13 F Analysis Of DE Shaw & Co

DE SHAW & CO


Below please find a 13F analysis report for DE Shaw & Co for Q1 2009. 13F analyses are reports that fund managers with over $100M are required to submit to the SEC, they are publicly available and these reports provide us with some insights on what some hedge fund managers have been investing in.

Founded in 1988, the D. E. Shaw group is a global investment and technology development firm with approximately $35 billion in aggregate investment capital and offices in North America, Europe, and Asia.

• (ABC) Amerisourcebergen Corp
• (ABII) Abraxis Bioscience
• (APC) Anadarco Petroleum Group
• (APOL) Apollo Group
• (BIIB) Biogen Idec
• (DGX) Quest Diagonistics
• (ENDP) Endo Pharmacueticals holdings
• (FCX) Freeport MCmoran Copper & Gold
• (INTC) Intel Corp
• (MYL) Mylan Laboratories
• (OC) Owens Corning
• (ORCL) Oracle Corp
• (PFE) Pfizer
• (VRTX) Vertex Pharmacueticals
• (WCRX) Warner Chilcott Ltd

Using the TickerSpy portfolio analysis tool the graph to the left was created showing the approximate equity performance for DE Shaw & Co over the previous six months. According to this analysis DE Shaw & Co ‘s equity picks have been underperforming against the S & P 500 recently.





The top 5 highest performing equities which for DE Shaw & Co held as of this 13F filing include (OC), (ORCL), (DGX), (VRTX) and (WCRX)

According to AlpaClone data on for DE Shaw & Co 20% of their equity portfolio is invested within the Services sector and 20% in Health Care. The total equity value of for DE Shaw & Co is 16B+, their total number of reported holdings is 2351, and over 13.1% of the market value of this portfolio is represented within the top 10 holdings.


For more information on for DE Shaw & Co please see the HedgeFundBlogger.com. Hedge Fund Tracker Profile on for DE Shaw & Co by clicking here.

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Hedge Fund Startup Example | Why Start Now?

Hedge Fund Startup Example

A good article was put out by Dealbook this week on hedge fund startups, why they are launching funds right now and how they are doing. This particular article provides an example of a young fund in London ran by very experienced professionals in the industry. I think these types of articles are great as many articles put out on hedge funds today written about the whole industry and not on young hedge funds or about many individual funds, here is the excerpt from this article:

In a small office in London’s upscale West End, three veterans of high finance are getting ready to start their own hedge fund.

It’s a scene that was common enough in the world’s financial hubs during the boom years. But in the post-Lehman, post-Madoff and post-credit-crunch world, starting a hedge fund has become harder, riskier and potentially less lucrative. So why do it? That’s what DealBook recently asked Mahmood Noorani, one of the founding partners of the new London-based fund, Gyldmark Liquid Macro Fund.

“We think it presents an opportunity to finally do things right,” he said about the timing of the new venture. “And it was the events of 2008 that convinced us that the right time is now for what we want to do.”

Mr. Noorani, along with his partners, Alastair Hollingdale and George Hatjoullis, may represent the new face of the hedge fund start-up: arrogance and mystery are out; liquidity and transparency are in. source
Learn more about hedge fund startups at http://HedgeFundStartupGuru.com

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Bernard Madoff Prison Sentence 150 Years Sentence

Bernard Madoff Prison Sentence


Bernard Maddoff has been sentenced to 150 years in jail. There are hundreds of stories out on this today but this one by Bloomberg below is one of the better ones:
Bernard Madoff was sentenced to 150 years for masterminding the largest Ponzi scheme in history, six times longer than the penalties meted out to the chief executives of WorldCom Inc. and Enron Corp.

Madoff appeared in court today before U.S. District Judge Denny Chin for the first time since his March 12 guilty plea for an epic swindle that may have reached $65 billion.

“I don’t ask for any forgiveness,” Madoff, 71, told Chin. He said he deceived his brothers, his two sons and his wife, none of whom was in the court. The courtroom burst into applause as Chin imposed the sentence.

Madoff pleaded guilty to securities fraud, mail fraud, wire fraud, investment adviser fraud, three counts of money laundering, false statements, perjury, false filings with the SEC and theft from an employee benefit plan. source

To read more about Hedge Fund Regulation, Compliance and Related Fraud please click here.

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Investment Public Relations Video Interview

Below please find a short video interview with Richard Dukas on Fox Business News regarding public relations and importance of using public relations best practices to help manage your public image and spread the rights words about your firm. I mentioned these types of PR services within my speech, Top 5 Hedge Fund Marketing Best Practices last week at the Marcus Evans Fund of Funds Conference in Florida. I will be posting that video speech later this week.



Full Disclosure Note: Dukas PR has been a great long-term supporter of HedgeFundBlogger.com by sponsoring articles such as this one. Learn more about Dukas PR at www.DukasPR.com.

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Hedge Fund Data Sources

Hedge Fund Data Sources

 Below are hedge fund industry data sources:

1)  SkyRank




SkyRank is a U.S. patented hedge fund rating methodology.

Through our proprietary hedge fund database and external database providers, we currently provide ratings and data on over 11,000 hedge funds, funds of funds, and commodity trading advisors worldwide. Now used by thousands of hedge fund professionals, SkyRank is the standard hedge fund rating methodology in the industry.

The highest SkyRanked funds consistently are able to reduce market risk, while delivering positive returns. The hedge fund managers are experienced, and investors have a high confidence level in their funds.

The Top SkyRanked funds have proven over time to understand their specific market inefficiencies. The fund managers know how to exploit those inefficiencies, delivering returns with risk often lower than the fixed income markets, with little correlation to traditional markets.

Please visit www.skyranksystem.com/DataProducts.html to learn more about SkyRank and to find a data and ratings solution right for you.

______________________

2) Family Offices.com

The Family Offices Group is a 11,000 person strong family office networking association.  We offer a free annual report on family offices, a networking group, and a database of family office contact details as well. To explore our website please follow these links:
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Top 5 Hedge Fund Marketing Strategies | MP3 Audio Download

Last week I gave a speech entitled, "Top 5 Hedge Fund Marketing Best Practices" in Boca Raton at a conference put on by Marcus Evans.

Today we are making the first 25 minutes of the speech available via MP3 Audio File Download. This file may be uploaded to your Ipod, saved to your computer or emailed to others on your team. Please always consult with expert compliance and legal advisors before putting in new marketing strategies or materials into place. To receive the download link for this resource please complete your name and email address below:



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Latticework-A New Way of Investing by Robert Hagstrom (Book Review)


Lattice work is the blinder presented by one of the Wall Street greats Robert Hagstrom, by going through this book one can clearly understand how a complex financial markets work and can explore new ways of investing. Hagstrom takes the reader to a pleasant ride where he introduces basic concepts from physics, biology, social science, literature, psychology, philosophy etc. and explains how one can make effective decisions by broadening their horizons.

LATTICE WORK OF MENTAL MODELS

process2

This hierarchy may look good but it’s upto the individual to find a right correlation exists that between them.He means to say that an individual may posess tons of cognizance but at the end of the day if he cannot find the right connectivity or match that exixts between whatever he read and whatever he may be doing then he should be ready to face the music.

PHYSICS

In this chapter the author has a traditional view about the financial markets and introduces the concept of equilibrium to justify his stands.

BIOLOGY

It’s all about evolution which is happening consistently thus presenting the undying fact that complex adaptive system outweighs the concept of equilibrium.

SOCIAL SCIENCE

One can understand about the behavior which an investor exhibits in a group and what adverse effects that it would bring in to an economy because of collectivism.

PSYCHOLOGY

It is the sentiments that take the center stage where the author describes the global financial system to a network of nodes connected together and states that a failure in a node would cause dynamic changes to the entire system.


LITERATURE & PHILOSOPHY

Both these chapters share some common views, Hagstrom emphasizes the important aspect of thinking in order to gain worldly wisdom and lets the reader to know that apart from the learning’s imparted through curriculum it is increasingly important to develop profound diversified basket of knowledge.

DECISION MAKING

For an individual to come up with an effective decision in this rapidly changing ambience he should possess eclectic mix of knowledge so that the model he builds is robust and reliable. We can see from the graph that decision making overlays all the other concepts discussed in this book.

spoke-wheel1

I have also shown in nutshell what this book would be all about.


table-summ2


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Core Sattellite Portfolio Management by J. Clay Singleton


This book “Core-Satellite Portfolio Management “by J.Clay Singleton discusses about the asset allocation. One can understand that there two phases in portfolio management that is the core (passively managed) and the satellite (actively managed) portions. In addition to that the components of core-satellite ring are introduced to the reader and how can one coordinate these components to balance one’s portfolio. He makes the reader understand how important is to rebalance a portfolio and allocate risks accordingly so that they are not missing the bus.


A Core Satellite Approach to Portfolio Management

In this chapter the author drives home the vital concept of portfolio management i.e. asset allocation, by explaining how the components in the core as well as in satellite should complement each other in order to generate magic Greek letter –Alpha.

Quantitative Finance

The author throws some light on some of the basic quantitative concepts which would help the reader to understand the concept of correlation and also how diversification would be phenomenal in reducing the portfolio’s risk. Moreover the concepts like efficient frontier are reviewed and explains those underlying assumptions are not perfect reflections of reality. Finally the author stresses on the importance of risk measures and risk monitoring.

Core Equity

In this chapter James A.Pupillo explains the following:

  • How to construct the core portion of a core-satellite portfolio for equity holdings
  • What factors which one should consider in choosing indices
  • Summarizes the key features of popular equity indices from which benchmarks can be customized on weighted basis
  • How risk budget is used as a tool for allocating risk between core and satellite positions

Core Fixed –Income Management

In this chapter Kenneth E.Volpert explains the following:

  • How one can pick higher quality liquid sectors in the core at low costs
  • Explains the different kinds of fixed income risks and suggests tracking error associated with each in various strategies

Satellite Bonds- High Yield and Distressed Debt

By going through this chapter the reader will be exposed to market history and historical correlations of all kind of debt instruments like high yield debt, junk bonds, private placements, collateralized debt obligations (CDO’s) and distressed securities. In addition to that Clifford A. Sheets explains the reader what special skills are required for one to manage these assets and the fee structure expected to manage the same.

Management of currency fluctuations associated with International Investments

The author (Ranga Nathan) deals which the currency fluctuation exposures, how can one handle and manage the same by using currency overlay management techniques. It also focuses on the kind of arithmetic which one should understand about how foreign currency exposure arises and how it’s influenced by economic factors.

Treasury Inflation-Protected Securities

The author (Peng Chen) justifies to the reader why TIPS should be included in satellite portfolio compared to other financial asset classes. It helps us to understand how it works, their return patterns, relationships with those of other asset classes and reviews their history. It also explains how the difference between nominal bond yields and TIPS yields provides a good indicator of market’s aggregate forecast for future return.

Hard Assets

The authors (Pen Cheng, Jeffrey M.Antonacci and Joseph P.Pinsky) focus on hard assets and soft assets which are typically not traded in the exchanges and frequently have a lower liquidity. Moreover direct energy asset classes (oil and gas) are discussed thereby one can understand how this would be beneficial to enhance the risk/return profile.

Finding value in Small Stocks

In this chapter Gary G. Schlarbaum and Bradley S. Daniels give the reader insights about the tools and valuation methodologies required to manage the small capitalization stocks in satellite portfolio.

Risk Measurements of Investment in the satellite Ring of a Core-Satellite Portfolio

In this chapter Hilary Till discusses the following

  • Helps the reader to understand the risk return trade-offs that may be present in the satellite ring
  • Why sharp ratio has become the main performance evaluation metric for investments and it’s shortcomings
  • Several alternative metrics needed for performance evaluation and also helps one to understand the source of returns for satellite investment strategy rather than relying on the performance numbers

Identifying and Adopting Best Practices for Institutional Investors

Here Samuel W.Halpern and Andrew Irving explain some of the best practices like legal, professional, regulatory, operational overview which is followed in the industry and one has abide to all these regulations to be best in the business.

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