in the industry.

“Big money and greed attracted less qualified, inexperienced, and trading-oriented participants,” he admits, but the exit of those fund managers won’t kill the business. “For one thing, the panic has abated, and since most funds have losses to make up before they can begin to earn their performance fee again, investors who redeem now are forgoing a free ride,” Biggs says, with the caveat that, of course, a fixed fee remains in place. Sure, several thousand small funds might close, but the big “multi-strategy” funds will stay on, he says.

Biggs expects $350 billion to leave the now $1.4 trillion hedge fund market by the middle of 2009, of which $150 billion is already gone. If the remaining $250 billion were to evaporate, no big deal, Biggs says. Source

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