According to Forbes Albert Friedberg is a little-known commodities trader who manages $2 billion in Toronto. Last year, during one of the worst 12-month stretches in the history of the hedge fund industry, Friedberg outperformed just about every big shot trader on the planet. His Friedberg Global-Macro Hedge Fund returned 40.84% and Friedberg landed in the 34th position on Forbes’ list of the 40 Highest-Earning Hedge Fund Managers.
But so far in 2012 Friedberg has suffered a reversal of fortune. His Friedberg Global-Macro Hedge Fund was down 19.46% in the first two months of the year. Friedberg’s performance tends to be volatile—his hedge fund last year suffered losses of 10.28% in January and 21.76% in October and he still hit the ball out of the park—but Friedberg has started 2012 out badly. Part of the reason it might be tough for Friedberg to make up ground this year is that markets around the world have rallied. The U.S. stock market, as measured by the S&P 500 index, has returned 12.7% year-to-date. It returned 9% in the first two months of the year.
Friedberg is not the only hedge fund manager starting the year lagging the broader U.S stock market. Bank of America Merrill Lynch reports that its investable hedge fund composite index is only up by 2.84% in 2011. There are some signs that investors have had enough–investors redeemed $15.2 billion from hedge funds in January, according to Barclays Hedge and TrimTabs, the highest outflow since the start of the credit crisis….
Read the rest at http://www.forbes.com/sites/nathanvardi/2012/03/21/the-highest-earning-hedge-fund-managers-are-struggling-to-beat-the-market-rally/
No comments:
Post a Comment