…extremely impressive Sharpe Ratio of 5.02 for the month. This performance is likely to be one of the highest, if not the highest, risk-adjusted return for any hedge fund in the world for the month of April.
Congress Testimony ‘Slowed Us’: Hedge Fund Pro (CNBC.com)
Being called to testify before the U.S. Congress did little to help him lure clients, said Tilden Park Capital Management CIO Josh Birnbaum, whose hedge fund nonetheless managed to top the industry in 2012. Asked whether his testimony regarding his role in then-employer Goldman Sachs Group, Inc. (NYSE:GS)’s $3.7 billion windfall in betting against the subprime housing market had hurt his business, Birnbaum said, “Without a doubt.” “You go back to that period in 2010, when we were just getting our firm rolling, and nothing stops the momentum of a hedge fund like appearing in front of Congress, so there’s no question that that slowed us down,” he said on “Fast Money.”
Hedge Funds Log ‘Meager’ $817M Inflows In March: BarclayHedge, TrimTabs (Barron’s)
Investors poured less money into hedge funds in March, as the industry continued to trail the market. Hedge funds logged net inflows of $817 million in March, down from $11.4 billion in the prior month, according to BarclayHedge and TrimTabs Investment Research. The firms, which surveyed more than 3,400 funds, called the inflows ‘meager,’ but noted that it’s not surprising, given that the industry’s 1.1% gain for March was less than one-third of the S&P 500’s return of 3.6% during the month.
Taveras invests 20% in hedge funds, more than Raimondo (WPRI-TV 12)
It turns out that the Democratic gubernatorial hopeful who has the biggest chunk of pension money invested in hedge funds isn’t Treasurer Gina Raimondo – it’s Providence Mayor Angel Taveras. Providence has invested 19.75% of its total pension assets in hedge funds, the Taveras administration disclosed Tuesday after WPRI.com requested a breakdown of its investment portfolio. Rhode Island’s state pension system has invested somewhat less in hedge funds – 14.6% of assets as of April – under a new investment strategy implemented by Treasurer Gina Raimondo soon after she took office in 2011.
From the Titans, a Tip or Two (Wall Street Journal- India)
Billionaire investor Stanley Druckenmiller said the Australian dollar’s skid is far from over and recommended investors bet against the currency. The prediction, and pitch, were one of a slew Wednesday at the Sohn Investment Conference in New York, where some of the world’s best-known hedge-fund managers get about 15 minutes to make their best case for an investment idea or two. The annual conference, made famous by some presentations including David Einhorn’s 2008 takedown of Lehman Brothers Holdings Inc. before it filed for bankruptcy protection, is a benefit that raises money for the treatment of pediatric cancer and other childhood illnesses.
Andurand Hedge Fund Said to Return 25% as Crude Spread Narrows (San Francisco Chronicle)
Pierre Andurand’s hedge fund returned 25 percent since its February inception after predicting that the differential between New York and London crude oil would drop, two people with direct knowledge of the matter said. Andurand Capital Management LLC, based in London, gained 8 percent in April, said the people, who asked not to be identified because the information is private. Sara Corsaro, an investor relations official at Andurand, didn’t respond to an e- mail and a phone message left today.
