Hedge Funds September 2011
Some Hedge Funds Managed to Profit in September Turmoil
While many hedge funds struggled during September's market volatility, several shrewd hedge fund managers were able to produce positive returns last month. Still, it was a rough month for most of the industry as Europe's debt crisis created heavy losses for many managers.
Bearish macro bets such as owning U.S. and European government bonds, as well as being short equities, commodities and the euro, have helped funds navigate a crisis that has seen fears of a global recession and a banking crisis grow.
Brevan Howard's $25 billion Master fund, one of the world's biggest hedge funds, gained 1.5 percent last month to September 23, said two sources who had seen data on the fund's performance. This takes profits this year to 12.3 percent.
And GLG, part of Man Group (EMG.L), saw its $2 billion Atlas Macro fund, which is managed by Driss Ben-Brahim and Jamil Baz, gain an estimated 6 percent in September, said a person close to the company.
In contrast, the average hedge fund lost 3 percent last month, according to Hedge Fund Research's HFRX index, taking year-to-date losses to 8.4 percent. The third quarter was the worst for three years. Source
Related to: Hedge Funds September Profit
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