More big name funds added to the August sucky results list

Redemptions on the way?: The list of hedge funds that sprung major leaks in August keeps getting longer.  The carnage includes not only well publicized losses at some of the funds at Tudor, Caxton, and Moore Capital, but also includes Atticus, Third Point, Tontine, GLG, Sloane Robinson and Landsdowne among others:

The list of badly-hit hedge funds in August reads like a Who’s Who of the best-known on Wall Street, according to investors.

They include Paul Tudor Jones, philanthropist and head of Greenwich, Connecticut-based Tudor Investment Corp; his friend and former colleague Louis Bacon of Moore Capital; Bruce Kovner, super-secretive head of Caxton Associates; and Matthew Tewksbury, who bought Wall Street trader Monroe Trout’s hedge fund business and renamed it after himself.
Many other big-name managers struggled in August, with Atticus, a New York-based activist and financial specialist, down more than 10 per cent in both its flagship funds as holdings including Barclays and Deutsche Börse were hit hard in the month – although both funds remain up for the year.

Third Point, an aggressive activist run by Dan Loeb, was down 8.3 per cent, leaving it up 6.8 per cent for the year, while in the UK several funds from Lansdowne, GLG and Sloane Robinson had a weak month, investors said.

Jeffrey Gendell, who runs Tontine Associates from Greenwich, Connecticut, produced one of the worst results of all the big name managers with a 7.9 per cent drop in his $1bn Overseas fund – although it is still up 7.6 per cent this year. By contrast, his Financial Partners fund leapt 8.4 per cent in the month, one of the best performances – but remains down 37 per cent for the year, among the worst of all managers.

However, some well-respected managers have done very well. John Paulson of Paulson & Co produced another month of spectacular returns across his funds thanks to aggressive shorts of US subprime mortgages. Philip Falcone’s Harbinger Capital distressed fund gained 3.7 per cent to take its total return for the year to more than 55 per cent.

Big name managers Dan Och of Och-Ziff, Izzy Englander of Millennium Partners and David Tepper of distressed debt specialists also came through the month with gains or slight falls, leaving them securely up for the year. The $6bn Bridgewater Pure Alpha fund was up 0.4 per cent for the month, for a gain of 3.6 per cent this year.

Hedge funds post shock losses - Financial Times