Hedge Fund Performance in 2018: The Good, Bad and the Ugly

(Bloomberg) -- As hedge funds begin to report their 2018 performance, a chasm has emerged between managers who outperformed, those who saw staggering losses and others that landed somewhere in-between.

Overall, the industry saw its biggest annual loss since 2011, declining 4.1 percent on an a fund-weighted basis, according to Hedge Fund Research Inc. Some managers, including smaller, more nimble traders, were able to successfully navigate the market turbulence in the worst year for the S&P 500 Index since the financial crisis. For others like David Einhorn it was the worst year ever.

Here’s a look at how funds performed last year.

The Good

Fund Name

2018 Return (%)

Strategy

Odey European53Macro
Northlander Commodity52.7Energy
Crescat Global Macro40.5Macro
QQQ Capital***39.4L/S Equity
Alta Park34.8L/S Equity
SoMa Partners20L/S Equity
Autonomy Global Macro16.7Macro
Mudrick Capital 16.2Distressed
Bridgewater Pure Alpha14.6Macro 
Aspect Systematic Global Macro14.3Quant
Tiger Global                     ~14L/S Equity
Luxor Capital Partners Offshore13.6Event-driven
Brevan Howard Master12.3Macro
D.E. Shaw Composite11.2Multi-strategy
Sylebra Capital Partners Master11L/S Equity
Kuvari Focus10.5L/S Equity
Citadel Wellington9.1Multi-strategy
Millennium4.9Multi-strategy
Rokos Global Macro Master                      ~2Macro
Point72*                      <1L/S Equity
Marshall Wace Eureka0.6L/S Equity
ExodusPoint Capital**0.6Multi-strategy

*Started trading in spring 2018
**Started trading in June
***Started trading April 2

The Bad

Fund Name

2018 Return (%)

Strategy

Pershing Square Holdings-0.7Activist
Winton-0.6Quant
Marshall Wace Market Neutral TOPS-0.6Market-neutral
Coatue Qualified-1.2L/S Equity
OZ Master-1.3Multi-strategy

The Ugly

Fund Name

2018 Return (%)

Strategy

Balyasny Atlas Enhanced-7.1Multi-strategy
Algebris Macro Credit-10.8Credit
Third Point Offshore-11Event-driven
Aspect Diversified-14.6Quant
Glenview-16.2L/S Equity
SMN Diversified Futures-17.8Quant
Z Europe-17.9L/S Equity
Trias L/S Fund-25L/S Equity
Greenlight Capital-34L/S Equity
Atlantic Investment’s Cambrian -35Activist
QIM’s Quantitative Tactical Aggressive-42.1Quant

Sources: Bloomberg reporting

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