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Even the best hedge funds need your money


Date: Thursday, December 11, 2008
Author: James Mackintosh, FT.com/Alphaville

Hedge funds and mutual funds that have been closed to new money for years are reopening as chronic redemptions leave them with less capital than they would like.

Corazon, a $1bn Guernsey-based investor in hedge funds, is aiming to take advantage of this by raising money for what they regard as an “opportunity to secure access to this undeniable talent”.

Some of the names reopening are surprising, and go to show just how much people are being forced to sell hedge funds they really want to hang on to because they can’t sell the ones they want to sell.

Here’s the new fund’s initial investment pool, together with return figures to make everyone jealous:

Lansdowne UK Equity (up 2.6% for the year to the end of November)

Bluecrest International (up 7.6%)

Odey European (up 7.7%)

Brevan Howard (up 21.2%)

Capula Global Relative Value (up 7.7%)

Paulson International (up 6.8%)

AHL Diversified (up 29.1%)

Horseman Global (up 28.8%)

Davidson Kempner International (down 9.8%)

Caxton Global (up 11.5%)

Nevsky Capital (down 20.9% to Nov 21)

Moore Global Fixed Income (up 2.7% to Nov 25)

Winton Futures (up 21%)

Fairfield Sentry (up 5.6% to Nov 26)

Corazon plans to launch its Argentum fund in January.

“Past performance is not necessarily a reliable indicator of future performance,” the marketing documents note.