Stock Market News & Stocks to Watch from StraightStocks » Free Daily http://www.straightstocks.com Leading Stock Market News, Opinions and Commentary Thu, 26 Nov 2009 04:30:56 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 Mantra Venture Group Ltd. (MVTG.OB) Announces QualityStocks Coverage http://www.straightstocks.com/market-commentary/mantra-venture-group-ltd-mvtgob-announces-qualitystocks-coverage/ http://www.straightstocks.com/market-commentary/mantra-venture-group-ltd-mvtgob-announces-qualitystocks-coverage/#comments Thu, 14 May 2009 13:48:40 +0000 QualityStocks http://Blog.QualityStocks.net/?p=15307 http://www.straightstocks.com/market-commentary/mantra-venture-group-ltd-mvtgob-announces-qualitystocks-coverage/feed/ 0 The UpTurn, Inc. (UPTR.PK) Announces QualityStocks Coverage http://www.straightstocks.com/market-commentary/the-upturn-inc-uptrpk-announces-qualitystocks-coverage/ http://www.straightstocks.com/market-commentary/the-upturn-inc-uptrpk-announces-qualitystocks-coverage/#comments Thu, 07 May 2009 14:07:50 +0000 QualityStocks http://Blog.QualityStocks.net/?p=15254 http://www.straightstocks.com/market-commentary/the-upturn-inc-uptrpk-announces-qualitystocks-coverage/feed/ 0 Suspect Detection Systems, Inc. (SDSS.OB) Announces QualityStocks Coverage http://www.straightstocks.com/market-commentary/suspect-detection-systems-inc-sdssob-announces-qualitystocks-coverage/ http://www.straightstocks.com/market-commentary/suspect-detection-systems-inc-sdssob-announces-qualitystocks-coverage/#comments Wed, 06 May 2009 14:57:46 +0000 QualityStocks http://Blog.QualityStocks.net/?p=15245 http://www.straightstocks.com/market-commentary/suspect-detection-systems-inc-sdssob-announces-qualitystocks-coverage/feed/ 0 Energtek Inc. (EGTK.PK) Announces QualityStocks Coverage http://www.straightstocks.com/market-commentary/energtek-inc-egtkpk-announces-qualitystocks-coverage/ http://www.straightstocks.com/market-commentary/energtek-inc-egtkpk-announces-qualitystocks-coverage/#comments Wed, 08 Apr 2009 12:41:07 +0000 QualityStocks http://Blog.QualityStocks.net/?p=15041 http://www.straightstocks.com/market-commentary/energtek-inc-egtkpk-announces-qualitystocks-coverage/feed/ 0 Universal Tracking Solutions, Inc. (UTRK.OB) Announces QualityStocks Coverage http://www.straightstocks.com/small-cap-and-micro-cap-stocks/universal-tracking-solutions-inc-utrkob-announces-qualitystocks-coverage/ http://www.straightstocks.com/small-cap-and-micro-cap-stocks/universal-tracking-solutions-inc-utrkob-announces-qualitystocks-coverage/#comments Fri, 20 Mar 2009 13:31:00 +0000 QualityStocks http://Blog.QualityStocks.net/?p=14751 http://www.straightstocks.com/small-cap-and-micro-cap-stocks/universal-tracking-solutions-inc-utrkob-announces-qualitystocks-coverage/feed/ 0 Convergence Technology Group, Inc. (CNVC.PK) Announces QualityStocks Coverage http://www.straightstocks.com/small-cap-and-micro-cap-stocks/convergence-technology-group-inc-cnvcpk-announces-qualitystocks-coverage/ http://www.straightstocks.com/small-cap-and-micro-cap-stocks/convergence-technology-group-inc-cnvcpk-announces-qualitystocks-coverage/#comments Mon, 09 Feb 2009 15:17:19 +0000 QualityStocks http://Blog.QualityStocks.net/?p=14393 http://www.straightstocks.com/small-cap-and-micro-cap-stocks/convergence-technology-group-inc-cnvcpk-announces-qualitystocks-coverage/feed/ 0 Cleartronic, Inc. (CLRI.OB) Announces QualityStocks Coverage http://www.straightstocks.com/small-cap-and-micro-cap-stocks/cleartronic-inc-clriob-announces-qualitystocks-coverage/ http://www.straightstocks.com/small-cap-and-micro-cap-stocks/cleartronic-inc-clriob-announces-qualitystocks-coverage/#comments Thu, 05 Feb 2009 13:51:02 +0000 QualityStocks http://Blog.QualityStocks.net/?p=14375 http://www.straightstocks.com/small-cap-and-micro-cap-stocks/cleartronic-inc-clriob-announces-qualitystocks-coverage/feed/ 0 Nexia Holdings, Inc. (NXHD.OB) Announces QualityStocks Coverage http://www.straightstocks.com/small-cap-and-micro-cap-stocks/nexia-holdings-inc-nxhdob-announces-qualitystocks-coverage/ http://www.straightstocks.com/small-cap-and-micro-cap-stocks/nexia-holdings-inc-nxhdob-announces-qualitystocks-coverage/#comments Mon, 08 Dec 2008 14:12:58 +0000 QualityStocks http://Blog.QualityStocks.net/?p=14037 http://www.straightstocks.com/small-cap-and-micro-cap-stocks/nexia-holdings-inc-nxhdob-announces-qualitystocks-coverage/feed/ 0 QualityStocks Begins Coverage of Exchange Media Corp. (EXMD.PK) http://www.straightstocks.com/small-cap-and-micro-cap-stocks/qualitystocks-begins-coverage-of-exchange-media-corp-exmdpk/ http://www.straightstocks.com/small-cap-and-micro-cap-stocks/qualitystocks-begins-coverage-of-exchange-media-corp-exmdpk/#comments Wed, 03 Dec 2008 15:10:54 +0000 QualityStocks http://Blog.QualityStocks.net/?p=14012 http://www.straightstocks.com/small-cap-and-micro-cap-stocks/qualitystocks-begins-coverage-of-exchange-media-corp-exmdpk/feed/ 0 The Amergence Group (AMNG.PK) Announces QualityStocks Coverage http://www.straightstocks.com/small-cap-and-micro-cap-stocks/the-amergence-group-amngpk-announces-qualitystocks-coverage/ http://www.straightstocks.com/small-cap-and-micro-cap-stocks/the-amergence-group-amngpk-announces-qualitystocks-coverage/#comments Wed, 03 Dec 2008 14:32:10 +0000 QualityStocks http://Blog.QualityStocks.net/?p=14011 http://www.straightstocks.com/small-cap-and-micro-cap-stocks/the-amergence-group-amngpk-announces-qualitystocks-coverage/feed/ 0 Sector 10, Inc. (SECT.OB) Announces QualityStocks Coverage http://www.straightstocks.com/small-cap-and-micro-cap-stocks/sector-10-inc-sectob-announces-qualitystocks-coverage/ http://www.straightstocks.com/small-cap-and-micro-cap-stocks/sector-10-inc-sectob-announces-qualitystocks-coverage/#comments Wed, 03 Dec 2008 14:29:13 +0000 QualityStocks http://Blog.QualityStocks.net/?p=14010 http://www.straightstocks.com/small-cap-and-micro-cap-stocks/sector-10-inc-sectob-announces-qualitystocks-coverage/feed/ 0 EV Transportation, Inc. (EVTP.OB) Announces QualityStocks Coverage http://www.straightstocks.com/small-cap-and-micro-cap-stocks/ev-transportation-inc-evtpob-announces-qualitystocks-coverage/ http://www.straightstocks.com/small-cap-and-micro-cap-stocks/ev-transportation-inc-evtpob-announces-qualitystocks-coverage/#comments Mon, 10 Nov 2008 20:24:43 +0000 QualityStocks http://Blog.QualityStocks.net/?p=13767 http://www.straightstocks.com/small-cap-and-micro-cap-stocks/ev-transportation-inc-evtpob-announces-qualitystocks-coverage/feed/ 0 Tri-Star Holdings, Inc. (TSHL.PK) Announces QualityStocks Coverage http://www.straightstocks.com/small-cap-and-micro-cap-stocks/tri-star-holdings-inc-tshlpk-announces-qualitystocks-coverage/ http://www.straightstocks.com/small-cap-and-micro-cap-stocks/tri-star-holdings-inc-tshlpk-announces-qualitystocks-coverage/#comments Wed, 05 Nov 2008 13:37:12 +0000 QualityStocks http://Blog.QualityStocks.net/?p=13262 http://www.straightstocks.com/small-cap-and-micro-cap-stocks/tri-star-holdings-inc-tshlpk-announces-qualitystocks-coverage/feed/ 0 Changing Times Vitamins, Inc. (SGTB.PK) Announces QualityStocks Coverage http://www.straightstocks.com/small-cap-and-micro-cap-stocks/changing-times-vitamins-inc-sgtbpk-announces-qualitystocks-coverage/ http://www.straightstocks.com/small-cap-and-micro-cap-stocks/changing-times-vitamins-inc-sgtbpk-announces-qualitystocks-coverage/#comments Mon, 03 Nov 2008 15:02:32 +0000 QualityStocks http://Blog.QualityStocks.net/?p=13222 http://www.straightstocks.com/small-cap-and-micro-cap-stocks/changing-times-vitamins-inc-sgtbpk-announces-qualitystocks-coverage/feed/ 0 CleanTech BioFuels, Inc. (CLTH.OB) Announces QualityStocks Coverage http://www.straightstocks.com/small-cap-and-micro-cap-stocks/cleantech-biofuels-inc-clthob-announces-qualitystocks-coverage/ http://www.straightstocks.com/small-cap-and-micro-cap-stocks/cleantech-biofuels-inc-clthob-announces-qualitystocks-coverage/#comments Thu, 30 Oct 2008 15:28:40 +0000 QualityStocks http://Blog.QualityStocks.net/?p=13191 http://www.straightstocks.com/small-cap-and-micro-cap-stocks/cleantech-biofuels-inc-clthob-announces-qualitystocks-coverage/feed/ 0 The Fight Zone, Inc. (TFZI.PK) Announces QualityStocks Coverage http://www.straightstocks.com/small-cap-and-micro-cap-stocks/the-fight-zone-inc-tfzipk-announces-qualitystocks-coverage/ http://www.straightstocks.com/small-cap-and-micro-cap-stocks/the-fight-zone-inc-tfzipk-announces-qualitystocks-coverage/#comments Mon, 20 Oct 2008 13:00:00 +0000 QualityStocks http://Blog.QualityStocks.net/?p=13001 http://www.straightstocks.com/small-cap-and-micro-cap-stocks/the-fight-zone-inc-tfzipk-announces-qualitystocks-coverage/feed/ 0 Atticus Capital Management | 13F Hedge Fund Holdings Analysis http://www.straightstocks.com/investing-in-hedge-funds/atticus-capital-management-13f-hedge-fund-holdings-analysis/ http://www.straightstocks.com/investing-in-hedge-funds/atticus-capital-management-13f-hedge-fund-holdings-analysis/#comments Fri, 03 Oct 2008 14:56:53 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-2167948212178905203 Atticus Capital

Atticus Capital | 13 Hedge Fund Holdings

Atticus Capital Management | 13F Hedge Fund Holdings AnalysisThis post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.

Atticus Capital is a $13 billion hedge fund ran by Timothy Barakett. In 2005, Atticus' funds were up a combined 45%. And, they finished well over 30% for 2006. Barakett founded the firm at age 26 in 1995 and focuses on taking large, concentrated positions in companies. One of Atticus' most famous investments was Phelps Dodge, a miner which was bought out by Freeport McMoran (FCX). At one point, Atticus owned more than 9% of Phelps. And, they continue to hold their position in what is now the combined FCX. Barakett received his BA in Economics from Harvard and his MBA from Harvard as well. Its very evident that Barakett employs macro based investment theses. Once he has decided on what the trend is, he will find the best company within that trend and he will place a big bet. And, when needed, he will step in and take an activist role, ensuring the company is performing to his liking.

Keep in mind that this is merely a brief summary of Atticus' top holdings. Due to the time sensitive nature of the 13F material, I wanted to get this information posted before the next set of filings come out in November.

Top 20 Holdings by % of portfolio
1. Union Pacific (UNP) - Increased position by 61%
2. Conoco Philips (COP) - Stake rasied by only 0.3%
3. Mastercard (MA) - Decreased position by 13%
4. Burlington Northern (BNI) - Decreased stake by 6%
5. Freeport McMoran (FCX) - Decreased position by nearly 52%
6. NYSE Euronext (NYX) - Sold off 9.3% of their position
7. Occidental Petroleum (OXY) - Decreased stake by 7%
8. Crown Castle (CCI) - Decreased by only 0.4%
9. Peabody Energy (BTU) - New position
10. Baidu (BIDU) - Increased stake by 65%
11. Norfolk Southern (NSC) - Increased position by 36%
12. Canadian Natural Resources (CNQ) - Decreased stake by 16.6%
13. Visa (V) - New position
14. Boeing (BA) - Boosted stake by 440% (no, not a typo)
15. Praxair (PX) - New position
16. Focus Media (FMCN) - New position
17. Unibanco (UBB) - Sold off 36% of position
18. Amerco (UHAL) - Decreased stake by 32%
19. Conseco (CNO) - Sold off 8.8% of position
20. Vale (RIO) - New position

So, if you didn't already notice, Atticus definitely favors positions in the rails. And, you can't blame them. Those investments have paid off significantly over the course of the year. Atticus has large positions in most of the majors: Burlington (BNI), Norfolk (NSC), and Union Pacific (UNP). Atticus also holds a position in CSX Corp (CSX), but it just isn't a top 20 holding. Atticus boosted their stake in UNP by 61%, propelling it all the way up to the fund's top holding. Numerous other hedge funds have very large positions in the rails as I've noted before. Not to mention, Warren Buffett has some pretty large stakes in some of the rails as well.

Next, I noticed that Atticus was selling off a chunk of their Mastercard (MA). This position could potentially be another one that has been causing them some pain lately. Although they sold 13% last quarter when the share price was trading around $270-300, MA has since plumetted, and is currently hovering around $185. And, considering it was/is their 3rd largest holding, it has to be causing them some pain.

Freeport McMoran (FCX) comes in at the fund's 5th largest holding and could equally be responsible for the fund's poor performance this year. As I noted earlier, they gained these FCX shares through their purchase of Phelps Dodge (who was acquired by FCX). And, up until now, they had pretty much held onto the shares of the new company. But, this past quarter, we saw Barakett unload nearly half his position. At the time of this sale, FCX was trading anywhere from $100-120. But, recently, FCX has traded way down to $63. This name has seen brutal selling over the past few months and you have to think that either Atticus was getting mauled by the sell-off, or they were partly responsible for it. We'll see what the verdict is come November when the next 13F filings are released.

Atticus also added some new holdings this past quarter, and they were adding with conviction. They initiated a position in Peabody (BTU) and brought it up to the fund's 9th largest holding. Additionally, they initiated Visa (V) as their 13th largest holding, Praxair (PX) as their 15th, and Focus Media (FMCN) as their 16th largest. Also, although they already owned Boeing (BA), they boosted their stake by a whopping 440%, bringing it way up to the fund's 14th biggest position.

Overall, it's easy to see where some of Atticus' pain may be coming from this year. Barakett runs a smaller, highly concentrated portfolio. And, when it wins, it wins big. But, as you're seeing now, it can also lose big as well. To see all of Atticus Capital's holdings, you can view their entire 13F filing with the SEC.

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]]> http://www.straightstocks.com/investing-in-hedge-funds/atticus-capital-management-13f-hedge-fund-holdings-analysis/feed/ 0 Harbinger Capital | 13F Hedge Fund Holdings Analysis http://www.straightstocks.com/investing-in-hedge-funds/harbinger-capital-13f-hedge-fund-holdings-analysis/ http://www.straightstocks.com/investing-in-hedge-funds/harbinger-capital-13f-hedge-fund-holdings-analysis/#comments Fri, 03 Oct 2008 14:12:42 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-8110288810295459119 Harbinger Capital

Harbinger Capital | 13F Hedge Fund Holdings


Harbinger Capital | 13F Hedge Fund Holdings AnalysisThis post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.

Harbinger Capital is a $13.8 Billion firm ran by Philip Falcone. Taken from StreetInsider, Harbinger is "a disciplined, value investor with an emphasis on intensive credit research. Its focus is on middle market companies that tend to be misunderstood or under-researched by the market. Investment approaches include:

Restructuring/Bankruptcy, Turnaround, Liquidation, Event Driven, Capital Structure Arbitrage, Short Sale and Special Situations." At one point during this year, they were up as much as 42% (more on that below).

So, now that we've got a background on Harbinger Capital, let's take a quick look at their portfolio highlights. Keep in mind that this is merely a brief summary of their top holdings. Due to the time sensitive nature of the 13F material, I wanted to get this information posted before the next set of filings come out in November.

Top 20 Holdings by % of Portfolio
1. Freeport McMoran (FCX) - Added to position by 4.3%
2. Cleveland Cliffs (CLF) - Boosted stake by 127%
3. AK Steel (AKS) - Added to position by 12%
4. Mirant (MIR) - Added to stake by 7.5%
5. Sprint Nextel (S) - New position
6. Ultrashort Financials (SKF) - Decreased stake by 10%
7. Atlas Air Worldwide (AAWW) - Barely moved stake, literally only sold 4 shares
8. Leap Wireless (LEAP) - No change in position
9. Ashland (ASH) - Increased position by 17.4%
10. New York Times (NYT) - Sold literally only 12 shares
11. Owens Corning (OC) - Boosted stake by 4.8%
12. Cablevision (CVC) - New position
13. Corn Products International (CPO) - Increased stake by 168%
14. Williams Sonoma (WSM) - Sold literally only 3 shares
15. Yahoo (YHOO) - New position
16. TerreStar Corp (TSTR) - Boosted stake by 2.7%
17. Peabody Energy (BTU) - New position
18. RTI International Metals (RTI) - No change in position
19. Northwest Airlines (NWA) - Added only 46 shares
20. Hughes Communication (HUGH) - No change in position

Harbinger's top 3 holdings have undoubtedly increased the volatility in their portfolio. Those three stocks have been on a downward spiral to hell. Freeport McMoran (FCX), Harbinger's top holding, traded around $110-120 at the time of this SEC filing. Since then, FCX has sold off hard and currently trades around $53. Additionally, their position in Cleveland Cliffs (CLF), which they increased by 127% last quarter, has played out in similar fashion. (They basically bought additional CLF at the top). CLF traded around $120 at the time they disclosed their positions. Now, CLF trades around $48. How about some more? Let's move on to AK Steel (AKS), which traded around $70 at the time of this filing. Now, it trades around $23. Undoubtedly, you get the picture. Harbinger's metals and natural resource plays have really been a thorn in their side. And, if there is one 13F filing I am most looking forward to come November, Harbinger's would be it. Because, in that next filing, we will get to see their updated portfolio to see if they were "buying the dip" in these names, or whether they were puking them up with the rest of the market. Harbinger has massive positions in these names, as they are their top 3 largest portfolio holdings.

So, how much pain did those positions (among others) cause Harbinger? Well, a lot, as I recently noted in my performance update on Harbinger. Earlier in the year, they were up as much as 42%. And, nowadays, they find themselves up only 2% for the year. How's that for a swing? This is why I say that their next filing will be very interesting, because many of their top holdings have seen wild volatility.

Other notable portfolio news includes new positions in Sprint Nextel (S), Cablevision (CVC), Peabody Energy (BTU), and Yahoo (YHOO). These are positions that Harbinger did not hold in the prior quarter and thus are new holdings. And, they were sinking a lot of money into these positions, as they brought all of these holdings all the way up to top 20 holdings in their portfolio.

One last thing I want to mention is their position in Corn Products International (CPO). Over the past quarter, they boosted their position in this company by 168%, bringing it up to their 13th largest holding. So, on one hand, you can highlight that they were buying with conviction and that maybe it's a name we should be paying attention to. On the other hand, they added to CLF with conviction and look where that got them. Point being, they were heavily adding to this name.

Also, since this 13F filing, we have seen additional activity by Harbinger. In a recent 13G filed with the SEC, Harbinger has disclosed a 6% ownership stake in Ashland (ASH). They now own 3,789,266 shares. Curiously enough, in the 13F detailed above, Harbinger held 5,871,426 shares of ASH. So, they've decreased their position substantially recently. A 13G filing signifies a passive investment in a company. But, as we are all too familiar with Harbinger's activist exploits in the coal/steel arena, there's always the option they could shift this position from a passive investment, to an activist one (which would require a 13D filing). But, for now, they've maintained it as a passive investment while decreasing their stake.

That sums up the details of Harbinger's filing. Overall, it's been the worst year for hedge funds in a long time, and Harbinger is a perfect example of such volatility.

You can view Harbinger's entire 13F filing over at the SEC.

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]]> http://www.straightstocks.com/investing-in-hedge-funds/harbinger-capital-13f-hedge-fund-holdings-analysis/feed/ 0 Lehman Brothers | Hedge Fund Victims of the Bankruptcy http://www.straightstocks.com/investing-in-hedge-funds/lehman-brothers-hedge-fund-victims-of-the-bankruptcy/ http://www.straightstocks.com/investing-in-hedge-funds/lehman-brothers-hedge-fund-victims-of-the-bankruptcy/#comments Fri, 03 Oct 2008 13:55:56 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-439654026659106485 Lehman Brothers Victims

Hedge Fund Victims of the Bankruptcy

Lehman Brothers | Hedge Fund Victims of the BankruptcyThe following is a short and far from exhaustive list of hedge funds which were recently affected by Lehman Brother's bankruptcy.
  • London-based MKM Longboat Capital Advisors LLP said last week it will close its $1.5 billion Multi-Strategy fund in part because of assets stuck at Lehman
  • Lehman Brothers Holdings Inc.'s bankruptcy probably means the end of hedge-fund manager Oak Group Inc. after 22 years in business.
  • Diamondback Capital Management LLC, a Stamford, Connecticut-based hedge fund, told investors that it had assets of $777 million stranded in Lehman
  • Managers with a smaller percentage of assets in Lehman limbo include Harbinger Capital Partners, Amber Capital LP and Bay Harbour Management LLC, which are each based in New York, and RAB Capital Plc and GLG Partners Inc., both in London
  • Darden Capital Management, an investment club run by students of the University of Virginia's business school, has about $6 million in four funds that are stranded.
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]]> http://www.straightstocks.com/investing-in-hedge-funds/lehman-brothers-hedge-fund-victims-of-the-bankruptcy/feed/ 0 Boston Hedge Fund Networking Event | Coctail Hour http://www.straightstocks.com/investing-in-hedge-funds/boston-hedge-fund-networking-event-coctail-hour/ http://www.straightstocks.com/investing-in-hedge-funds/boston-hedge-fund-networking-event-coctail-hour/#comments Wed, 01 Oct 2008 16:03:01 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-4063547981370185827 Boston Networking Event

Hedge Fund Group (HFG) Event in Boston

The Hedge Fund Group (HFG) is officially announcing our first Boston-based networking event on Wednesday October 22nd from 5-8PM at the Boston Harbor Hotel.

The 3 hour networking session is being held to create an open forum for hedge fund managers to speak directly with other professionals in the industry. Cocktails and appetizers will be served. There will no speakers, or agenda besides providing a common space for 40-60 industry professionals to network.

Thank you to Saratoga Prime Services for sponsoring this event. The goal is to provide a bi-monthly networking platform for professionals in the Boston area. For event questions please email Richard@HedgeFundGroup.org

Event Details:
  • Date: Wednesday October 22nd
  • Time: 5-8PM EST
  • Cost of Admission: $0
  • Place: South Atlatnic Room of the Boston Harbor Hotel
  • Directions: The Boston Harbor Hotel is located at:



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]]> http://www.straightstocks.com/investing-in-hedge-funds/boston-hedge-fund-networking-event-coctail-hour/feed/ 0 Market Index Fund Investments | Hedge Fund Notes http://www.straightstocks.com/investing-in-hedge-funds/market-index-fund-investments-hedge-fund-notes/ http://www.straightstocks.com/investing-in-hedge-funds/market-index-fund-investments-hedge-fund-notes/#comments Tue, 30 Sep 2008 19:09:49 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-6828016152656951802 Market Index Fund

Market Index Fund Investments

Ever wonder what hedge funds use when they just want to go along with an index, reaping the gains from a possible rally or helping to diversify and take risk out of their potfolio equation? That’s a no-brainer; just buy shares of a tracking index. QQQQ for the NASDAQ, DIA for the Dow Jones, IWM for the Russell 2000 and SPY for the S&P 500 are all vehicles of choice if you wish to track tick for tick an index. Compiling data from TickerSpy’s database of hedge funds shows that 61 have a position in the market index itself. The most popular by far is the SPY, numbering 37 out of the total 61 funds currently holding a position indirectly in the US markets.

So, what is the SPY? Technically speaking it is known as the SPDR Trust, Series 1 and is a unit investment trust that issues Standard & Poor’s Depositary Receipts. But in laymen terms; it is a tracking stock for the S&P 500 Composite Stock Index, which consists of the US’s largest companies. Its value is roughly worth 1/10th of the index and mirrors the S&P’s daily undulations. Investors and traders alike can buy and sell shares of the SPY just like that of GM or YHOO. The advantage is that there is no need to create and balance a basket of stocks resembling the index, and entry and exit from the market is as easy as the click of a mouse.

A very liquid market, easy entry / exit and profit opportunity draws hedge funds to favor index trackers, such as the SPY. According to TickerSpy’s most current data on SPY holdings, 37 hedge funds had positions totaling $5.47 billion. However; quarter-over-quarter investment in the SPYs declined $1.43 billion dollars or 21%. Money has been coming out of the index trackers and flowing into other investment opportunities or just sitting on the sideline.

Eight of the 37 funds took new positions as of the start of the quarter, perhaps betting on an exhaustion and overextension of the current downtrend. Thirteen of the 37 took money off the table and slashed positions; while sixteen put more money on adding to their current holdings.


The bag is mixed when it comes to the number of funds adding to or taking away from SPY positions. But one thing is clear; the larger firms have been dumping the SPYs, while smaller firms have been picking them up. Four funds accounted for 90% of the cash outflows from the SPY while the 24 funds establishing new and adding to positions only generated $585 million in cash inflows.

Guest post contributed by Anthony Zipparro

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]]> http://www.straightstocks.com/investing-in-hedge-funds/market-index-fund-investments-hedge-fund-notes/feed/ 0 Powe Capital Management LP | Hedge Fund Tracker Notes | 1 Page Guide http://www.straightstocks.com/investing-in-hedge-funds/powe-capital-management-lp-hedge-fund-tracker-notes-1-page-guide/ http://www.straightstocks.com/investing-in-hedge-funds/powe-capital-management-lp-hedge-fund-tracker-notes-1-page-guide/#comments Tue, 30 Sep 2008 17:37:57 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-7363683983676603839 Powe Capital Management

Powe Capital Management | Hedge Fund Notes

The following piece on Powe Capital 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.

Rory Powe, one of London's best-known fund managers, is closing his flagship hedge fund after poor performance prompted investors to flee. Powe Capital's €330m Modulus Europe is to be liquidated after a six-year winning streak ended last summer, and it lost 21 per cent this year. Since being set up in 2002 it was up 64.8 per cent. Many other hedge funds have shut down or restructured this year in the face of investor redemptions as the industry has produced some of its worst performance ever. Before Mr Powe set up his hedge fund, he ran one of the country's biggest unit trusts, gaining a stellar reputation after his fund soared on the back of technology investments - but Invesco Perpetual European Growth then plunged again when it was caught out by the dot com bust.

Mr Powe said he and a team of seven - reduced from 10 - would continue running two other hedge funds, the €110m Principia Europe and the €17m Tensor Europe. "The fund suffered because of its exposure to small and medium-sized companies and the fact that stock picking and bottom-up research and analysis has really gone unrewarded in the markets of the past year," he told the Financial Times. He said it was hard to manage the fund in the face of big investor withdrawals, and closing was better than either limiting redemptions or cashing in the easiest to sell holdings, which would leave investors who remained with a fund "unacceptably skewed towards its least liquid names". In a letter to investors, Mr Powe said the fund, now in the hands of liquidators, was able to return the 80 per cent it held in cash immediately and had another 20 per cent in hard-to-trade stocks which would be wound down over time, with no management fee. He expressed "regret and sadness" but said the closure was done in the best interests of investors. Source

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]]> http://www.straightstocks.com/investing-in-hedge-funds/powe-capital-management-lp-hedge-fund-tracker-notes-1-page-guide/feed/ 0 Absolute Capital Management | Holdings & Hedge Fund Notes http://www.straightstocks.com/investing-in-hedge-funds/absolute-capital-management-holdings-hedge-fund-notes/ http://www.straightstocks.com/investing-in-hedge-funds/absolute-capital-management-holdings-hedge-fund-notes/#comments Tue, 30 Sep 2008 17:21:21 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-6455432505571895885 Absolute Capital Management

Absolute Capital | Hedge Fund Notes

Absolute Capital Management | Jonathan TreacherThe following piece on Absolute Capital 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.

Troubled hedge fund firm Absolute Capital Management Holdings will see more investors than expected head for the door, it said today. The Swiss-based firm, which is listed on London’s Alternative Investment Market, posted a €1.2 million loss for the first half, and said it would not recommend a dividend. The firm’s assets under management at the end of June were just US$884 million, down from US$3.25 billion a year ago, due to hedge fund redemption requests and poor performance as well as the demerger of its emerging markets credit division, Argo Group. In July, Absolute Capital Management's Chairman Jonathan Treacher said he expected as much as €500 million in redemptions.

“While the performance of certain of our funds’ A class portfolios in the first six months has been encouraging, looking ahead, the group expects to have substantial redemptions from its funds at the end of the lock-up periods,” the firm said, due in part to the liquidation of its Absolute Activist Value Fund. It added that it would continue to monitor the viability of its other funds.

Last year, AbCap was rocked by the abrupt departure of co-founder Florian Homm and the revelation that Homm had put as much as a quarter of AbCap’s equity fund’s assets into highly-illiquid pink sheets. The firm then suspended redemptions, putting the illiquid assets into side pockets. Source

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]]> http://www.straightstocks.com/investing-in-hedge-funds/absolute-capital-management-holdings-hedge-fund-notes/feed/ 0 Hedge Fund vs. Bank Blowups | 1 Page Analysis http://www.straightstocks.com/investing-in-hedge-funds/hedge-fund-vs-bank-blowups-1-page-analysis/ http://www.straightstocks.com/investing-in-hedge-funds/hedge-fund-vs-bank-blowups-1-page-analysis/#comments Tue, 30 Sep 2008 03:02:31 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-6600720015034639554 Hedge Fund Blowups

Hedge Fund Vs. Bank Blowups

Last week a member of a hedge fund professionals networking group on LinkedIn asked a question about why we have seen more investment bank blow ups than hedge funds.

In the past 2 years there have, of course, been hedge fund blow ups starting with Amaranth in September 2006. Unlike troubled investment banks not all hedge funds suffering losses and closing downs receive press coverage. We have seen a few notable names, such as hedge funds managed by Bear Stearns, Sowood, Peloton and a few others mentioned in the papers. Many more troubled hedge funds managed to avoid major headlines. It’s not necessarily clear what exactly constitutes a hedge fund blow up. For the names mentioned above the loss was sudden and quick and resulted in eventual termination of the funds. Amaranth lost close to six billion dollars in just one week. Peloton earned a spectacular return of almost 90% in 2007 just two months before the blow up. These, however, are extreme cases. Many hedge funds suffer the slow death as they enter into periods of large draw downs. In this study we tried to identify hedge funds that have terminated since January 2008.

To analyze the rate of failure among hedge funds this year, we ran the analysis on the universe of hedge funds, fund o funds and CTA that report to Barclay’s Global Data Feeder database. To identify the blown up funds we first looked at the funds that stopped reporting performance to the database. We realize that there may be various reasons why a hedge fund would stop reporting to the database, but we believe that primary reason would be a significant drop in performance. To avoid double counting we focused primarily on the “On Shore” funds reporting performance in United States Dollars. There were 3,998 funds that reported performance at the beginning of the year. Of these funds 366 have not reported their performance since May 31, 2008. Chart 1 shows the distribution of the cumulative return of these funds since January 2007 (or later if the funds launched after January 2007).

Out of the 364 funds -156 funds or (43%) have had negative cumulative performance through their last reported date. Chart 2 shows the distribution of Maximum draw down achieved during the same period.

As we mentioned above we cannot be sure whether or not the funds that stopped reporting to Barclay’s database have indeed blown up. We do, however, consider it likely that hedge funds that stopped reporting after experiencing an extreme drawdown are in a “blow up” situation. Chart 2 shows that almost a third of the funds have experienced a drawdown of 15% or higher. This brings our estimate of defaulted funds to 2.5% or (100 out of 4,000).

Given the current market environment the estimate seems low. One factor that may account for relatively low blow up rate is the hedge fund liquidity. As an asset class, hedge funds enjoy the benefit of providing relatively stable asset base that is protected by long lock ups, strict redemption schedule, and withdrawal fees. Given these restrictions hedge funds that experience large losses are able to survive longer. It’s generally expected that the industry will experience significant redemptions at the end of the year, which may bring to the run on many hedge funds and lead to higher blow up rate. In the future issues of this newsletter we will attempt to examine the factors that may be helpful in identifying potential blow ups.

Guest post by Aleksey Matiychenko of Risk-AL, LLC

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]]> http://www.straightstocks.com/investing-in-hedge-funds/hedge-fund-vs-bank-blowups-1-page-analysis/feed/ 0 Hedge Fund Startup Tools | 1 Page Guide for Startups http://www.straightstocks.com/investing-in-hedge-funds/hedge-fund-startup-tools-1-page-guide-for-startups/ http://www.straightstocks.com/investing-in-hedge-funds/hedge-fund-startup-tools-1-page-guide-for-startups/#comments Mon, 29 Sep 2008 00:36:15 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-7900793732443373718 Hedge Fund Startup

Hedge Fund Startup Tools

Hedge Fund Startup ToolsDue to the number of inquiries I am currently getting from hedge fund startups and emerging hedge fund managers I will releasing a number of related interviews, example documents, marketing tips and case studies which hedge funds with less than $200M/AUM may be interested in using for their businesses. These resources will be displayed here after being published:
  1. Hedge Fund Seeding
  2. Raising Capital With Tenacity
  3. Hedge Fund Public Relations
  4. Hedge Fund Seed Capital
  5. How to Start A Hedge Fund
  6. Email Newsletter Creation Tool
  7. Hedge Fund Ethics
  8. Seed Capital Sources
  9. Financial Advisor Marketing
  10. Marketing to Institutional Investors
  11. Hedge Fund Marketing Tools
  12. Third Party Marketing
  13. Types of Hedge Fund Investors
  14. More coming soon...
If you have any specific resource requests please send them over to Richard@HedgeFundGroup.org

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]]> http://www.straightstocks.com/investing-in-hedge-funds/hedge-fund-startup-tools-1-page-guide-for-startups/feed/ 0 Paulson & Co. | John Paulson Hedge Fund | Holdings Analysis http://www.straightstocks.com/investing-in-hedge-funds/paulson-co-john-paulson-hedge-fund-holdings-analysis/ http://www.straightstocks.com/investing-in-hedge-funds/paulson-co-john-paulson-hedge-fund-holdings-analysis/#comments Fri, 26 Sep 2008 04:09:57 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-9052894888827066487 Paulson & Co.Positions

John Paulson Hedge Fund Positions

Paulson & Co. Hedge Fund | John PaulsonThe following piece on Highbridge Capital Management LLC (co-founder Henry Swieca pictured left) is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.

One hedge fund we're seeing some short positions from is John Paulson's Paulson & Co. Paulson is famous for the fortune he made by betting against subprime at the beginning of the crisis. And, now, it looks as if he's ready to turn his focus to some UK financials. Taken from StreetInsider, we get a solid breakdown of what Paulson is shorting: "Paulson & Co. yesterday disclosed short positions in four of the five largest British banks.

The bet now makes Paulson the largest short seller of UK banks. According to the filing, Paulson's hedge fund has taken a $650 million bet against shares of Barclays (BCS), a $542 million bet against Royal Bank of Scotland (RBS), and a $483 million bet against Lloyds TSB (LYG)."

Sources: WSJ, StreetInsider, & investEgate

Guest post by Market Folly

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]]> http://www.straightstocks.com/investing-in-hedge-funds/paulson-co-john-paulson-hedge-fund-holdings-analysis/feed/ 0 Run on Hedge Funds | Will it Happen? http://www.straightstocks.com/investing-in-hedge-funds/run-on-hedge-funds-will-it-happen/ http://www.straightstocks.com/investing-in-hedge-funds/run-on-hedge-funds-will-it-happen/#comments Thu, 25 Sep 2008 15:32:14 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-5341654420820242484 Run on Hedge Funds

Looming Run on Hedge Funds?

I just read this article on how part of this financial crises will involve a run on hedge funds. Any time industry performance is low there will be some redemptions, but I don't think there will be any massive industry-changing run on individual hedge fund managers. What are you seeing?

Here's the article:

The next stage will be a run on thousands of highly leveraged hedge funds. After a brief lock-up period, investors in such funds can redeem their investments on a quarterly basis; thus a bank-like run on hedge funds is highly possible. Hundreds of smaller, younger funds that have taken excessive risks with high leverage and are poorly managed may collapse. A massive shake-out of the bloated hedge fund industry is likely in the next two years. Source

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]]> http://www.straightstocks.com/investing-in-hedge-funds/run-on-hedge-funds-will-it-happen/feed/ 0 University Endowment Funds List | Resource http://www.straightstocks.com/investing-in-hedge-funds/university-endowment-funds-list-resource/ http://www.straightstocks.com/investing-in-hedge-funds/university-endowment-funds-list-resource/#comments Wed, 24 Sep 2008 20:43:22 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-8872957695414254807 University Endowment Funds

University Endowment Funds List

University Endowment Funds ListQuick Link: Hedge Fund Marketing Guide

Yesterday a hedge fund sent me this list of university endowments from Wikipedia and I thought I would share this with others involved in hedge fund marketing and sales.

Institution ↓ Endowment (2005)
billion USD ↓		 Endowment (2006)
billion USD ↓		 Endowment (2007)
billion USD ↓
Amherst College $ 1.155[1] $ 1.337[2] $ 1.662[3]
Baylor College of Medicine $ 1.008[1] $ 1.059[2] $ 1.278[3]
Baylor University $ 1.008[1] $ 0.870[2] $ 1.278[3]
Berea College $ 0.862[1] $ 0.949[2] $ 1.102[3]
Boston College $ 1.270[1] $ 1.448[2] $ 1.670[3]
Boston University $ 0.777[1] $ 0.916[2] $ 1.101[3]
Brown University $ 1.844[1] $ 2.167[2] $ 2.781[3]
California Institute of Technology $ 1.418[1] $ 1.581[2] $ 1.860[3]
Carnegie Mellon University $ 0.837[1] $ 0.939[2] $ 1.116[3]
Case Western Reserve University $ 1.516[1] $ 1.599[2] $ 1.841[3]
Columbia University $ 5.191[1] $ 5.938[2] $ 7.150[3]
Cornell University $ 3.777[1] $ 4.321[2] $ 5.425[3]
Dartmouth College $ 2.714[1] $ 3.092[2] $ 3.760[3]
Duke University $ 3.826[1] $ 4.498[2] $ 5.910[3]
Emory University $ 4.376[1] $ 4.870[2] $ 5.562[3]
George Washington University $ 0.823[1] $ 0.963[2] $ 1.147[3]
Georgetown University $ 0.741[1] $ 0.834[2] $ 1.059[3]
Georgia Institute of Technology $ 0.937[1] $ 1.047[2] $ 1.281[3]
Grinnell College $ 1.391[1] $ 1.472[2] $ 1.718[3]
Harvard University $ 25.473[1] $ 28.916[2] $ 34.635[3]
Indiana University (system-wide)[4] $ 1.107[1] $ 1.276[2] $ 1.557[3]
Johns Hopkins University $ 2.177[1] $ 2.351[2] $ 2.800[3]
Lehigh University $ 0.845[1] $ 0.939[2] $ 1.086[3]
Massachusetts Institute of Technology $ 6.712[1] $ 8.368[2] $ 9.980[3]
Michigan State University $ 0.906[1] $ 1.048[2] $ 1.248[3]
New York University $ 1.548[1] $ 1.775[2] $ 2.162[3]
Northwestern University $ 4.215[1] $ 5.141[2] $ 6.503[3]
Ohio State University $ 1.726[1] $ 1.997[2] $ 2.338[3]
Pennsylvania State University $ 1.175[1] $ 1.326[2] $ 1.590[3]
Pomona College $ 1.299[1] $ 1.457[2] $ 1.761[3]
Princeton University $ 11.207[1] $ 13.045[2] $ 15.787[3]
Princeton Theological Seminary $ 0.864[1] $ 0.945[2] $ 1.109[3]
Purdue University (system-wide)[4] $ 1.341[1] $ 1.494[2] $ 1.787[3]
Rice University $ 3.611[1] $ 3.986[2] $ 4.670[3]
Rockefeller University $ 1.557[1] $ 1.772[2] $ 2.145[3]
Smith College $ 1.036[1] $ 1.156[2] $ 1.361[3]
Southern Methodist University(SMU) $ 1.014[1] $ 1.122 [2] $ 1.328[3]
Stanford University $ 12.205[1] $ 14.085[2] $ 17.165[3]
Swarthmore College $ 1.164[1] $ 1.245[2] $ 1.441[3]
Syracuse University $ 0.818[1] $ 0.908 [2] $ 1.086[3]
Texas A&M University System (system-wide)[4] $ 4.964[1] $ 5.643[2] $ 6.590[3]
Texas Christian University $ 0.942[1] $ 1.016[2] $ 1.187[3]
Tufts University $ 0.845[1] $ 1.215[2] $ 1.452[3]
Tulane University $ 0.780[1] $ 0.858[2] $ 1.009[3]
University of California (system-wide)[4] $ 5.222[1] $ 5.734[2] $ 6.439[3]
University of Chicago $ 4.137[1] $ 4.867[2] $ 6.204[3]
University of Cincinnati $ 1.032[1] $ 1.101[2] $ 1.185[3]
University of Delaware $ 1.077[1] $ 1.223[2] $ 1.397[3]
University of Florida $ 0.836[1] $ 0.996[2] $ 1.219[3]
University of Illinois (system-wide)[4] $ 1.148[1] $ 1.252[2] $ 1.515[3]
University of Kansas (system-wide)[4] $ 0.955[1] $ 1.049[2] $ 1.239[3]
University of Michigan $ 4.931[1] $ 5.652[2] $ 7.090[3]
University of Minnesota $ 1.969[1] $ 2.224[2] $ 2.804[3]
University of Missouri (system-wide)[4] $ 0.849[1] $ 0.944[2] $ 1.098[3]
University of Nebraska (system-wide)[4] $ 1.042[1] $ 1.153[2] $ 1.277[3]
University of North Carolina at Chapel Hill $ 1.486[1] $ 1.149[2] $ 2.164[3]
University of Notre Dame $ 3.650[1] $ 4.437[2] $ 5.944[3]
University of Oklahoma $ 0.777[1] $ 0.960[2] $ 1.114[3]
University of Pennsylvania $ 4.370[1] $ 5.313[2] $ 6.635[3]
University of Pittsburgh $ 1.530[1] $ 1.803[2] $ 2.254[3]
University of Richmond $ 1.208[1] $ 1.388[2] $ 1.655[3]
University of Rochester $ 1.370[1] $ 1.491[2] $ 1.726[3]
University of Southern California $ 2.746[1] $ 3.066[2] $ 3.715[3]
University of Texas (system-wide)[4] $ 11.610[1] $ 13.235[2] $ 15.614[3]
University of Virginia $ 3.219[1] $ 3.618[2] $ 4.370[3]
University of Washington $ 1.490[1] $ 1.794[2] $ 2.184[3]
University of Wisconsin (UW Foundation only) $ 1.125[1] $ 1.426[2] $ 1.645[3]
Vanderbilt University $ 2.628[1] $ 2.946[2] $ 3.487[3]
Wake Forest University $ 0.907[1] $ 1.042[2] $ 1.249[3]
Washington University in St. Louis $ 4.268[1] $ 4.684[2] $ 5.658[3]
Wellesley College $ 1.276[1] $ 1.412[2] $ 1.657[3]
Williams College $ 1.348[1] $ 1.462[2] $ 1.892[3]
Yale University $ 15.224[1] $ 18.031[2] $ 22.530[3]
Yeshiva University $ 1.149[1] $ 1.273[2] $ 1.410[3]


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]]> http://www.straightstocks.com/investing-in-hedge-funds/university-endowment-funds-list-resource/feed/ 0 Soros Fund Management LLC | George Soros 13F Hedge Fund Holdings http://www.straightstocks.com/investing-in-hedge-funds/soros-fund-management-llc-george-soros-13f-hedge-fund-holdings/ http://www.straightstocks.com/investing-in-hedge-funds/soros-fund-management-llc-george-soros-13f-hedge-fund-holdings/#comments Tue, 23 Sep 2008 13:03:01 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-5015000523710522023 Soros Fund Management

Soros Fund Management | Geroge Soros 13F Holdings


Soros Fund Management LLC | George Soros Hedge FundThis post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.

In Soros Fund Management's most recent 13F filing, Soros bought over an $800 million stake in Brazilian oil giant Petroleo Brasileiro (PBR). At the time, this massive purchase represented 22% of his entire portfolio and was his largest holding. And, interestingly enough, PBR is down nearly 30% since his purchase. Guess we'll have to wait til the next round of 13F's (next quarter) to see whether or not he still holds. Soros also made a big Potash (POT) purchase, increasing his position by over 2550% (from 65,500 shares to 1,747,707 shares). In another move, he also purchased over 9 million shares of Lehman Brothers (LEH), roughly a $180 million position at the time. He also made purchases in various commodity plays such as VALE (RIO) and Talisman Energy (TLM). All holdings were current as of June 20th, 2008. You can view Soros' full 13F as filed with the SEC here.

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]]> http://www.straightstocks.com/investing-in-hedge-funds/soros-fund-management-llc-george-soros-13f-hedge-fund-holdings/feed/ 0 Greenlight Capital | David Einhorn 13F Hedge Fund Holdings http://www.straightstocks.com/investing-in-hedge-funds/greenlight-capital-david-einhorn-13f-hedge-fund-holdings/ http://www.straightstocks.com/investing-in-hedge-funds/greenlight-capital-david-einhorn-13f-hedge-fund-holdings/#comments Tue, 23 Sep 2008 11:55:03 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-6968837910000995809 Greenlight Capital

Greenlight Capital | David Einhorn Holdings

This post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.

I like to track a variety of hedge funds with different strategies just to see what everyone is up to each quarter. And, while I don't necessarily go in-depth on each fund, I do like to monitor major changes to their portfolios. One main activist fund I follow is Greenlight Capital. Greenlight is a $6 billion fund ran by David Einhorn and has had an annual return of over 25%. Greenlight specializes in spin-offs and value investing. Einhorn's name has been popping up in the media a lot in recent months as he talked about his well documented short position in Lehman Brothers (LEH).

So, after comparing his most recent 13F filing with the one from last quarter, we can see a few major moves that Einhorn has made with Greenlight's portfolio. Please note that this is by no means a complete summary of changes. I am simply pointing out a few changes of interest.

New Positions:
UnitedHealth Group (UNH)
Dr. Pepper Snapple (DPS) - a spinoff from Cadbury
Teradata (TDC)

Added to:
Helix Energy (HLX) - increased position by 12%

Reduced Positions:
Microsoft (MSFT) - reduced position by 33.1%
Target (TGT) - reduced position by 16.6%

Removed Positions (positions Greenlight sold completely out of):
Discover Financial (DFS)

Some of Greenlight's Top Holdings (in no particular order) include: Ameriprise Financial (AMP), Helix Energy (HLX), Microsoft (MSFT), Target (TGT), Health Management Associates (HMA), and M.D.C. Holdings (MDC).

Again, please note that this is merely the highlights of their portfolio and does not detail all of the changes made.

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]]> http://www.straightstocks.com/investing-in-hedge-funds/greenlight-capital-david-einhorn-13f-hedge-fund-holdings/feed/ 0 Equity Long Short | Hedge Fund Strategy Review http://www.straightstocks.com/investing-in-hedge-funds/equity-long-short-hedge-fund-strategy-review/ http://www.straightstocks.com/investing-in-hedge-funds/equity-long-short-hedge-fund-strategy-review/#comments Tue, 23 Sep 2008 11:18:08 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-8064388197975932730 Equity Long Short

Equity Long Short | Hedge Fund Strategy


Equity Long ShortAs part of HedgeFundBlogger.com's Hedge Fund Strategy Guide here is a short guide to the Equity Long/Short hedge fund strategy:

The earliest known practitioner of the equity long/short strategy was Alfred Jones Winslow, commonly thought to have established first hedge fund by developing a tactic that would succeed regardless of whether the market rose of fell. He came up with the idea of hedging market risk by taking both long and short equity positions.

Thus, in their simplest formulation equity long/short strategies are designed to minimize exposure to the market. Instead, they profit from a change in the spread between two stocks. This is achieved by buying an undervalued stock and selling an overvalued stock. The short portfolio serves several functions: it acts as a hedge against market decline, gives managers an opportunity to add value by selecting stocks that are most likely to underperform the market and collects interest on the short amount. What is important in long/short trades is that the long position outperforms the short position on a relative basis. Thus, the position may still be profitable if both stocks decline insofar as the long position declines less that the short position.

Equity long/short managers vary in their level of exposure to the market. Some managers will maintain a long bias, such as 130/30 hedge fund managers. Others will hold equal dollar amounts of long and short positions and will therefore be market neutral. While it is possible to construct an equity long/short portfolio with a short bias, this is usually a short-term strategy as equity markets tend to have a long-bias. Equity long/short managers can also be distinguished by the geographic market in which they invest (US, Europe, Emerging, etc), their investment style (value, fundamental, quantitative, activist etc) or sector (financial, healthcare, tech, etc).

Books related to equity long/short funds

Lhabitant, Francoise-Serge. Handbook of Hedge Funds. West Sussex: John Wiley & Sons, Ltd., 2006.
This is an excellent guide to the industry, with concise and informative descriptions on all of the major hedge fund strategies and primary methods to measure their risk and performance. Lhabitant also includes an overview of the legal environment of hedge funds and their organizational structure, while ending with a short guide to investing in them. In his description of equity long/short strategies, Lhabitant provides a detailed description of the mechanics of constructing a long/short position and portfolio.

Equity long/short white papers and articles
Fung, William and David A. Hsieh. “Extracting Portable Alphas From Equity Long-Short Hedge Funds.” Journal of Investment Management, Vol. 2, No. 4, Fourth Quarter 2004.
Fund and Hsieh use data from three different sources to show empirically that between 1996 and 2002, Equity long/short hedge funds have significant alpha to both conventional and alternative risk factors.

Fung, William and David A. Hsieh. “The Risk in Hedge Fund Strategies: Theory and Evidence from Long/Short Equity Hedge Funds.”
In this paper, Fund and Hsieh seek to answer three basic questions: is the source of return in long/short equity hedge funds different from long-only mutual funds; are long/short equity hedge funds exposed to similar risk factors as long-only mutual funds; and do long/short equity hedge funds provide excess return beyond compensation for systemic risk? They find that. . . This paper also provides an overview of the mechanics of constructing and modeling the performance of an equity long/short portfolio.

Freed, Steven F. “An Overview of Long-Short Equity Investing.” November 29, 1999
In this paper, Steven Freed briefly outlines the basics of constructing an equity long/short portfolio. He also describes three sources of return in equity long/short investing and the effect of market movements on them.

McFall Lamm Jr, R. “The Role of Long/Short Equity Hedge Funds in Investment Portfolios,” DB Absolute Return Strategies.
This paper examines the historical returns of long/short equity hedge funds and argues that these funds have outperformed traditional long-only equity exposure and do so with lower risk. The paper also includes a good description of the equity long/short strategy.

Schmitz, John J. “An Introduction to Market Neutral Equity Strategies”, SciVest Capital Management Inc.
This powerpoint presentation provides a good description of the fundamentals behind putting an equity long/short strategy together. Also looks at the advantages of the strategy and risk management techniques that could be used in when putting together an equity long/short strategy.

The Case For Long/Short Equity as a Tool in Traditional Asset Class Construction argues that the long/short equity approach should be thought of as a specific asset class when building a portfolio because it adds value to a long-only and tracking error-constrained strategies.


Tracking
Credit Suisse Tremont Hedge Fund Index
CS/Tremont tracks provides registered users with historical data on the performance of variety of hedge fund strategies.

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]]> http://www.straightstocks.com/investing-in-hedge-funds/equity-long-short-hedge-fund-strategy-review/feed/ 0 Maverick Capital Management 13F | Lee Ainslie Hedge Fund Holdings Analysis http://www.straightstocks.com/investing-in-hedge-funds/maverick-capital-management-13f-lee-ainslie-hedge-fund-holdings-analysis/ http://www.straightstocks.com/investing-in-hedge-funds/maverick-capital-management-13f-lee-ainslie-hedge-fund-holdings-analysis/#comments Mon, 22 Sep 2008 12:41:00 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-6643395820893441919 Maverick Capital

Maverick Capital Management Holdings Analysis

This post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.

Lee Ainslie started Maverick Capital back in 1993 with $38 million. Nowadays, the fund is worth $10 billion. Ainslie, like many of the other fund managers I've profiled, has a background rooted in learning from legendary great Julian Robertson at Tiger Management. So, due to the fact that these proteges learned from the best and have had great success running their own hedge funds, I continually try to find a reason not to follow these funds. And, needless to say I'm never successful. Some contacts over at Maverick have explained that their hedge fund strategy is straight up stock picking, both long and short. They made it clear though, that they do not employ pairs trades. Although, some of their long/short setups might be in the same sector. They try to hedge their positions like a true hedge fund by picking out the shining stars in certain sectors, as well as identifying the pieces of garbage. Now, of course, this presents us with a problem in that the 13F filings only show long positions (unless they're holding puts on a name, we can see those). So, a good amount of Maverick's portfolio (the entire short side) is unbeknownst to us, because they have reported zero put positions. But, let's look on the bright side in that we can see all their long positions. Maverick uses a value approach (obviously learned from Julian) and one of their most popular metrics is finding companies and comparing their enterprise value to sustainable free cash flow.

So, now that we've got a little background on Maverick, let's see what they were up to. The following are Maverick Capital's current holdings as of June 30th 2008, as released in their most recent 13F filing with the SEC. The positions in this most recent 13F were compared to last quarter's 13F and here are the changes made to their portfolio:

New Positions:
First Solar (FSLR): 1,202,118 shares. This position is 2.93% of Maverick's portfolio.
Lorillard (LO): 3,820,856 shares. This position is 2.36% of Maverick's portfolio.
CVS Caremark (CVS): 5,912,073 shares. This position is 2.09% of Maverick's portfolio.
Netapp (NTAP): 9,331,862 shares. This position is 1.81% of Maverick's portfolio.
ITT Educational Services (ESI): 2,422,090 shares. This position is 1.79% of Maverick's portfolio.
Macy's (M): 9,008,174 shares. This position is 1.56% of Maverick's portfolio.
Hansen Natural (HANS): 5,712,952 shares. This position is 1.47% of Maverick's portfolio.
Polo Ralph Lauren (RL): 2,431,244 shares. This position is 1.36% of Maverick's portfolio.
Dicks Sporting Goods (DKS): 7,589,473 shares. This position is 1.20% of Maverick's portfolio.
Cigna Corp (CI): 2,931,045 shares. This position is 0.93% of Maverick's portfolio.
Digital River Inc (DRIV): 1,974,144 shares. This position is 0.68% of Maverick's portfolio.
Viacom Inc (VIA): 2,442,500 shares. This position is 0.67% of Maverick's portfolio.
Forest Labs (FRX): 1,789,900 shares. This position is 0.56% of Maverick's portfolio.
Lamar Advertising (LAMR): 1,542,918 shares. This position is 0.50% of Maverick's portfolio.
Visa (V): 565,005 shares. This position is 0.41% of Maverick's portfolio.
South Financial Group (TSFG): 50,000 shares. This position is 0.38% of Maverick's portfolio.
Athena Health (ATHN): 1,245,819 shares. This position is 0.34% of Maverick's portfolio.
National City Corp (NCC): 6,625,176 shares. This position is 0.28% of Maverick's portfolio.
Sohu.com Inc (SOHU): 170,485 shares. This position is 0.11% of Maverick's portfolio.
MSCI Inc (MXB): 287,186 shares. This position is 0.09% of Maverick's portfolio.
Universal American (UAM): 1,004,391 shares. This position is 0.09% of Maverick's portfolio.
Comscore (SCOR): 436,640 shares. This position is 0.09% of Maverick's portfolio.
Citizens Republic Bancorp (CRBC): 937,500 shares. This position is 0.02% of Maverick's portfolio.


Added to:
Berkshire Hathaway (BRK.B): Increased position by 1412%. Position is now 0.45% of their portfolio.
Gmarket (GMKT): Increased position by 317%. Position is now 0.19% of their portfolio.
Infinera (INFN): Increased position by 171%. Position is now 0.54% of their portfolio.
American Capital (ACAS): Increased position by 141%. Position is now 0.30% of their portfolio.
Nordstrom (JWN): Increased position by 136.61%. Position is now 2.79% of their portfolio.
America Movil (AMX): Increased position by 129.88%. Position is now 3.91% of their portfolio.
Lexmark (LXK): Increased position by 109.39%. Position is now 1.42% of their portfolio.
Citrix (CTXS): Increased position by 109.36%. Position is now 2.20% of their portfolio.
Bank of New York Mellon (BK): Increased position by 55.42%. Position is now 3.15% of their portfolio.
Baxter Intl (BAX): Increased position by 51.69%. Position is now 2.90% of their portfolio.
Advanced Micro Devices (AMD): Increased position by 45.89%. Position is now 2.87% of their portfolio.
Raytheon (RTN): Increased position by 41.72%. Position is now 2.58% of their portfolio.
Fidelity National Info (FIS): Increased position by 40.56%. Position is now 2.05% of their portfolio.
Covidien (COV): Increased position by 32.99%. Position is now 2.32% of their portfolio.
Liberty Media Corp (LMDIA): Increased position by 28.09%. Position is now 1.59% of their portfolio.
Resmed (RMD): Increased position by 26.46%. Position is now 0.74% of their portfolio.
Burlington Northern (BNI): Increased position by 22.73%. Position is now 1.83% of their portfolio.
Google (GOOG): Increased position by 22.27%. Position is now 1.72% of their portfolio.
Genentech (DNA): Increased position by 21.38%. Position is now 1.40% of their portfolio.
Zimmer Holdings (ZMH): Increased position by 20.28%. Position is now 1.73% of their portfolio.
Cypress Bioscience (CYPB): Increased position by 19.98%. Position is now 0.20% of their portfolio.
Apple (AAPL): Increased position by 19.45%. Position is now 4.09% of their portfolio.
Research in Motion (RIMM): Increased position by 15.41%. Position is now 4.08% of their portfolio.
MetroPCS Comm (PCS): Increased position by 13.6%. Position is now 0.77% of their portfolio.
Home Inns & Hotels (HMIN): Increased position by 7.72%. Position is now 0.54% of their portfolio.
Gilead Sciences (GILD): Increased position by 6.66%. Position is now 2.37% of their portfolio.
Marvell Technology (MRVL): Increased position by 5.24%. Position is now 3.08% of their portfolio.
Newstar Financial (NEWS): Increased position by 5.21%. Position is now 0.14% of their portfolio.
Cardinal Health (CAH): Increased position by 3.33%. Position is now 1.56% of their portfolio.
Amylin Pharma (AMLN): Increased position by 2.84%. Position is now 0.58% of their portfolio.
Discovery Holding (DISCA): Increased position by 1.74%. Position is now 1.21% of their portfolio.
Palm (PALM): Increased position by 1.40%. Position is now 0.51% of their portfolio.
Lumber Liquidators (LL): Increased position by 1.14%. Position is now 0.26% of their portfolio.
China Nepstar (NPD): Increased position by 0.75%. Position is now 0.18% of their portfolio.
First Advantage (FADV): Increased position by 0.65%. Position is now 0.15% of their portfolio.
Under Armour (UA): Increased position by 0.17%. Position is now 0.83% of their portfolio.
Mylan Inc (MYL): Increased position by 0.06%. Position is now 1.09% of their portfolio.
Monsanto (MON): Increased position by 0.04%. Position is now 1.68% of their portfolio.
Potash (POT): Increased position by 0.03%. Position is now 2% of their portfolio.


Reduced positions:
Thermo Fisher (TMO): Reduced their position by 4.91%. Position is now 1.68% of their portfolio.
Western Union (WU): Reduced their position by 10.2%. Position is now 2.08% of their portfolio.
Marsh & Mclennan (MMC): Reduced their position by 12%. Position is now 1.55% of their portfolio.
Textron Inc (TXT): Reduced their position by 18.93%. Position is now 1.44% of their portfolio.
Wyeth (WYE): Reduced their position by 20.6%. Position is now 1.46% of their portfolio.
Leap Wireless (LEAP): Reduced their position by 23.40%. Position is now 0.39% of their portfolio.
Trubion Pharma (TRBN): Reduced their position by 24.38%. Position is now 0.04% of their portfolio.
Dish Network (DISH): Reduced their position by 27.75%. Position is now 1.13% of their portfolio.
Avon Products (AVP): Reduced their position by 33.23%. Position is now 1.36% of their portfolio.
JP Morgan Chase (JPM): Reduced their position by 38.68%. Position is now 0.89% of their portfolio.
Cognizant (CTSH): Reduced their position by 42.97%. Position is now 0.85% of their portfolio.
DirecTV (DTV): Reduced their position by 49.69%. Position is now 0.83% of their portfolio.
Suntrust Banks (STI): Reduced their position by 50%. Position is now 0.16% of their portfolio.
Gamestop (GME): Reduced their position by 51.64%. Position is now 0.81% of their portfolio.
Corcept (CORT): Reduced their position by 57.49%. Position is now 0.01% of their portfolio.
Bluefly (BFLY): Reduced their position by 90%. Position is now 0.11% of their portfolio.
Berkshire Hathaway (BRK.A): Reduced their position by 95%. Position is now 0.66% of their portfolio.


Removed Positions (Positions Maverick sold out of completely):
Hanesbrands (HBI)
Autozone (AZO)
Bankrate (RATE)
CNET (CNET)
Crocs (CROX)
Cumulus Media (CMLS)
Harmonic (HLIT)
Loews (L)
Move Inc (MOVE)
Nucor (NUE)
OfficeMax (OMX)
Qualcomm (QCOM)
Salesforce (CRM)
Sandisk (SNDK)
Sears (SHLD)
Starbucks (SBUX)
UnitedHealth (UNH)


Positions with no change:
VMWare (VMW). Position is 0.59% of their portfolio.
BPW Acquisition (BPW). Position is 0.18% of their portfolio.
FIrst Marblehead (FMD). Position is 0.05% of their portfolio.
Ultra Clean Holdings (UCTT). Position is 0.01% of their portfolio.
Vivus (VVUS). Position is 0.01% of their portfolio.


Top 20 holdings by % of portfolio:
1. Apple (AAPL): 4.09% of the portfolio
2. Research in Motion (RIMM): 4.08% of the portfolio
3. America Movil (AMX): 3.91% of the portfolio
4. Bank of New York Mellon (BK): 3.15% of the portfolio
5. Marvell Tech (MRVL): 3.08% of the portfolio
6. First Solar (FSLR): 2.93% of the portfolio
7. Baxter Intl (BAX): 2.90% of the portfolio
8. Advanced Micro (AMD): 2.87% of the portfolio
9. Nordstrom (JWN): 2.79% of the portfolio
10. Raytheon (RTN): 2.58% of the portfolio
11. Gilead (GILD): 2.37% of the portfolio
12. Lorillard (LO): 2.36% of the portfolio
13. Covidien (COV): 2.32% of the portfolio
14. Citrix (CTXS): 2.20% of the portfolio
15. CVS Caremark (CVS): 2.09% of the portfolio
16. Western Union (WU): 2.08% of the portfolio
17. Fidelity National Info (FIS): 2.05% of the portfolio
18. Potash (POT): 2.00% of the portfolio
19. Burlington Northern (BNI): 1.83% of the portfolio
20. Netapp (NTAP): 1.81% of the portfolio

----------------------------------------------------

Breakdown: Maverick changed up their portfolio a decent amount over the past quarter. Most notable are their changes within their top 10 holdings. Hedge fund favorite Qualcomm (QCOM) was Maverick's 3rd largest holding last filing. This filing, they no longer even hold a position. Additionally, they were selling off chunks of other top 10 holdings from last quarter. They sold off 33% of their position in Avon Products (AVP), which was their 4th largest holding just one quarter ago. They also sold over 51% of their Gamestop (GME) position, which last quarter was their 7th largest holding. With those positions vacating their place in the top 10 holdings of Maverick's portfolio, new holdings obviously took their place. America Movil (AMX), another hedge fund favorite, was Maverick's 9th largest holding last time. This time, they increased their position by 129% and it is now their 3rd largest holding. They obviously used the weakness in this name to add to their position, just like fellow 'Tiger Cub' fund Lone Pine Capital. Maverick also added heavily to Nordstrom (JWN), increasing their position by 136% and making it now their 9th largest holding.

Maverick was out adding to tech across the board. Apple (AAPL) and Research in Motion (RIMM) are their top 2 largest holdings respectively, as they boosted their positions in both by over 14% each. Additionally, they added to their Marvell (MRVL) position, bringing it up to the fund's 5th largest position now. Maverick also continues to build a position in Advanced Micro Devices (AMD), as it now is their 8th largest holding.

Among their new positions this quarter are First Solar (FSLR), Lorillard (LO), and CVS Caremark (CVS). I highlight these three in particular because Maverick started large, new positions in all three names. First Solar (FSLR) was brought up all the way to the fund's 6th largest holding after not even owning shares last quarter. They started a new position in CVS Caremark (CVS) and brought it up to the fund's 15th largest holding. Also, they added heavily to Lorillard (LO) as well, making this new position their 12th largest holding. This position is interesting because we also saw Lone Pine Capital (ran by Stephen Mandel Jr.) start a new position in this exact same name. And, actually, this is not the only position that both Maverick and Lone Pine both started together. In this 13F filing, we see that Maverick started a position in Hansen Natural (HANS). And, Lone Pine recently disclosed that they have a 7.8% stake in HANS. It's definitely common to see many similar positions within the portfolios of various 'Tiger Cub' managers who now run their own funds because they all undoubtedly keep in touch and come from the same school of thought.

One last thing I would like to point out is Maverick selling completely out of various consumer related names. They sold completely out of their positions in Autozone (AZO), Hanesbrands (HBI), Sears (SHLD), Starbucks (SBUX), Crocs (CROX), and OfficeMax (OMX).

You can view their most recent 13F as filed with the SEC here.

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]]> http://www.straightstocks.com/investing-in-hedge-funds/maverick-capital-management-13f-lee-ainslie-hedge-fund-holdings-analysis/feed/ 0 Blue Ridge Capital Hedge Fund | John A. Griffin Holdings Analysis | New York http://www.straightstocks.com/investing-in-hedge-funds/blue-ridge-capital-hedge-fund-john-a-griffin-holdings-analysis-new-york/ http://www.straightstocks.com/investing-in-hedge-funds/blue-ridge-capital-hedge-fund-john-a-griffin-holdings-analysis-new-york/#comments Mon, 22 Sep 2008 10:45:00 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-4320236824523610719 Blue Ridge Capital

Blue Ridge Capital | John A. Griffin Holdings Analysis


This post is being written as part of my Investment Securities Tool which analyzes the holdings of hedge fund managers.

Blue Ridge Capital is ran by John A. Griffin. Griffin is similar to Steve Mandel at Lone Pine Capital and Lee Ainslie at Maverick Capital in that they all are 'Tiger Cubs' (a.k.a. pupils of Julian Robertson while at Tiger Management). Griffin though, is more well known because he was Julian Robertson's right hand man. So, needless to say, the dude knows his stuff. Blue Ridge seeks absolute returns by investing in companies who dominate their industries and shorting the companies who have fundamental problems. And, right off the bat that presents us with a bit of a problem in terms of analyzing 13F's. 13F's don't show short positions, they show long positions (unless the firm is short through puts, which we *can* see). So, the inherent problem with analyzing Blue Ridge (or any fund for that matter) is that we can't see the other side of their portfolio. But, this is increasingly important for Blue Ridge simply due to Griffin's investment strategy and the fact that his long positions could in essence only represent half of the portfolio. Now, I use that loosely because there's no way for me to know exactly how much of his portfolio is short. But, I do know that both Griffin at Blue Ridge and Lee Ainslie over at Maverick Capital (research on him coming later this week) like to effectively hedge with a balance of both long and short positions (like a TRUE hedge fund... not like some of these crazy funds these days with no true hedging). Here's the thing: they don't do pairs trades, so don't classify it as that. In the past, I remember specifically being told by representatives at Maverick that they don't pairs trade, even though a respective long and short could be in the same sector or sub-sector. So, make that distinction clear. But, we'll work with what we've got (and believe me, it's still a lot of solid info).

Before beginning, I would like to give a special shoutout to Alex Prywes for helping me with the daunting task of analyzing 13F filings. Alex has helped gather and sort through the data of numerous hedge funds (including the one below). Thanks to Alex's help, we can now cover even more funds. And, on that note.... onto the 13F!

The following are Blue Ridge Capital's current holdings as of June 30th 2008, as released in their most recent 13F filing with the SEC. The positions in this most recent 13F were compared to last quarter's 13F and here are the changes made to their portfolio:

New Positions:
Anadarko Petroleum (APC): 2,335,000 shares. This position is 4.29% of Blue Ridge's portfolio.
Visa Inc (V): 1,720,000 shares. 3.43% of Blue Ridge's portfolio.
Vulcan materials: 1,500,000 shares. 2.20% of Blue Ridge's portfolio.
Rowan Cos (RDC): 1,800,000 shares. 2.06% of Blue Ridge's portfolio.
Amazon (AMZN): 940,000 shares. 1.69% of Blue Ridge's portfolio.
Goodrich Petroleum (GDP): 650,000 shares. 1.32% of Blue Ridge's portfolio.
Countrywide Financial: 1,433,000 shares. 0.15% of Blue Ridge's portfolio.
Bare Escentuals (BARE): 281,500 shares. 0.13% of Blue Ridge's portfolio.
Nutrisystem (NTRI): 233,000 shares. 0.08% of Blue Ridge's portfolio.


Added to:
Federal National Mortgage (FNM): Increased position by 1104%. Position is now 2.77% of their portfolio.
Greenlight Capital Re Ltd (GLRE): Increased position by 76.5%. Position is now 0.20% of their portfolio.
Wyeth (WYE): Increased position by 62.86%. Position is now 6.71% of their portfolio.
Apple (AAPL): Increased position by 15.65%. Position is now 5.46% of their portfolio.
Grupo Televisa (TV): Increased position by 11.83%. Position is now 4.46% of their portfolio.
Echostar (SATS): Increased position by 9.97%. Position is now 1.61% of their portfolio.
Google (GOOG): Increased position by 6.09%. Position is now 6.75% of their portfolio.
Broadrige Financial (BR): Increased position by 0.84%. Position is now 3.71% of their portfolio.


Reduced Positions:
American Express (AXP): Reduced position by 23.98%. Position is now 6.05% of their portfolio.
Netflix (NFLX): Reduced position by 28.6%. Position is now 0.93% of their portfolio.
Walmart (WMT): Reduced position by 35.75%. Position is now 2.54% of their portfolio.
First Marblehead (FMD): Reduced position by 36.64%. Position is now 0.05% of their portfolio.
Elong Inc (LONG): Reduced position by 51.82%. Position is now 0.02% of their portfolio.
Grupo Aeroportuario Del Pacifico (PAC): Reduced position by 54.83%. Position is now 1.16% of their portfolio.
Crocs (CROX): Reduced position by 66.06%. Position is now 0.14% of their portfolio.


Removed Positions (Positions Blue Ridge sold out of completely):
America Movil (AMX)
Burlington Northern (BNI)
Coach (COH)
Corus Bankshares (CORS)
Fidelity National Information (FIS)
First American Corp California (FAF)
Formfactor (FORM)
Office Depot (ODP)
SLM Corp (SLM)
Smurfit Stone Container (SSCC)
St Joe Co (JOE)
Starbucks (SBUX)
WebMD Health (WBMD)


Positions with no change:
Covanta (CVA). Position is 5.27% of their portfolio.
Millipore (MIL). Position is 4.49% of their portfolio.
Charles Schwab (SCHW). Position is 4.32% of their portfolio.
Discovery Holding Co (DISCA). Position is 3.89% of their portfolio.
Martin Marietta Materials (MLM). Position is 3.41% of their portfolio.
Target (TGT). Position is 3.11% of their portfolio.
Thermo Fisher Scientific (TMO). Position is 2.90% of their portfolio.
Berkshire Hathaway (BRK.A). Position is 2.49% of their portfolio.
Fomento Economico Mexicano (FMX). Position is 2.31% of their portfolio.
Packaging Corp of America (PKG). Position is 2.18% of their portfolio.
Compton Petroleum Corp (CMZ). Position is 2.08% of their portfolio.
Research in Motion (RIMM). Position is 1.86% of their portfolio.
Eagle Materials (EXP). Position is 1.22% of their portfolio.
Fairfax Financial Holdings (FFH). Position is 1.18% of their portfolio.
American Express (AXP) Calls. Position is 0.64% of their portfolio.
MBIA (MBI). Position is 0.27% of their portfolio.
Federal Home Loan Mortgage (FRE). Position is 0.20% of their portfolio.
Evergreen Energy (EEE). Position is 0.12% of their portfolio.
Gold Reserve Inc (GRZ). Position is 0.10% of their portfolio.
Washington Mutual (WM) Puts. Position is 0.02% of their portfolio.
Perfect World Co (PWRD). Position is 0.01% of their portfolio.
Indymac Bancorp (IDMC). Position is 0.01% of their portfolio.



Top 10 holdings by % of portfolio:
1. Google (GOOG). 6.75% of the portfolio
2. Wyeth (WYE). 6.71% of the portfolio
3. American Express (AXP). 6.05% of the portfolio
4. Apple (AAPL). 5.46% of the portfolio
5. Covanta (CVA). 5.27% of the portfolio
6. Millipore (MIL). 4.49% of the portfolio
7. Grupo Televisa (TV). 4.46% of the portfolio
8. Charles Schwab (SCHW). 4.32% of the portfolio
9. Anadarko Petroleum (APC). 4.29% of the portfolio
10. Discovery Holding Co (DISCA). 3.89% of the portfolio

--------------------------------------

Breakdown: First thing I noticed was Blue Ridge's addition of Anadarko Petroleum (APC). They added it in mass, bringing it up to the fund's 9th largest holding. Although I've seen many hedge funds adding this name over the past 2 quarters, do keep in mind that this filing was as of June 30th, 2008. Since then, natural gas prices, oil prices, and pretty much any stock in those sectors have all plummeted. But, it is worth noting that I have seen this name pop up on 13F filings much more frequently recently. And, Blue Ridge did make quite a hefty purchase. We'll have to wait until next quarter to see whether it was a trade or an investment. In the past, when Griffin has brought a position up to a top 10 holding in one quarter, he has held onto the position. So, time to play the waiting game on that one. Also, he added quite a large new position in Visa (V), bringing it up to 3.43% of the portfolio after not even holding a position last go-round (leaving it just shy of being a top 10 holding).

Next, I noticed he was adding more shares of Wyeth (WYE). This name was already a large fund holding, and he added to his position by 62%, bringing it up to the fund's 2nd largest holding. Recently, there has definitiely been a rotation into any and all stocks relating to healthcare. This is no exception. Also worth noting is Griffin's addition to his already large Apple (AAPL) position. He continues to add to this name and appears to be assembling a solid core position over time.

Even though Griffin made some purchases, he was definitely busier on the selling side of things. And, that makes me even more curious than usual as to what short positions he holds. But, because hedge funds are not required to disclose short positions in their 13F filings (except for Put positions), we are left in the dark on that one. But, anyways, onto the sales. Griffin was selling some consumer names in Netflix (NFLX) and Walmart (WMT). He only sold 20-30% of his positions there so it could just be some profit taking or position size reducing... nothing too major going on. We'll keep an eye on it next quarter and see if he continues to sell those names. Two quarters ago, as I detailed in my Blue Ridge analysis, we saw that Griffin was starting to sell Coach (COH), Formfactor (FORM), and Smurfit Stone (SSCC). This past quarter, he continued that trend, selling off all the remaining shares in those companies. Additionally, he sold off 66% of his Crocs (CROX) position, which I'm sure was a source of pain for him, given how those shares have plummeted in value over time. Next quarter, it will be interesting to see whether or not he sells off the 'cheap consumer' plays such as Walmart (WMT) and Target (TGT).

Griffin also completely removed America Movil (AMX) from Blue Ridge's portfolio. This is interesting, as this is the 2nd hedge fund so far we've seen completely sell out of this name. (Remember that AMX used to be one of the most common holdings amongst the various hedge funds I track). The stock has been in a downward spiral for numerous months and it appears that numerous hedge funds were the ones responsible for the exodus. In the coming week, we'll see what Griffin's 'Tiger Cub' buddies were up to with their respective AMX positions as well.

Also worth pointing out is that Griffin quickly sold out of Burlington Northern (BNI) completely. In the last 13F filing, we found out he had just added BNI as a new position. And, this time around, we find out that he has quickly sold out. This struck me as somewhat odd, just because practically all hedge funds I track have some sort of exposure to the rails. Maybe Griffin was just locking in some quick profits, or maybe there was something that turned him away from the name. Interesting move, nonetheless. Griffin also had a short stay in Office Depot (ODP). He sold completely out of his position this past quarter, having only added it as a new position in the last 13F filing.

Lastly, I just wanted to point out some of the larger positions that Blue Ridge continues to hold in their portfolio: Millipore (MIL), Covanta (CVA), Grupo Televisa (TV), and Charles Schwab (SCHW). These positions have been top 10 holdings for Blue Ridge for numerous quarters now and are definitely worth a look as they appear to be longer term plays for Griffin.

Blue Ridge Capital's most interesting/peculiar move(s)? Increasing their stake in Fannie Mae (FNM) by over 1100%, bringing it up to 2.77% of the portfolio. (Keep in mind that these positions were as of June 30th, 2008). I only bring this up due to the recent developments in FNM and FRE. Whether it be for a trade or for an investment, John Griffin was definitely up to something here and we can only speculate as to what he's been doing with this position in the past month and a half.

You can view Blue Ridge Capital's most recent 13F as filed with the SEC here.

Guest post by Market Folly

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Tags: Blue Ridge Capital, Blue Ridge Capital Management, Blue Ridge Capital Hedge Fund, Blue Ridge Capital Hedge Fund Manager Jon John A Griffin, Blue Ridge LLC LP Fund Management
]]> http://www.straightstocks.com/investing-in-hedge-funds/blue-ridge-capital-hedge-fund-john-a-griffin-holdings-analysis-new-york/feed/ 0 Lone Pine Capital Hedge Fund | Stephen Mendel Jr. Exclusive Tracking http://www.straightstocks.com/investing-in-hedge-funds/lone-pine-capital-hedge-fund-stephen-mendel-jr-exclusive-tracking/ http://www.straightstocks.com/investing-in-hedge-funds/lone-pine-capital-hedge-fund-stephen-mendel-jr-exclusive-tracking/#comments Mon, 22 Sep 2008 05:02:50 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-5165908646774499606 Lone Pine Capital

Lone Pine Capital & Stephen Mendel - Holdings


Lone Pine Capital Hedge Fund HoldingsThis post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.

Lone Pine Capital, managed by Stephen Mandel Jr. Lone Pine is an $8 Billion fund that has returned over 25% annually ever since its inception in 1997. Why is Mandel worth following you might ask? Well, he served as a consumer/retail analyst for Tiger Management back in the day for legendary investor Julian Robertson. Robertson's proteges/right-hand men have been nicknamed the "Tiger Cubs" and many have started their own funds. So, not only has Mandel learned from one of the best, but he has put up some very solid returns himself. Mandel is well versed in the ways of finding undervalued companies and his funds typically like to sniff out solid companies with good management that are trading below their intrinsic value. Just this past year 1 of his hedge funds was up 34% before fees while another was up 32% before fees. His track record speaks for itself. And, not to mention, he learned from one of the greats in Julian Robertson.

The following are Lone Pine Capital's current holdings as of June 30th 2008, as released in their most recent 13F filing with the SEC. The positions in this most recent 13F were compared to last quarter's 13F and here are the changes made to their portfolio:

New Positions:
Entergy Corp (ETR): 3,518,632 shares. This position is 6.06% of Lone Pine's portfolio.
Weatherford Intl (WFT): 4,820,337 shares. This position is 3.42% of Lone Pine's portfolio.
Lorillard Inc (LO): 3,328,911 shares. This position is 3.29% of Lone Pine's portfolio.
Amazon (AMZN): 2,527,634 shares. This position is 2.65% of Lone Pine's portfolio.
Sears Holdings Corp (SHLD) Puts: 1,336,800. This position is 1.41% of Lone Pine's portfolio.


Added to:
America Movil (AMX): Increased position by 39.5%. Position is now 10.74% of their portfolio.
Sandridge Energy (SD): Increased position by 22.24%. Position is now 11.35% of their portfolio.
SAIC (SAI): Increased position by 16.38%. Position is now 2.45% of their portfolio.
Dicks Sporting Goods (DKS): Increased position by 15.8%. Position is now 1.48% of their portfolio.
XTO Energy (XTO): Increased position by 5.41%. Position is now 8.33% of their portfolio.


Reduced Positions:
CB Richard Ellis (CBG): Reduced their position by 9.62%. Position is now 2.94% of their portfolio.
Illumina (ILMN): Reduced their position by 9.97%. Position is now 2.69% of their portfolio.
Fastenal (FAST): Reduced their position by 12.5%. Position is now 3.78% of their portfolio.
Qualcomm (QCOM): Reduced their position by 13.88%. Position is now 7.26% of their portfolio.
Brookfield Asset Mgmt (BAM): Reduced their position by 16.4%. Position is now 3.26% of their portfolio.
Monsanto (MON): Reduced their position by 25.82%. Position is now 3.27% of their portfolio.
Mastercard (MA): Reduced their position by 29%. Position is now 2.48% of their portfolio.
Priceline (PCLN): Reduced their position by 30.75%. Position is now 2.34% of their portfolio.
Google (GOOG): Reduced their position by 39.30%. Position is now 7.39% of their portfolio.
Infosys (INFY): Reduced their position by 49.1%. Position is now 2.19% of their portfolio.
Visa (V): Reduced their position by 57.38%. Position is now 1.93% of their portfolio.
Sears Holdings (SHLD) Puts (2nd put position): Reduced their position by 79.73%. Position is now 0.21% of their portfolio.


Removed Positions (Positions Lone Pine sold out of completely):
Apple (AAPL)
Brookfield Asset Management (BAM) - 2nd listed position
CME Group (CME)
EMC Corp (EMC)
Nutrisystem (NTRI)
Southwestern Energy (SWN)
SRA International (SRX)


Positions with no change:
MSC Industrial Direct (MSM). Position is 3.26% of their portfolio.
Teradata (TDC). Position is 3.06% of their portfolio.
Eagle Materials Inc (EXP). Position is 1.66% of their portfolio.
Bunge (BG) Puts. Position is 0.85% of their portfolio.
Deltek (PROJ). Position is 0.24% of their portfolio.
New York Times (NYT) Puts. Position is 0.02% of their portfolio.


Top 10 holdings by % of portfolio:
1. Sandridge Energy (SD): 11.35% of the portfolio
2. America Movil (AMX): 10.74% of the portfolio
3. XTO Energy (XTO): 8.33% of the portfolio
4. Google (GOOG): 7.39% of the portfolio
5. Qualcomm (QCOM): 7.26% of the portfolio
6. Entergy (ETR): 6.06% of the portfolio (new position)
7. Fastenal (FAST): 3.78% of the portfolio
8. Weatherford Intl (WFT): 3.42% of the portfolio (new position)
9. Lorillard Inc (LO): 3.29% of the portfolio (new position)
10. Monsanto (MON): 3.27% of the portfolio

--------------------------------------------

Breakdown: Well, it's very evident where Mandel & Lone Pine's poor performance is coming from. As of June 30th, they had massive holdings in natural gas and oil players Sandridge Energy (SD) and XTO Energy (XTO). SD was their top holding by % value and XTO was not far behind as their 3rd largest holding. The selloff in natural gas, oil, and all related stocks has undoubtedly affected Lone Pine in a negative way. The selloff in those names started around July, leaving Mandel a very limited window of opportunity to sell. Unfortunately, we'll have to wait until the next round of 13F's in the coming quarter to find out what Mandel has done with his large natural gas positions. Considering that the filing reports holdings as of June 30th, and the major selloff began in July, we have no idea whether Lone Pine was massively hurt by the selloff, or whether they were one of the parties responsible for the selloff. But, no matter how savvy Mandel may be, there is no way he got through July unscathed. So, that looks to be one of the main areas contributing to the lackluster performance of his Lone Cedar Fund so far in 2008.

Next, I want to highlight that Lone Pine added to their America Movil (AMX) position by 39%, nearly doubling down on their shares. Obviously, Mandel still likes the company and was using the weakness to add to his position. His addition is interesting, considering numerous hedge funds completely removed their AMX position over the past quarter, including his 'Tiger cub' buddy John Griffin over at Blue Ridge Capital. AMX has long been a hedge fund favorite and has been a top 10 holding in many prominent hedge fund portfolios over the past year. But, with the recent developments in AMX over the last few months, many hedge funds have taken action. And, unlike his colleagues, Mandel was buying the shares that other hedge fund managers were selling off. It will be interesting to see how this continues to play out, as the once hedge fund favorite AMX may be falling out of favor with numerous managers. Lone Pine, however, was adding with conviction, making it their portfolio's 2nd largest position.

I would also like to highlight a couple of new positions started by Lone Pine this past quarter. They added Entergy (ETR) in mass, making it their 6th largest holding at 6.06% of their overall portfolio. In the past, I've talked about ETR on the blog as a way to play both the rising demand in electricity as well as the nuclear space in alternative energy. In addition to starting ETR, they started Weatherford (WFT), an equipment and service provider in the oil and natural gas spaces. They brought this position up to the fund's 8th largest holding at 3.42% of their portfolio. Additionally, they started a position in Lorillard (LO), a cigarette manufacturer. They brought this name up to the 9th largest fund holding, at 3.29% of the portfolio. Mandel added ETR, WFT, and LO all with conviction over the past quarter, landing all three as top 10 holdings.

Turning to tech, we see that Lone Pine has sizable positions in hedge fund favorites like Google (GOOG) and Qualcomm (QCOM). However, Lone Pine was selling off some of their tech holdings during the past quarter. They sold 13% of their QCOM position, leaving it as the fund's 5th largest holding. Mandel got aggressive with Google (GOOG) though, selling nearly 40% of his position. Despite the selling, it still remains their 4th largest holding. That just goes to show how large of a position he had in GOOG. Additionally, he sold completely out of Apple (AAPL). Just last quarter, it was his fund's 5th largest holding. Now, he no longer even holds a position.

Lone Pine was also busy selling the payment processors Mastercard (MA) and Visa (V). They sold 30% of their position in MA and 57% of their position in V. You can't really blame them though, as they were sitting on some handsome profits from those positions. We'll keep an eye out to see if they add back to their positions now that MA and V trade at cheaper prices than they did 2 months ago. After all, the payment processors are big hedge fund favorites, having appeared in numerous funds' portfolios.

Overall, its easy to see where Lone Pine might be struggling this year. They've been rewarded with nice gains in some of their tech and payment processing holdings. But, those gains could have been easily nullified by the likely beating their natural gas and oil holdings took.

And, you can view their most recent 13F as filed with the SEC here.

Guest blog post by Market Folly

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Tags: Lone Pine Capital, Lone Pine Capital Partners, Lone Pine Capital Management, Lone Pine Hedge Fund Holdings, Securities owned by Lone Pine Capital, Stephen Mendel Jr., Stephen Mendel Junior Hedge Fund Manager
]]> http://www.straightstocks.com/investing-in-hedge-funds/lone-pine-capital-hedge-fund-stephen-mendel-jr-exclusive-tracking/feed/ 0 Tremblant Capital Hedge Fund | Bret Barakett Exclusive Holdings Analysis http://www.straightstocks.com/investing-in-hedge-funds/tremblant-capital-hedge-fund-bret-barakett-exclusive-holdings-analysis/ http://www.straightstocks.com/investing-in-hedge-funds/tremblant-capital-hedge-fund-bret-barakett-exclusive-holdings-analysis/#comments Mon, 22 Sep 2008 05:02:20 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-4716186049610771175 Tremblant Capital

Tremblant Capital | Bret Barakett Holdings Analysis


Tremblant Capital Hedge Fund HoldingsThis post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.

Taken from their site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process." Tremblant is a $4.1 billion hedge fund based in New York and is run by Bret Barakett, who is a former portfolio manager at Moore Capital Management (the hedge fund run by the great Louis Bacon, whom I also track). So, as you can see, despite having a great mind of his own, Barakett has worked with some of the best in the Global Macro game. And, that's why he's worth following.

The following are Tremblant Capital's current holdings as of June 30th 2008, as released in their most recent 13F filing with the SEC. I've compared the positions in this most recent 13F to last quarter's 13F and here are the changes they made to their portfolio:

New Positions: (in no particular order)
Virgin Media (VMED) 528,856 shares
Shenandoah Telecom (SHEN) 184,124 shares
Petrochina (PTR) 7,016 shares
Mastercard (MA) 137,205 shares
Exide Technologies (XIDE) 211,757 shares
Chipotle Mexican Grill (CMG) 963,509 shares
China Petroleum and Chemical (SNP) 9,419 shares
Bare Escentuals (BARE) 322,555 shares


Added to:
Centennial Communications Corp (CYCL). Increased their position by 301%
Hologic (HOLX). Increased their position by 250%
Gafisa (GFA). Increased their position by 120%
Union Pacific (UNP). Increased their position by 100%
American Pub Ed Inc (APEI). Increased their position by 76%
Time Warner (TWX). Increased their position by 74%
Focus Media Holdings (FMCN). Increased their position by 56.6%
Nuance Communications (NUAN). Increased their position by 54%
Visa (V). Increased their position by 40%
Green Mountain Coffee Roasters (GMCR). Increased their position by 40%
Anadigics (ANAD). Increased their position by 38%
Mckesson Corp (MCK). Increased their position by 24%
Cogent Communications (CCOI). Increased their position by 15%
Hughes Communications (HUGH). Increased their position by 14%
NYSE Euronext (NYX). Increased their position by 10%
Melco Pbl Entertainment (MPEL). Increased their position by 7%
Walmart (WMT). Increased their position by 5%
Heathextras (HLEX). Increased their position by 3%


Reduced Positions:
LCA Vision (LCAV). Reduced their position by 95%
Research in Motion (RIMM). Reduced their position by 35%
Apple (AAPL). Reduced their position by 29%
ThermoFisher Scientific (TMO). Reduced their position by 28%
Pharmaceutical Prod Dev (PPDI). Reduced their position by 22%
Inverness Med (IMA). Reduced their position by 21%
CVS Caremark (CVS). Reduced their position by 18%
RedHat (RHT). Reduced their position by 15%
Monster Worldwide (MNST). Reduced their position by 11%
Suntech Power (STP). Reduced their position by 11%
Corning (GLW). Reduced their position by 8%
Qualcomm (QCOM). Reduced their position by 6%
Ntelos Holdings (NTLS). Reduced their position by 1.7%
Commscope (CTV). Reduced their position by 1.5%
Paetec Holding (PAET). Reduced their position by 1%
Pharmanet Dev Group (PDGI). Reduced their position by 0.71%


 Removed Positions (Positions Tremblant sold out of completely):
Allscripts Healthcare (MDRX)
America Movil (AMX)
Cenveo (CVO)
Cirrus Logic (CRUS)
Costco (COST)
Digital Realty Trust Inc (DLR)
Mercadolibre (MELI)
Priceline (PCLN)
UST Inc (UST)


Positions with no change:
Wyeth (WYE)
SXC Health Solutions (SXCI)
Navisite (NAVI)
Eclipsys Corp (ECLP)
CSX Corp (CSX)
Burlington Northern (BNI)
Advanced Med Optics (EYE)


Top 10 holdings by % of portfolio:
1. Qualcomm (QCOM)
2. Visa (V)
3. Apple (AAPL)
4. CVS Caremark (CVS)
5. RedHat (RHT)
6. Hologic (HOLX)
7. NYSE Euronext (NYX)
8. Corning (GLW)
9. Research in Motion (RIMM)
10. Baidu (BIDU)


------------------------------------------

Breakdown: Tremblant's portfolio is big on tech, and rightly so. From March until June (the period of time that passed between the filing of past & present 13F's), tech was on a rampage. So, for them to be taking some profits in those names seems natural. They cut back their AAPL and RIMM by about a third of a position, which classifies as healthy profit taking from a big move in my book. I wouldn't be surprised to see them adding back at cheaper prices what they sold. Noticeably absent from their tech portfolio is GOOG. They have BIDU instead, and a pretty large position at that (its their 10th largest holding). Hedge fund favorites AAPL, RIMM, & QCOM also make up a large part of Tremblant's portfolio overall. All 3 are top 10 portfolio holdings. What else is new?

Speaking of hedge fund favorites, we notice that MA and V make an appearance, with MA just being added this past quarter. They already had a large V stake and appear to be assembling a MA position to go along with it. Many funds seem to prefer MA to V, but not Tremblant. We'll see next quarter if their MA position catches up in size to the massive stake they have in Visa (their 2nd largest holding).

Interesting to see the Brothers Barakett (Bret at Tremblant and Timothy at Atticus) both in the house of pain with NYX. Tremblant added more this quarter and look to be averaging down again and again. I can't blame them though. NYX is a solid company that 'appears' cheap on valuation. But, in this market, nobody seems to care about that. The exchanges should be perfect plays to bet on a market with increased volatility. But, apparently they are not. Instead, they are downward spiraling deathtraps. One other commonality between the Brothers Barakett portfolios is their affection for the rails. UNP BNI and CSX all appear in Tremblants portfolio. UNP is their largest rail holding currently, as they doubled down on their stake this past quarter.

Overall, technology, communications & media, the rails, and medical plays seem to be the name of the game for Tremblant this time around.

Lastly, just wanted to note that they have abandoned America Movil (AMX). This name has been in a steady downtrend in recent months, and it looks like they gave up on the name. Last quarter and in the past in general, AMX was easily one of the most common holdings among the hedge funds I track. As the 13F's continue to come out, we'll have to see if others joined Tremblant in dumping their shares.

Tremblant Capitals' most interesting move(s)? Beefing up their general media & communications technology holdings. They added a variety of names such as CYCL, CCOI, FMCN, TWX, NUAN,VMED.

You can view Tremblant Capital's 13F as filed with the SEC here.

Guest post by Market Folly

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Permanent Link: Tremblant Capital Hedge Fund Holdings
Tags: Tremblant Capital Hedge Fund, Tremblant Capital, Tremblant Capital Management, Tremblant Capital and Bret Barakett, Bret Barakett Hedge Fund Manager, Securities research and Holdings of Tremblant Capital
]]> http://www.straightstocks.com/investing-in-hedge-funds/tremblant-capital-hedge-fund-bret-barakett-exclusive-holdings-analysis/feed/ 0 Tontine Capital Partners LP – Hedge Fund Holdings Analysisge http://www.straightstocks.com/investing-in-hedge-funds/tontine-capital-partners-lp-hedge-fund-holdings-analysisge/ http://www.straightstocks.com/investing-in-hedge-funds/tontine-capital-partners-lp-hedge-fund-holdings-analysisge/#comments Mon, 22 Sep 2008 05:01:57 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-8003605643430877701 Tontine Partners

Tontine Capital Partners - Holding Analysis

Tontine Capital Partners LPThis post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.

If you're unfamiliar with Gendell and his Tontine Partners, then here's what you need to know. Founded 11 years ago, Tontine is a $10 billion fund ran by Jeffrey Gendell. He specializes in macro investing and takes very large, concentrated positions in companies he feels will benefit from those macro themes. Additionally, he will take on an activist role when necessary, to ensure shareholder returns. The fund has posted returns in excess of 100% in both 2003 and 2005.

So, let's get right down to it... what was Jeffrey Gendell up to this past quarter? The following is Tontine Partners' current holdings as of June 30th 2008 as released in their most recent 13F filing with the SEC. I've compared the positions in this most recent 13F to last quarter's 13F and here's what the breakdown looks like:

New Positions: (in no particular order)
Altra Holdings (AIMC) 1,272,832 shares
American Elec Technologies (AETI) 14,899 shares
Argan (AGX) 161,033 shares
DST Sys (DST) 2,233,158 shares
Itron (ITRI) 704,758 shares
Ladish (LDSH) 877,751 shares
Peoples Community Bancorp (PCBI) 90,183
Tetra Tech (TTEK) 3,216,197 shares
Thermadyne Holdings (THMD) 1,152,168 shares
Thomas and Betts (TNB) 5,766,719 shares
YRC Worldwide (YRCW) 2,746,171 shares


Added to:
Chemtura Corp (CEM) increased position by 313%
Satcon Technology (SATC) increased position by 165%
JP MorganChase (JPM) increased position by 153%
LSB Industries (LXU) increased position by 113%
Goldman Sachs (GS) increased position by 109%
Emcor Group (EME) increased position by 70%
US Concrete (RMIX) increased position by 64%
Patrick Industries (PATK) increased position by 49%
Accuride Corp (ACW) increased position by 46%
Tierone Corp (TONE) increased position by 45%
Mastec (MTZ) increased position by 45%
Sterling Financial (STSA) increased position by 39%
Goodyear Tire (GT) increased position by 28%
Sun Micro (JAVA) increased position by 22%
Foster LB Co (FSTR) increased position by 22%
Maxwell Technologies (MXWL) increased position by 16%
KB Home (KBH) increased position by 15%
Beazer Homes (BZH) increased position by 13%
Gentek (GETI) increased position by 11%
Pulte Homes (PHM) increased position by 9%
Elmira Savings Bank (ESBK) increased position by 9%
MI Homes (MHO) increased position by 8%
Merrill Lynch 9MER) increased position by 7%
Brush Engineered Materials (BW) increased position by 6%
Twin Disc (TWIN) increased position by 6%
Synalloy (SYNL) increased position by 5%
Perini (PCR) increased position by 5%
Sun Bancorp (SNBC) increased position by 5%
Toll Bros (TOL) increased position by 3%
Polyone (POL) increased position by 2%
PAB Bankshares (PABK) increased position by 2%
US Airways Group (LCC) increased position by 1%
Tenneco (TEN) increased position by 0.66%
AZZ Inc (AZZ) increased position by 0.60%
QCR Holdings (QCRH) increased position by 0.11%
Preformed Line Products (PLPC) increased position by 0.03%


Reduced Positions:
National Penn (NPBC) reduced by 94%
Astoria Financial (AF) reduced by 90%
Beneficial Mut Bancorp (BNCL) reduced by 90%
Koppers Holdings (KOP) reduced by84%
New York Community Bancorp (NYB) reduced by 78%
Meritage Homes (MTH) reduced by 69%
Citizens Rep Bancorp (CRBC) reduced by 67%
BB and T (MSDXP) reduced by 66%
Community Bk Sys (CBU) reduced by 63%
Georgia Gulf (GGC) reduced by 60%
Firstfed Financial (FED) reduced by 59%
National City (NCC) reduced by 57%
Central Pac Finl Corp (CPF) reduced by 47%
Northwest Bancorp (NWSB) reduced by 45%
Susquehanna Bancshares (SUSQ) reduced by 45%
Powersecure Intl (POWR) reduced by 45%
Amcore (AMFI) reduced by 44%
Citigroup (C) reduced by 43%
Graftech (GTI) reduced by 42%
First Merchants (FRME) reduced by 42%
First St Bancorp (FSNM) reduced by 41%
US Steel (X) reduced by 37%
Ameriserv Financial (ASRV) reduced by 35%
Esmark (ESMK) reduced by 34%
DR Horton (DHI) reduced by 34%
Provident NY Bancorp (PBNY) reduced by 33%
1st Source (SRCE) reduced by 32%
US Lime and Minerals (USLM) reduced by 32%
Associated Banc Corp (ASBC) reduced by 32%
Meta Financial Group (CASH) reduced by 30%
Webster Financial Corp (WBS) reduced by 29%
Ryland Group (RYL) reduced by 29%
Laporte Bancorp (LPSB) reduced by 29%
KBR (KBR) reduced by 27%
Bank of America (BAC) reduced by 26%
TRC (TRR) reduced by 24%
Whitney Holding Corp (WTNY) reduced by 22%
Ameris Bancorp (ABCB) reduced by 22%
Columbus Mckinnon (CMCO) reduced by 21%
AK Steel (AKS) reduced by 18%
United Bankshares Inc (UBSI) reduced by 16%
M And T Bank Corp (MTB) reduced by 15%
Centex (CTX) reduced by 15%
Southern Mo Bancorp (SMBC) reduced by 15%
Downey Financial (DSL) reduced by 12%
Rurban Financial (RBNF) reduced by 12%
Independent Bk Corp Mich (IBCP) reduced by 12%
Colony Bankcorp (CBAN) reduced by 12%
Camco Financial (CAFI) reduced by 11%
North American Energy (NOA) reduced by 11%
Foster Wheeler (FWLT) reduced by 10%
Grupo TMM (TMM) reduced by 9%
URS Corp (URS) reduced by 8%
Champion Enterprises (CHB) reduced by 8%
Ohio Vy Banc Corp (OVBC) reduced by 7%
First Bancshares (FBMS) reduced by 7%
LNB Bancorp (LNBB) reduced by 7%
Metrocorp Bancshares (MCBI) reduced by 6%
Wesbanco (WSBC) reduced by 6%
MB Financial (MBFI) reduced by 5%
TF Financial (THRD) reduced by 5%
Monarch Community Bancorp (MCBF) reduced by 5%
Provident Financial (PROV) reduced by 4%
Shaw Group (SGR) reduced by 4%
Integra Bank Corp (IBNK) reduced by 4$
Oreleans Homebuilders (OHB) reduced by 3%
Tradegar (TG) reduced by 3%
Iberiabank (IBKC) reduced by 3%
Teche Holding (TSH) reduced by 3%
First Financial Svc Corp (FFKY) reduced by 2.5%
Independence Fed Savings Bank (IFSB) reduced by 2%
HMN Financial (HMNF) reduced by 2%
Centrue Financial (TRUE) reduced by 2%
Mid South Bancorp (MSL) reduced by 2%
1st Independence Financial (FIFG) reduced by 2%
Princeton National (PNBC) reduced by 1.5%
Fidelity Bancorp (FSBI) reduced by 1.5%
Lincoln Bancorp (LNCB) reduced by 1.5%
Ameriana Bancorp (ASBI) reduced by 1.4%
Timken (TKR) reduced by 1.2%
CFS Bancorp (CITZ) reduced by 1.11%
MFB Corp (MFBC) reduced by 0.88%
Park Bancorp (PFED) reduced by 0.82%
First Defiance Financial (FDEF) reduced by 0.79%
Central bancorp (CEBK) reduced by 0.72%
Mutualfirst Financial (MFSF) reduced by 0.72%
Hexcel (HXL) reduced by 0.55%
Hawthorn Bancshares (HWBK) reduced by 0.43%
Citizens First Bancorp (CTZN) reduced by 0.4%
River Valley Bancorp (RIVR) reduced by 0.3%
First Keystone Financial (FKFS) reduced by 0.2%
First Banctrust (FBTC) reduced by 0.2%
Northeast Bancorp (NBN) reduced by 0.2%
New Hampshire Thriftbancshares (NHTV) reduced by 0.16%
Community Cap Corp (CPBK) reduced by 0.14%
Parkvale Financial (PVSA) reduced by 0.1%
Capital Bank Corp (CBKN) reduced by 0.1%
Premier Financial Bancorp (PFBI) reduced by 0.1%
HF Financial (HFFC) reduced by 0.1%
Provident Community Bancshares (PCBS) reduced by 0.05%
Southern Community Financial (SCMF) reduced by 0.05%
PVF Capital (PVFC) reduced by 0.01%
LSB Corp (LSBX) reduced by 0.01%


Removed Positions:
Positions Tontine Partners sold out of completely
American International Group (AIG)
Banctrust Financial Group (BTFG)
BCSB Bankcorp (BCSB)
BNC Corp (BNCC)
Capital Corp of the West (CCOW)
Capital One (COF)
Chart Inds Inc (GTLS)
City Hldg Co (CHCO)
Comerica (CMA)
Dime Community Bancshares (DCOM)
FNB Corp (FNBN)
First Niagara Financial (FNG)
Fox Chase Bancorp (FXCB)
Headwaters (HW)
Huntington Bancshares (HBAN)
Independent Bk Corp (INDB)
Instituform Technologies (INSU)
K Tron (KTII)
Mainsource Financial Group (MSFG)
MBIA (MBI)
Mercantile Bk Corp (MBWM)
Navigant Consulting (NCI)
Olin Corp (OLN)
Peoples Bancorp Auburn
Peoples Utd Financial (PBCTD)
PFF Bancorp (PFB)
Pinnacle Bankshares (PLE)
PNC Financial Services (PNC)
Powell Industries (POWL)
Quality Distr Inc (QLTY)
Sovereign Bancorp (SOV)
Standex International (SXI)
Superior Bancorp (SUPR)
Team Ag (TISI)
Tetra Technologies (TTI)
Wachovia (WB)
Washington Mutual (WM)
Willow Financial (WFBC)
Yadkin Finl Corp (YAVY)


Positions with no change:
Ada Es Inc (ADES)
Cleveland Cliffs (CLF) - 2 for 1 Stock Split (did not increase holding)
Advanced Energy Inds (AEIS)
Ameron (AMN)
AMR Corp (AAR)
Astec Industries (ASTE)
Badger Meter (BMI)
Baker Michael Corp (BKR)
CCF Holding Co (CCFH)
Ceco Environmental (CECE)
Channell (CHNL)
Comfort Sys (FIX)
Community Cent Bank Corp (CCBD)
Community Shores Bank Corp (CSHB)
Cooperative Bankshares (COOP)
Core Molding Technologies (CMT)
Dearborn Bancorp (DEAR)
Dycom (DY)
Ecology and Environment (EEI)
Enersys (ENS)
Englobal (ENG)
Esco Tecnologies (ESE)
Exide Technologies (XIDE)
Ferro Corp (FOE)
Fidelity Southern (LION)
First community Corp (FCC))
First Fed Northern Michigan Bancorp (FFNM)
First Franklin Corp (FFHS)
Furmanite Corp (FRM)
Gehl (GEHL)
Great Lakes Dredge and Dock (GLDD)
Greenbrier Cos (GBX)
Hardinge (HDNG)
Hawkins (HWKN)
Hopfed Bancorp (HFBC)
Horizon Bancorp (HBNC)
Innospec (IOSP)
Insteel (IIIN)
Internet Cap Group (ICGE)
Jacksonville Bancorp (JAXB)
Jefferson Bancshares (JFBI)
KMG Chemicals (KMGB)
Landmark Bancorp (LARK)
LCC Intl (LCCI)
Magnetek (MAG)
Material Sciences (MSC)
Matrix Service Co (MTRX)
MBT Financial (MBTF)
Meadow Vy Corp (MVCO)
Met Pro (MPR)
MFRI (MFRI)
Nacco (NC)
National Technical (NTSC)
North Central Bancshares (FFFD)
Ohio Legacy (OLCB)
Otter Tail (OTTR)
Peoples Bancorp of North Carolina (PEBK)
Perma Fix Environmental (PESI)
Pike Elec (PEC)
Portec Rail (PRPX)
Quanta Services (PWR)
Shiloh (SHLO)
Sifco (SIF)
Smith A O (AOS)
Supreme Industries (STS)
Tower Financial (TOFC)
Trinity Industries (TRN)
United Bancshares (UBOH)
Versar (VSR)
Wabash National (WNC)
Westmoreland Coal (WLB)


Top 10 holdings by % of portfolio:
1. X (Top Holding)
2. CLF
3. KBR
4. PWR
5. AKS
6. SPY
7. XIDE
8. SGR
9. TRN
10. FWLT

-----------------------------------------

Breakdown: Tontine Partners' 13F can be summed up in 3 words: Regional Bank mess. He has a ton of them, but they aren't very big positions relative to his whole portfolio. For the most part though, Gendell was selling all his financials, including the regionals. The only major financial plays he has left anyways are smaller positions. And, his only positions of major size in that sector are through calls. So, I'd have to think that he saved himself some serious money by exiting/reducing a number of those regional positions, as they could have really put him in the house of pain. It should be noted that he made large additions to the big banks such as JPM and GS.

The next major trend I noticed in his portfolio was that he is highly levered up with steel holdings. While he did do some position size reducing across a few of his steel names (X, AKS), one still has to wonder how he's faring right now given the recent selloff in steel? Whether he has sold anymore substantial positions is the real question. Because, if he hasn't, the recent drop in steel stocks has undoubtedly affected his portfolio in a negative way. Although he did reduce his position sizes.... he still has MASSIVE stakes in the steel names. After all, the top 2 holdings of his fund (and 3 out of the top 10 holdings) as of June 30th were steel stocks. So, he definitely profited handsomely from these steel names by nearly top-ticking the market, selling huge chunks before the peak in July. But, he's since given back much of these gains, assumming he still holds the steel names. This is actually a very unique situation where his 13F doesn't really help us. These holdings were as of June 30th and that was conveniently around the same time steel stocks started topping out. So, the real action in the steel names has been occuring outside of the time period the 13F covers (ie: the past month and a half). And, he is either taking a lot of pain from these massive steel holdings, or he has been partly responsible for the massive selloff in the steel names. We can only guess at this point. We'll have to wait until the next round of filings to find out what he's been up to, unfortunately. The timing overlap on this situation really prevents us from gaining much insight.

But, from this past quarter, we can take away the fact that Gendell definitely had strong conviction in steel and infrastructure names. After all, practically all of his top 10 holdings are concentrated in those 2 sectors. One other top 10 holding I wanted to touch on though is his #4 holding, Quanta Services (PWR). This chart has been breaking out and I have seen this name popping up more and more around financial sites. Plus, it fits right into his whole infrastructure theme. So, it doesn't surprise me at all to see that Gendell has already been in this name for quite some time. After all, he's a pretty smart guy. (Keep in mind: although some of these top holdings are indeed large stakes, some/many have experienced price appreciation, boosting their % share of the portfolio even more.)

Tontine Partners' most interesting move(s)? Whatever he has done in the past month and a half that we can't see. No joke. Since such a massive allocation of his portfolio was dedicated to steel stocks, his fund's performance has no doubt been affected by whatever decisions he has made recently. If he has been one of the many selling steel names, then he is in great shape. If not, then he's screwed. Us plebeians will have to wait until the next round of 13F's to find out Gendell's steel fate.

13F Source: SEC

Guest post by Market Folly

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]]> http://www.straightstocks.com/investing-in-hedge-funds/tontine-capital-partners-lp-hedge-fund-holdings-analysisge/feed/ 0 Hedge Funds Explained – Quick 1 Page Guide http://www.straightstocks.com/investing-in-hedge-funds/hedge-funds-explained-quick-1-page-guide/ http://www.straightstocks.com/investing-in-hedge-funds/hedge-funds-explained-quick-1-page-guide/#comments Tue, 16 Sep 2008 15:01:00 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-7408181951095842293 Hedge Funds Explained

Hedge Funds Explained - Multiple Resources

Hedge Funds ExplainedI often get emails asking about hedge funds, asking for explanations on what hedge funds do, how they earn returns for investors and how they differ from mutual funds. Below please find several resources which help explain what hedge funds are:
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]]> http://www.straightstocks.com/investing-in-hedge-funds/hedge-funds-explained-quick-1-page-guide/feed/ 0 Future of Hedge Funds http://www.straightstocks.com/investing-in-hedge-funds/future-of-hedge-funds/ http://www.straightstocks.com/investing-in-hedge-funds/future-of-hedge-funds/#comments Mon, 15 Sep 2008 12:22:57 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-1872809503949042426 Future of Hedge Funds

Q & A: Future of Hedge Funds

Future of Hedge FundsReporter Question: With both hedge funds and the large investment banks providing prime services to them both failing what do you think the future of the hedge fund industry looks like?

Answer: While times like this are painful for many investors and managers of hedge funds this type of "weeding out" is needed, at least some level for the hedge fund industry. Major databases report that there are between 7 and 10,000 hedge funds in existence. The number of hedge funds in existence is far greater than any of the databases report. There are thousands of hedge funds in Europe and America who have no need to register with a database, are seeding strategies or simply don't have the man power or knowledge to know that they should be listed within these databases.

As the number of hedge funds in the industry has increased over the past 7 years institutional investors have raised the bar in terms of minimum assets, track record and risk management checks which all must be in place. Naturally it has become more challenging to raise assets as there are more fund fighting to raise capital. This competitiveness along with the current volatility in the markets has lead to a constant push to create new investment models and strategies. During a bull market these strategies seem to perform well but it is not until times like these in which these new ideas and many old are re-tested.

These markets and the recent downfall of some hedge funds will do many things to the future of the hedge fund industry:
  1. Weed out the hedge funds started by those with minimal trading experienced based on momentum trades made during bull markets
  2. Remind us all of the importance of risk management procedures at both the business and portfolio management levels
  3. Encourage more hedge fund seeding and track record building before any active marketing is completed
  4. Shift more due diligence focus from general risk management questions to potentially more pointed questions, including worst case scenarios which have been played out through Bear Stearns and now Lehman Brothers
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]]> http://www.straightstocks.com/investing-in-hedge-funds/future-of-hedge-funds/feed/ 0 Performance Health Technologies, Inc. (PFMH.OB) Announces QualityStocks Coverage http://www.straightstocks.com/small-cap-and-micro-cap-stocks/performance-health-technologies-inc-pfmhob-announces-qualitystocks-coverage/ http://www.straightstocks.com/small-cap-and-micro-cap-stocks/performance-health-technologies-inc-pfmhob-announces-qualitystocks-coverage/#comments Thu, 11 Sep 2008 13:41:10 +0000 QualityStocks http://Blog.QualityStocks.net/?p=12295 http://www.straightstocks.com/small-cap-and-micro-cap-stocks/performance-health-technologies-inc-pfmhob-announces-qualitystocks-coverage/feed/ 0 Hedge Fund Definition http://www.straightstocks.com/investing-in-hedge-funds/hedge-fund-definition/ http://www.straightstocks.com/investing-in-hedge-funds/hedge-fund-definition/#comments Sun, 07 Sep 2008 19:19:48 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-7462380908281128713 Hedge Fund Definition

Q & A: Hedge Fund Definitions Resource?

Hedge Fund DefinitionQuestion: I have just been hired for a hedge fund analyst position and need to get up to speed on industry norms and definitions. Do you know how I could do so in just a few weeks time?

Answer: Yes, I have been building an online glossary for the hedge fund industry here: Hedge Fund Terms. Let me know if you need a specific definition and don't see it there yet, we are constantly expanding this resource for individuals such as yourself. Here are some direct links to available definitions:
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]]> http://www.straightstocks.com/investing-in-hedge-funds/hedge-fund-definition/feed/ 0 Asia Hedge Fund Guide http://www.straightstocks.com/investing-in-hedge-funds/asia-hedge-fund-guide/ http://www.straightstocks.com/investing-in-hedge-funds/asia-hedge-fund-guide/#comments Fri, 05 Sep 2008 15:14:39 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-5676214040467292445 Asia Hedge Funds

Asia Hedge Fund Guide

Asia Hedge Fund Here is a short collection of articles on the hedge fund industry in Asia. I am always looking for more valuable online tools and resources to add to these geographical hedge fund guides to the hedge fund industry. If you have a white paper or PowerPoint that I can include here please send me an email and I will post it for everyone's benefit.

Resources on the Hedge Fund Industry in Asia
  • Great, in dept overview of hedge funds in Asia.
  • Top 25 Hedge Fund performers of Asia
  • Hedge Funds are by reputation a risky and esoteric investment category that ordinary investors had best avoid. But don't repeat that mantra in Asia. From Tokyo to Singapore, hedge funds are as hot as Thai chili peppers.
  • Another great, in dept overview of hedge funds in Asia.
  • In addition to this guide on Asia please see our other guides: China Hedge Fund Guide, Japan Hedge Fund Guide, Hong Kong Hedge Fund Guide, Singapore Hedge Fund guide
  • Citigroup expects to see double-digit growth in assets serviced by its recently expanded Asia-Pacific prime brokerage arm, as it seeks more business with global hedge funds setting up in the region. Even with tumbling stock markets impairing the performance of most Asia-focused hedge funds, many well-resourced overseas managers have stepped up their focus on the region.
  • Another excellent overview of the Asian hedge fund industry
  • The Asian hedge fund industry is coming of age, with funds having had a stellar year in 2003; the Eurekahedge Asian hedge fund index was up by 27% and assets under management rose about 75%. From inception in the late 1980s, growth was relatively pedestrian for most of the first decade. The late 1990s saw a marked change with a rapid acceleration of growth in the number of funds and assets, albeit from a low base.
  • The Hedge Fund Association of Asia is a not-for-profit international association and is the Asia chapter of the Hedge Fund Association. Membership is on an invitation-basis.
  • Hedge Funds World Asia 2008 Conference taking place at the Hong Kong Convention & Exhibition Center
  • Asia’s hedge fund industry in numbers
  • Asia-focused hedge funds have taken a beating this year and investors are shying away from managers who not too long ago were seeing double-digit returns. Funds investing in India and China produced the worst performance of any specific hedge fund classification after leading all hedge funds for much of 2007, according to HedgeFund.net.
  • Asian Hedge Funds: There’s no substitute for local knowledge
  • Asian hedge fund managers will very likely close down or be bought out in growing numbers this year in a painful bout of consolidation triggered by the financial market turmoil. Combined with tougher barriers for potential start-ups, the number of Asian hedge funds could actually shrink in the near term, putting a still-growing pool of investor cash in the pockets of larger, established players.
  • Assets invested in hedge funds focused on Asia fell by 10 percent from USD111bn to USD100bn during the first quarter of 2008, a period in which global financial markets declined broadly and volatility increased sharply, according to Chicago-based industry data provider Hedge Fund Research.
  • A decade ago, it would have been rather controversial to talk about hedge funds, given the Asian economies were hard hit by a severe financial crisis widely believed to be triggered by a group of aggressive hedge funds at that time. Today, the hedge-fund industry has become an important driving force in the global financial markets. At present, there are about 10,000 hedge funds around the world with assets under management amounting to US$2.5 trillion.
  • Extensive report on hedge funds in Asia.
  • Hedge Funds build up manpower in Asia
  • Asia’s hedge fund industry is growing rapidly as global investors zero in on the region and more traders and fund managers choose to strike out on their own. At the same time, Asian investors are warming up to hedge funds, which offer them a chance to earn higher returns and spread their risks wider than if they just relied on traditional investments like stocks and bonds.
  • Although the pace of growth of the Asian hedge funds industry has lessened compared with the past two years, in absolute terms, the growth is still substantial, with more than US$30 billion in net assets estimated to flow into Asian hedge funds in 2006.
  • Asia's booming hedge fund industry will be tested in the coming year by heightened volatility that will catch out less talented managers who have coasted along on the multi-year bull run in regional stock markets.
  • Another event for networking and gaining more information about Asian hedge funds
  • Investors almost halved the money they put into Asia-focused hedge funds in the second quarter compared to the first three months of the year as a selloff in stocks hurt appetite for risky assets, data showed.
  • Singapore Hedge Funds Club Networking event on 9/18/2008
  • The hedge-fund party may be over in Asia. After years in which the number and assets of Asia-focused hedge funds have steadily risen, prime brokers and hedge fund managers say they expect a larger number of managers to fold up the tent this year because declining equity returns mean the hedge-fund managers themselves won’t be making much money.
  • Hedge funds are suddenly the rage in Asia. That's an ironic turn of events in a region that just seven years ago blamed speculative trading for its worst financial crisis in decades. It's no mystery why hedge funds find Asia attractive. Since markets here are less researched and less liquid than Western ones, the kind of inefficiencies on which such outfits thrive abound.
  • Asia hedge fund managers improved their performance and lowered redemptions in 2007 in contrast to their US and European counterparts, according to a study.
  • Great article about Asian Hedge Fund Allocations
  • Another great overview of Asian Hedge Funds
  • Book titled Starting a Hedge Fund-an Asian Perspective
  • Three recently departed executives of Citigroup’s Global Special Situations Group have announced plans to launch a new hedge fund. Initially they are to be based in Hong Kong, with plans to expand into Singapore.
  • Looking for jobs or internships with an Asian hedge fund? - Asian hedge fund Jobs
  • Hong Kong continues to be a hot spot of investment for overseas firms looking to tap the Asian hedge fund market. The latest to arrive is Financial Risk Management (FRM), a global hedge fund group, with US$15 billion under management.
  • The hedge fund industry in Asia is dominated by a trio of financial centers: Hong Kong, Singapore, and Sydney. In this inaugural issue of the statistical digest, we provide a broad overview of the hedge fund industry in Asia and zero in on issues relevant to investors. Our analysis will be organized along the lines of manager location.
  • The first start-up independent Asian hedge fund to begin with more than $US1 billion is expected to be launched in coming weeks, sources said, signaling a watershed for the asset class in the region. The launch underscores the growing confidence and ability of indigenous talent to raise significant amounts of money to compete against global firms, which have piled into the region in recent years.
  • Asia's expanding hedge fund industry will probably create tens of thousands of jobs in the next five years, even as investment bank recruitment dries up after the U.S. subprime mortgage market collapse, said Sheridan Mather, a managing director of recruitment firm Pinnacle International Ltd.
  • Investors are exploring the potential of hedge funds based in the Asia-Pacific region as successful US and European managers come up against capacity constraints. Assets managed in the region now top $60bn (€49bn), according to industry estimates, and are expected to reach $85bn by the end of the year
  • Another interesting book related to Hedge Funds in Asia
  • Another great detailed overview hedge fund presentation
  • Great guide to the outsourcing trends and tendencies of the Asian hedge fund industry
  • Singapore-based hedge fund JL Capital Pte Ltd is bullish on equity and currency markets in Asia, especially Singapore and Malaysia, founder and managing director James Loh said. The flagship Swordfish Macro fund, which has a global mandate to invest in equities, bonds and currency, saw strong investor inflows from Europe last year in search of Asian investments.
  • The Monetary Authority of Singapore’s annual survey of the Singapore asset management industry
  • Japanese hedge funds relocate to Singapore
  • Korean broker launches Singapore hedge fund
  • “Singapore goes alternative” article
  • Another article about the dramatic growth in Singapore’s hedge funds:
  • Hedge Fund administrator boosts Singapore team to address growing demand for hedge fund service providers in Asia.
  • An article about how a top hedge fund manager sets up a Singapore office
  • “Asian hedge fund industry booms” - Singapore is one of the main hubs in Asia for hedge fund activity - here is an article on this topic
  • Excellent Japanese Hedge Fund resource
  • Bloomberg article about Man Group Plc that tripled assets
  • Business Week article about hedge funds in Japan
  • Hedge Fund World event in Japan
  • An interesting interview of Hedge fund life in Tokyo
  • Asia Pacific Hedge Fund Database and Directory
  • Article describing growing fund numbers in Japan
  • Informative overview guide to hedge funds in Japan and the rest of Asia
  • Article on why Japan hedge funds are set to outperform many peers
  • Article describing the struggles of some Japanese Hedge funds
  • Article showing the current state of Hedge funds in Japan
  • Japan’s Leading Hedge Funds Conference
  • Article describing the choice of some investors to pull out of the Japanese industry
  • Bloomberg article about successful Hedge Fund Manager Tadashi Mukai
  • Article detailing a UK hedge fund that is increasing its pressure on a Japanese utility
  • Interesting article about a British hedge fund and Japan’s market
  • Asia Hedge Fund Oscars

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]]> http://www.straightstocks.com/investing-in-hedge-funds/asia-hedge-fund-guide/feed/ 0 Emerging Markets – Exclusive Guide http://www.straightstocks.com/investing-in-hedge-funds/emerging-markets-exclusive-guide/ http://www.straightstocks.com/investing-in-hedge-funds/emerging-markets-exclusive-guide/#comments Fri, 05 Sep 2008 15:02:11 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-7150105083282071576 Emerging Markets

Emerging Markets - Investments

Emerging MarketsEmerging market investing started to take off when in the mid-1980s when the International Finance Corporation (IFC) set up the first mutual fund that invested solely in securities from emerging markets with a seed capital of around $50 million. Since 2002, assets managed by emerging market hedge funds have increased fourfold and in the first quarter of 2008, they managed approximately $110 billion, according to HFR.

Emerging market hedge funds are defined by the markets they operate in and not the strategies they follow. Thus, these funds are quite heterogeneous and adopt a variety of strategies such as equity long/short, event driven, global macro and fixed income arbitrage.

Emerging markets are defined quite broadly. Morgan Stanley describes an emerging market, as a country that is in the process of building a market-based economy. Others include ideas of large productivity gains from technological or political change. However, since the 1997-98 Asian financial crisis, the core characteristics of many emerging nations have changed fundamentally. Once, net importers of capital, emerging markets have now become net exporters of capital. Once heavily indebted, many emerging market governments have begun to reduce levels of external debt. These changes have contributed to the recent success and slightly lower volatility of many emerging market hedge funds. They have also resulted in the creation of entities such as sovereign wealth funds and have had a strong impact on international financial markets.

Emerging Markets Interview - Emerging Markets Research

Books Related to Emerging Markets

De Brouwer, Gordon. Hedge Funds in Emerging Markets. United Kingdom: Cambridge University Press, November, 2001.
  • This book tries to understand the role hedge funds played in exacerbating the Asian Financial Crisis of 1997 and 1998. While this question may not be interesting to most market players, the book also contains several case studies of how the financial crisis unfolded. These give some insight into the strategies hedge funds deployed in Asia during this period. However, the book is not a fun read and if you are interested in hedge fund strategies rather than the market risk posed by hedge funds, you have to carefully sift through the book for information.
Lhabitant, Francoise-Serge. Handbook of Hedge Funds. West Sussex: John Wiley & Sons, Ltd., 2006.
  • This is an excellent guide to the industry, with concise and informative descriptions on all of the major hedge fund strategies and primary methods to measure their risk and performance. Lhabitant also includes an overview of the legal environment of hedge funds and their organizational structure, while ending with a short guide to investing in them.
Emerging Market White Papers
Global Derivatives. Overview of Hedge Fund Strategies, November 2003.
Quick and dirty description of all major hedge fund strategies.

Odonnat, Ivan and Rahmouni, Imene. “Do Emerging Market Economies Still Constitute a Homogenous Asset Class?” Financial Stability Review, No. 9, Banque de France, December 2006
  • This paper provides a good synopsis on how the current and capital accounts of emerging markets have changed since the 1990s and describes how the composition of emerging market debt holders has changed. It also argues that while investors show increased signs of differentiating between emerging economies when considering portfolio allocations, disruptions may still cause a contagion effect due to the narrowness of the emerging markets and their dependence on the decisions of non-resident investors.
Strömqvist, Maria. “Do Emerging Market Hedge Fund Mangers Lack Skills?” Stockholm School of Economics, October 2006.
  • Strömqvist examines hedge fund returns from 1994 to 2004 and finds that emerging market hedge funds have underperformed non-emerging market hedge funds in terms of total and absolute return, while providing no diversification effects. The data is slightly outdated and includes the 1997-98 financial crisis, which significantly affects the results of the study. However, it provides an interesting statistics-based perspective on investing emerging market hedge funds.
Strömqvist, Maria. “Should You Invest in Emerging Market Hedge Funds?” Stockholm School of Economics, September 2007.
  • In this more recent paper, Strömqvist uses a the same data set from 1994 to 2004 to find that hedge funds were able to generate risk-adjusted return in the latter part of the period under study. She also finds that there is some differentiation in returns at the fund level, with successful funds continuing to generate above-average returns. However, she also finds that this does not result in increased capital inflows.
Information Sources

Emerging Markets Monitor
  • The Emerging Markets Monitor covers the latest events in emerging economies across fixed income, FX, commodity and equity asset classes, with short pieces that include analysis, forecasts and trade ideas.
Financial Crisis in Emerging Markets, NBER
  • Run by the National Bureau of Economic Research, this project examines the causes of currency crises in emerging market economies. As such, it contains a large selection of white papers that may be helpful to people interested in learning more about the financial markets in emerging economies.
HFR Emerging Markets Industry Report

The Institute of International Finance
Created in 1983, in response to the international debt crisis, the Institute of International Finance Inc is a global association of financial institutions. It collects a variety of data related to emerging markets and also generates independent research on the subject. Subscription is available only through registered member institutions and is not open to individuals.

The Journal of Emerging Market Finance, Sage Publications
This journal contains scholarly articles that cover practical and theoretical issues related to emerging markets.

Networking Events

Terrapin hosts an annual emerging market hedge fund conference

Tracking Tools

Credit Suisse Tremont Hedge Fund Index
  • CS/Tremont tracks provides registered users with historical data on the performance of variety of hedge fund strategies.

Short List of Emerging Market Hedge Funds
  • Axiom Investment Management (Hong Kong) - emerging markets hedge fund focused on Asia.
  • Farallon Capital Management
  • Horseman Capital Management
  • Marathon Asset Management
  • Moon Capital Management
  • Moore Capital Management - Moore Emerging Markets
  • Sloane Robinson - SR Global Fund Emerging Markets, SR Vista Emerging Markets
  • Thames River Capital (United Kingdom)
  • Tudor Investment
Guest Post by Sharini Kulasinghe

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]]> http://www.straightstocks.com/investing-in-hedge-funds/emerging-markets-exclusive-guide/feed/ 0 Connecticut Hedge Fund Guide http://www.straightstocks.com/investing-in-hedge-funds/connecticut-hedge-fund-guide/ http://www.straightstocks.com/investing-in-hedge-funds/connecticut-hedge-fund-guide/#comments Thu, 04 Sep 2008 15:12:36 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-2220829463208956067 Connecticut Hedge Funds

Connecticut Hedge Fund Guide

Connecticut Hedge Fund GuideHere is a short collection of articles on the hedge fund industry in Connecticut. I am always looking for more valuable online tools and resources to add to these geographical hedge fund guides to the hedge fund industry. If you have a white paper or PowerPoint that I can include here please send me an email and I will post it for everyone's benefit.
  • Look at a map and it would seem that companies and businesses looking to move out of New York City and into nearby suburbs would naturally choose Westchester County the city's immediate northern suburb. But when hedge fund managers began moving out of Manhattan a few decades ago, they ignored Westchester and chose instead to move their homes and businesses into Greenwich.
  • Great chart comparing the global hedge fund billion dollar club by location. Greenwich is 3rd on the list.
  • The Connecticut Hedge Fund Association is a great resource for hedge fund information and networking in Connecticut. Information about events, membership, and leadership are all available here.
  • The industry-wide job website contains frequent job postings for those looking for employment in Connecticut.
  • Bruce McGuire says he was greatly influenced by a 2004 report by Casey, Quirk & Associates of Darien, which “estimated that institutional capital in hedge funds would increase from $60 billion to $300 billion by 2008” and also “predicted that by 2008, institutional capital would account for 50 percent of annual net new flows into hedge fund.” Most people read, think, and move on. Not McGuire. He acted upon the information and founded the Connecticut Hedge Fund Association (CTHFA) in 2004.
  • Gottex Fund Management has sued a Connecticut hedge fund manager, alleging that it broke promises and misled it over redemption requests. The US$16 billion Swiss fund of hedge funds manager says that Greenwich-based Stewardship Investment Advisors and its managing director, Marlon Quan, did anything but live up to the firm’s name.
  • Several years ago, when Amaranth Advisors cratered after losing billions on bad natural-gas bets and Pirate Capital became the subject of an SEC investigation, other Connecticut hedge fund managers grew nervous that they would become a target for a local politician looking to steal a few moves from New York State attorney general Eliot Spitzer.
  • Connecticut hedge funds debate how much to tell investors to appease the SEC.
  • A Connecticut hedge fund that bet heavily on the natural gas market lost almost $6 billion over the past month as it sold assets at a loss to stay afloat while its bets on natural gas plummeted, the fund told investors. Greenwich-based Amaranth Advisors said in a letter late Wednesday that the fund lost about 55 percent of its year-to-date assets.
  • Hedge-fund scandals are piling up faster than autumn leaves on suburban lawns. In late September, the founders of Bayou Management, a $400 million Connecticut hedge-fund firm, pleaded guilty in federal court to criminal fraud. Two weeks later, the Securities & Exchange Commission filed fraud charges against the founder of the Wood River hedge funds
  • State and federal officials in Connecticut are investigating the possible collapse of the Bayou Group, a hedge fund and brokerage firm in Stamford that managed an estimated $400 million for its investors, according to two people briefed on the investigation.
  • Though only a paragraph long, a hedge fund disclosure bill in Connecticut is making waves in the nation's capital. At a March 7 hearing of the state legislature's joint Banks Committee in Hartford, Robert Clark, general counsel of the Washington-based Managed Funds Association, warned that the bill is "ill conceived and detrimental to the interests of the people of Connecticut."
  • The current market-based system is the best way to regulate the trillion-dollar hedge fund industry although improvements can be made, Federal Reserve Chairman Ben Bernanke said Wednesday. Bernanke, speaking to a conference on global economics in New York City, said that the current system is superior to increased government regulation.
  • Fugitive former hedge fund manager of a Connecticut based hedge fund, Samuel Israel III surrendered to police in Massachusetts on Wednesday, ending a federal manhunt after he faked his own death to avoid a 20-year prison sentence.
  • Regulators’ interest comes from both the federal government and from the states, which are increasingly looking for ways to monitor hedge funds. One particularly important state, Connecticut, is considering two bills aimed at increasing the industry’s transparency. The Greenwich Time, based in the well-heeled community that is a favorite location for hedge funds, reported on the legislation Friday.
  • Very interesting article detailing the relationship between hedge funds and divorce.
  • Hedge funds would seem to be a business in which location doesn’t matter. Buy and sell orders can be executed from a beachfront villa in Costa Rica just as fast as from a cube farm in midtown, and the laws of economics dictate that businesses seek out the lowest-cost destinations.
  • For more than 35 years, the modest, four-story building here known as Two Greenwich Plaza was home to a hodgepodge of small shippers, manufacturers and lawyers. Today, Two Greenwich Plaza is one of the most sought-after office buildings in one of the fastest-growing corners of the financial world.
  • Considerable amounts of ink and pixels have been devoted lately to characterizing Barack Obama as the presidential candidate of the hedge-fund set. A Financial Times article last month quoted an anonymous United States businessman as saying, “The whole of Greenwich is backing Obama” — a reference to Greenwich, Conn., the leafy suburb that many hedge fund managers call home.
  • No one in ritzy Greenwich, Conn., is losing sleep over RBS Greenwich Capital's relocation to Stamford. In fact, the financial services firm's move may be a blessing for the city, because it frees up 160,000 square feet of space in a market where vacancy in the central business district is nearly zero.
  • Calgary, Alberta and Greenwich, Connecticut might be expected to mix about as well as oil and (sparkling) water. Calgary, which has boomed in recent years on the back of oil money, in its soul remains a cow town. Greenwich, a leafy suburb of New York, is anything but. The only herding done there recently is by the hedge funds that call it home following the latest investment fad.
  • Interesting CNN comparison of the 25 top-earning towns. Greenwich, CT is number 14.
  • Global hedge fund event taking place in Greenwich, Connecticut “the hedge fund capital of the world”
  • A small hedge fund that provided short-term debt to companies has filed for Chapter 11 bankruptcy protection. Greenwich, Connecticut-based SageCrest Finance, managed by Windmill Management, said in its Chapter 11 petition filed in U.S. bankruptcy court that it had listed assets of $50 million to $100 million, and debt between $1 million and $10 million, reported Reuters
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]]> http://www.straightstocks.com/investing-in-hedge-funds/connecticut-hedge-fund-guide/feed/ 0 Single Family Office http://www.straightstocks.com/investing-in-hedge-funds/single-family-office/ http://www.straightstocks.com/investing-in-hedge-funds/single-family-office/#comments Wed, 03 Sep 2008 12:30:01 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-3708585291353661337

Single Family Office

Single Family Offices in Dubai

Single Family OfficeI just found this article about how Dubai's DIFC is positioning itself as a center for single family offices. They seem to be very skilled at positioning themselves for new money to come in so I'm sure they will be successful in this area. The country is trying to build many legs to stand on - as they take advantage of their oil and tourism based wealth.

For those of you who do not know what family ffices are and how they relate to hedge funds please see this article: What are Multi-Family Offices?

For in detail information and insight please see Family Offices Group .com

Here is the single family office article...

_________________________________


New regulations provide platform for setting up family holding companies at DIFC

The Dubai International Financial Centre (DIFC) today announced new regulations to encourage family businesses to establish Single Family Offices (SFOs) at DIFC.

Created in consultation with the DFSA, the DIFC Single Family Office (SFO) Regulations specifically address the needs of family-run institutions and create a platform for wealthy families to set up holding companies at DIFC to manage private family wealth and family structures anywhere in the world.

HE Dr. Omar Bin Sulaiman, Governor of the DIFC said: “In recent times, family offices have become highly significant on the global economic landscape. In the Middle East, where family-run businesses make up over 75 per cent of firms and have total assets in excess of US$1 trillion, the need for a specialised legal and regulatory framework is especially acute.”

“In contrast to conventional financial institutions, Single Family Offices (SFOs) have no direct public liability as all their shareholders are bloodline descendants of a common ancestor. As such, their regulatory requirements differ significantly. By establishing the new Regulations, DIFC is once again reaffirming its commitment to family businesses and the development of DIFC into a hub for local, regional and international family offices.”

The enactment of the Regulations follows a period of consultation where companies were invited to comment on the proposed Regulations. Having received highly positive feedback, the new Regulations will come into effect on 2 September 2008.

Central to the new Regulations are changes to the DIFC Single Family Offices (SFO) platform and consequential amendments to other DIFC and DFSA regulations such as the DFSA’s General Module and Glossary Module.

The Regulations offer distinct benefits to Single Family Offices (SFOs) as they exclude them from many of the regulatory constraints placed on conventional organisations located at DIFC. Read more...

- Richard

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]]> http://www.straightstocks.com/investing-in-hedge-funds/single-family-office/feed/ 0 FAS 157 http://www.straightstocks.com/investing-in-hedge-funds/fas-157/ http://www.straightstocks.com/investing-in-hedge-funds/fas-157/#comments Mon, 01 Sep 2008 20:36:00 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-1025015501680815083 FAS 157

FAS 157 Implications & Notes

The hedge fund industry has significant concerns with recent best practices recommended by the President's Working Group on Financial Markets regarding the disclosure of the valuation of managed assets centered on FAS 157 fair value accounting. In a letter to the Working Group, the Managed Funds Association said that the ambiguities of fair value accounting work against achieving a consensus on proper valuation of a hedge fund’s portfolio assets. The MFA also noted that the recommended disclosure goes beyond the requirements of FAS 157.

The Working Group issued complementary sets of best practices for hedge fund managers and investors in the most comprehensive effort yet to increase accountability for participants in the industry. The Working Group called on hedge fund managers to adopt comprehensive best practices in the critical areas of disclosure, valuation of assets, risk management, and conflicts of interest. Specifically, the Working Group said that fund managers should provide financial information supplementing FASB Standard No. 157 to help investors assess the risks in the valuation of the fund's investment positions.

Depending upon the extent to which the fund manager invests in illiquid and difficult-to-value investments, noted the Working Group, the disclosures should occur at least quarterly and include the percentage of the fund's portfolio value that is comprised of each level of the FAS 157 tripartite valuation hierarchy. Level 1 is comprised of assets with highly liquid market prices, while Level 2 assets have no quoted prices but there are similar assets with quoted prices. Level 3 is for illiquid assets that have to be priced using models.

The group also said a best practice would be to set up a Valuation Committee with ultimate responsibility for reviewing compliance with the fund manager's valuation policies. Further, the group said that independent personnel should be in charge of the valuation of the fund's investment positions. While broadly agreeing that investors would benefit from disclosure of hedge fund valuation policies, the MFA noted that there is much ambiguity and a lack of consensus among managers, counterparties and accounting professionals as to the appropriate treatment of a number of products under FAS 157 such that the Working Group’s recommendations may not be achievable. Further, the lack of consensus is likely to result in inconsistent disclosure across the industry, which could be both confusing and potentially mislead investors.

Thus, until a greater consensus exists with respect to implementation of FAS 157, the MFA asks that this recommendation be deleted. The MFA noted that fund managers will still be required by their independent auditors to follow the procedures specified in FAS 157, as the industry continues to develop consensus on the implementation of those procedures.

The committee also recommended that hedge fund managers disclose the percentages of a fund’s portfolio value for which a manager relied on one dealer quote and multiple dealer quotes. The MFA believes that this disclosure could also be misleading to investors since there are certain types of products for which one dealer quote is used in valuing the asset, even though there is a liquid and deep market for the product, such as certain types of OTC products. There may also be products for which multiple quotes are available, but for which there is not a particularly liquid, active and deep market. While the availability of multiple dealer quotes may be an indication of the level of market activity for an asset, said the MFA, it may be misleading in certain instances. As such, the group was urged to delete this recommendation.

While agreeing that the valuation function should be independent of the portfolio
management function in order to reduce conflicts of interest, the MFA believes that
the recommendations are confusing when read in conjunction with the make-up of the proposed Valuation Committee. The Working Group said that the Valuation Committee may include members of senior management who have portfolio management responsibilities. However, the recommendations also discuss segregation of valuation personnel from portfolio management personnel. To the extent that a Valuation Committee is partially comprised of senior portfolio managers, reasoned the MFA, then the desired segregation of personnel does not seem possible.

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]]> http://www.straightstocks.com/investing-in-hedge-funds/fas-157/feed/ 0 FIN 48 http://www.straightstocks.com/investing-in-hedge-funds/fin-48/ http://www.straightstocks.com/investing-in-hedge-funds/fin-48/#comments Mon, 01 Sep 2008 16:17:40 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-4222719276479235009 FIN 48

FIN 48 + Implementation & Disclosures

FIN 48A growing chorus of hedge fund and private equity groups has asked FASB for an exemption from FIN 48, a FASB interpretation of a standard on accounting for income taxes. In a letter to FASB, the Managed Funds Association said that the sophisticated investors that invest in hedge funds do not need the enhanced disclosures that FIN 48 was designed to provide. In its letter, the Private Company Financial Reporting Committee stated that private company financial statement users find the accounting matters and disclosures encompassed by FIN 48 to be largely irrelevant to their decision making. The committee’s also noted that FASB and the IASB are working on a convergence project on accounting for income taxes and that this may significantly affect FIN 48. Thus, if FASB is unwilling to grant hedge funds an exemption from FIN 48, the private fund groups ask that the Board at least postpone the effective date of FIN 48 pending completion of the convergence project.

FIN 48 was adopted to provide for increased relevance and comparability in financial reporting of income taxes and to provide enhanced disclosures of information about the uncertainty in income tax assets and liabilities. The genesis of FIN 48 is FASB Statement No. 109, which established financial accountants and reporting standards for the effects of income taxes that result from an enterprise’s activities during the current and preceding years. It requires an asset and liability approach to financial accounting and reporting for income taxes

While acknowledging the need for FIN 48-type disclosures in the case of companies offering securities to the investing public, the MFA pointed out that the institutions and individuals that invest in private investment funds do not fall within this category. Hedge fund investors typically conduct extensive due diligence assisted by their own lawyers, accountants and other advisers, noted the MFA, and they often request, and receive, additional information, including tax information, if they believe that such information is material to their investment decision.

Moreover, private investment funds with U.S. investors are treated as partnerships for Federal income tax purposes. As a result, a private investment fund is not itself a taxpayer. It files an annual information return with the IRS, said the MFA, and each investor in the fund pays tax on its pro-rata share of the income of the fund. Thus, while fund personnel have historically focused substantive attention on issues surrounding the proper allocation of taxable items in a partnership environment, explained the MFA, it has been unnecessary for them to devote substantial time to traditional FAS 109 accruals.

For this reason, private investment funds are incurring significant costs in preparing to comply with, and complying with, FIN 48. Even more, many private investment funds make investments outside the United States, said the MFA, and FIN 48 will require them to make an additional layer of judgments concerning uncertainties in the tax laws of other countries.

Finally, the MFA noted that hedge funds need to determine NAV with reasonable frequency, both to establish a price for investments and redemptions, and also for other purposes. As a result of the fiduciary nature of the NAV calculation, and economic fairness to investors that subscribe and redeem at that amount, the MFA believes there are substantial questions whether FIN 48 analyses should be reflected in the NAV of a private investment fund.

The MFA is aware that SEC has concluded that FIN 48 analyses should be reflected in NAV in order to give investors more disclosure. Significantly, however, the SEC said its guidance was limited to assessing tax positions reflected in NAV calculations subject to the Investment Company Act and should not be applied by analogy in other cases.

The MFA believes that there are differences between public and private investment companies that warrant a different conclusion with respect to private investment funds. The MFA stands ready to make a more comprehensive submission on this point if the FASB believes that it would be of assistance.

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]]> http://www.straightstocks.com/investing-in-hedge-funds/fin-48/feed/ 0 Ajene Watson, LLC Joins QualityStocks with eDOORWAYS Corp. (EDWY.PK) Public Relations http://www.straightstocks.com/small-cap-and-micro-cap-stocks/ajene-watson-llc-joins-qualitystocks-with-edoorways-corp-edwypk-public-relations/ http://www.straightstocks.com/small-cap-and-micro-cap-stocks/ajene-watson-llc-joins-qualitystocks-with-edoorways-corp-edwypk-public-relations/#comments Fri, 29 Aug 2008 15:49:24 +0000 QualityStocks http://Blog.QualityStocks.net/?p=12051 http://www.straightstocks.com/small-cap-and-micro-cap-stocks/ajene-watson-llc-joins-qualitystocks-with-edoorways-corp-edwypk-public-relations/feed/ 0 Hedge Funds vs. Banks http://www.straightstocks.com/investing-in-hedge-funds/hedge-funds-vs-banks/ http://www.straightstocks.com/investing-in-hedge-funds/hedge-funds-vs-banks/#comments Fri, 29 Aug 2008 13:59:33 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-9138303081914315886 Hedge Funds vs. Banks

Hedge Funds Serving Corporations

hedge funds and banksOne long-term trend I've seen in the hedge fund industry is that hedge funds are now competing with banks within several dozen areas of business. Here is a short list of why some corporations are turning to hedge funds instead of Banks.
  • Some commercial banks may not have enough money to lend because of timing or relationships in place with the corporation
  • Some companies launching hostile takeovers need large amounts of cash quickly and hedge funds can sometimes provide the quickest solution at a competitive rate
  • A company may need to borrow money overnight or for several days to make payroll until more of their receivables come in
  • Some corporations use hedge funds to fund risky projects that wouldn’t fly with many banks
  • Lately corporations have turned to hedge funds or sovereign wealth groups in times of desperation, when they need large infusions of cash to stay afloat
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