Hedge Fund Performance in 2018: The Good, Bad and the Ugly
Hedge Fund Performance in 2018: The Good, the 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 European | 53 | Macro |
| Northlander Commodity | 52.7 | Energy |
| Crescat Global Macro | 40.5 | Macro |
| QQQ Capital*** | 39.4 | L/S Equity |
| Alta Park | 34.8 | L/S Equity |
| SoMa Partners | 20 | L/S Equity |
| Autonomy Global Macro | 16.7 | Macro |
| Mudrick Capital | 16.2 | Distressed |
| Bridgewater Pure Alpha | 14.6 | Macro |
| Aspect Systematic Global Macro | 14.3 | Quant |
| Tiger Global | ~14 | L/S Equity |
| Luxor Capital Partners Offshore | 13.6 | Event-driven |
| Brevan Howard Master | 12.3 | Macro |
| D.E. Shaw Composite | 11.2 | Multi-strategy |
| Sylebra Capital Partners Master | 11 | L/S Equity |
| Kuvari Focus | 10.5 | L/S Equity |
| Citadel Wellington | 9.1 | Multi-strategy |
| Millennium | 4.9 | Multi-strategy |
| Rokos Global Macro Master | ~2 | Macro |
| Point72* | <1 | L/S Equity |
| Marshall Wace Eureka | 0.6 | L/S Equity |
| ExodusPoint Capital** | 0.6 | Multi-strategy |
*Started trading in spring 2018
**Started trading in June
***Started trading April 2
The Bad
Fund Name | 2018 Return (%) | Strategy |
|---|---|---|
| Pershing Square Holdings | -0.7 | Activist |
| Winton | -0.6 | Quant |
| Marshall Wace Market Neutral TOPS | -0.6 | Market-neutral |
| Coatue Qualified | -1.2 | L/S Equity |
| OZ Master | -1.3 | Multi-strategy |
The Ugly
Fund Name | 2018 Return (%) | Strategy |
|---|---|---|
| Balyasny Atlas Enhanced | -7.1 | Multi-strategy |
| Algebris Macro Credit | -10.8 | Credit |
| Third Point Offshore | -11 | Event-driven |
| Aspect Diversified | -14.6 | Quant |
| Glenview | -16.2 | L/S Equity |
| SMN Diversified Futures | -17.8 | Quant |
| Z Europe | -17.9 | L/S Equity |
| Trias L/S Fund | -25 | L/S Equity |
| Greenlight Capital | -34 | L/S Equity |
| Atlantic Investment’s Cambrian | -35 | Activist |
| QIM’s Quantitative Tactical Aggressive | -42.1 | Quant |
Sources: Bloomberg reporting
--With assistance from Saijel Kishan, Hema Parmar, Bei Hu and Nishant Kumar.
To contact the reporter on this story: Shelly Hagan in New York at shagan9@bloomberg.net
To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Melissa Karsh, Mary Romano
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