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Bloomberg Briefs Tuesday May 31, 2016 www.bloombergbriefs.com Commodity Funds Get $5 Billion Embrace on Oil Gain NUMBER OF THE WEEK BY NISHANT KUMAR AND JESSE RISEBOROUGH $22 million — Aid that Bridgewater The rally in oil has given a fillip to long-suffering commodities hedge funds. After four Associates will receive from years of hemorrhaging cash and clients, managers are once again making money and Connecticut, which has been working to winning back investors. keep businesses from leaving the state. About $5 billion has coursed into the funds in 2016, with the first quarter seeing the biggest inflows since 2009, data compiled by eVestment show. Investors are being INSIDE drawn by gains of more than 18 percent reported in a letter to clients by Stuart Glenview's Capital Partners fund rose Zimmer's ZP Energy Fund in New York and 12.7 percent posted by Pierre Andurand's $1.1 billion Commodities Master Fund in London. Fund officials declined to comment. 2.6 percent in April. Tourbillon Capital “Funds that survived a significant fall in the oil price and in most commodities are Partners' global master fund rose 3 clearly real hedge funds,” said Michele Gesualdi, the London-based chief investment percent last month: Returns in Brief officer for hedge-fund investing at Kairos Partners, who oversees $2.5 billion and has re-started investing in commodity funds. “There are not many funds operating in this Blackstone's James says hedge funds asset class and some of them are extremely volatile.” may lose 25 percent of assets in the next With crude flirting with $50 a barrel, after dropping to almost $26 in February, gold up year. DoubleLine's Gundlach says 14 percent this year and soybeans 24 percent higher, investors are betting that an Chanos is the greatest hedge fund expanding U.S. economy will spur global growth. Commodity prices are unlikely to manager: Seen & Heard return to lows seen in the first quarter, according to Citigroup Inc. Commodity money managers suffered outflows totaling $6.2 billion from 2012 through Tudor Pickering Holt & Co.'s Pickering 2014, starving them of capital and forcing some players out of the business. More than said in March that oil prices had already a dozen asset managers including Clive Capital LLP, Centaurus Energy LP and firms bottomed: Market Calls, Revisited such as Higgs Capital Management and Mastic Investment closed funds. Now the prospect Omni Event Fund's Melsom says the Commodities Lured Investors of higher oil prices fund is seeing opportunities in European is encouraging new M&A: Spotlight startups. Former Brevan Howard Alaska Permanent Fund Corporation and Moore Capital was scheduled to have a hedge fund money manager panel discussion with presentations from Luke Sadrian said Albourne, AQR and Blackstone: From he is preparing to the Minutes open a commodities fund Pelargos Capital joins funds' bet on a in London in the turnaround at battered Honda. AE second half of Capital trimmed bets against the 2016 that will trade Australian dollar: Market Calls futures and options on all commodities QUOTE OF THE WEEK About 290 commodities-focused hedge funds tracked by eVestment and bet on a rising oil price. managed $70.5 billion at the end of March, rebounding from a near six- "If you can find the intersection year low of $65.4 billion at the end of last year. Average returns were Not everyone 6% in the first four months of the year, after a loss of 10.4% last year. expects the dark where an activist is looking to clouds to shake up a company — and that disappear. Goldman Sachs Group Inc. sees no “sustainable shift in fundamentals” and company's fundamentals are says higher U.S. interest rates will keep the outlook bearish. Concerns that China’s already deteriorating or have the faltering economy and its growing bad-debt burden will slow growth continue to weigh on some commodities. potential to deteriorate — that's Geoff Blanning, Schroders' commodities head, said it’s almost “politically incorrect to where you can find very say that you’re buying commodities,” but those investing will earn strong returns in the interesting short opportunity." next two to three years. Schroders started a fund with its own money last month and is — David Ford, founding partner/co-portfolio raising capital from investors to bet on the energy, agriculture and metals sectors. manager at Latigo Partners, in an interview — With assistance from Hema Parmar, Will Wainewright, Andy Hoffman and Colin McClelland RETURNS IN BRIEF May 31, 2016 Bloomberg Brief Hedge Funds 2 RETURNS IN BRIEF A look at hedge fund performance last month. Funds in the table below not mentioned in the accompanying text on this page were reported in other issues of the Brief or in Bloomberg News stories. For questions, e-mail [email protected]. Glenview Capital Management's April Returns Capital Partners fund rose 2.6 percent in April, paring this year's loss through April 30 to 9.5 percent, according to a person familiar with the matter. A spokesman for the $8.2 billion firm, run by Larry Robbins, declined to comment. — Hema Parmar and Saijel Kishan Jason Karp’s Tourbillon Capital Partners trimmed losses for the year to 13.6 percent in its global master fund after it rose almost 3 percent last month, according to a person familiar with the matter. Amy Zipper, the $4 billion firm’s chief operating officer, declined to comment. — Hema Parmar and Saijel Kishan PlusTick Management, the $75 million Charlottesville, Virginia-based hedge fund that focuses on distressed investments, gained 15.5 percent in its PlusTick Partners fund in April, bringing returns for the year to almost 22 percent, Year-to-Date Returns to End-April according to an investor letter obtained by Bloomberg. The fund’s largest long positions are in the equity of Straight Path Communications Inc., which holds licenses to airwaves, and both the equity and debt of Sanchez Energy Corp. "In March and April we bought distressed high-yield energy bonds and took some relatively small positions in the equities of those issuers," managing partner Tom Hill said in a telephone interview. "Both have had significant upside moves over the past two months." Hill said about half of the fund’s year-to-date gains came from its energy bets. "We had a large short allocation to energy last year going to January and February, and covered that in March when we flipped to long- biased in energy," he said. PlusTick was founded in December 2012 by Hill and *Returns through April 22 Adrian Keevil. euro share class last month, paring this 11.1 percent last year. The figures were — Hema Parmar year’s loss through April 30 to 4.5 confirmed in an e-mailed statement from Marshall Wace Asset Management’s percent, according to a performance a spokesman for Marshall Wace, which MW Eureka Fund rose 0.6 percent in its document. The $7.7 billion fund, bets long and short on equities. managed in London by firm cofounder — Will Wainewright Paul Marshall, rose May 31, 2016 Bloomberg Brief Hedge Funds 3 FROM THE MINUTES ITEMS MAY BE SUBMITTED TO [email protected] May 31, 2016 Bloomberg Brief Hedge Funds 4 FROM THE MINUTES ITEMS MAY BE SUBMITTED TO [email protected] Billionaire-Led Bridgewater Lands Connecticut Aid BY BRIAN CHAPPATTA AND KATIA PORZECANSKI Bridgewater Associates LP, the world’s largest hedge fund, will receive $22 million in aid from Connecticut, which has been working to keep businesses from leaving the Maryland State Retirement and state. Pension System’s investment The firm, led by billionaire Ray Dalio, was approved for a $5 million grant and a $17 committee was scheduled to hear a million loan to expand in Westport, Wilton and Norwalk, according to minutes of the presentation from Albourne Partners, state bond commission’s meeting on Friday. The loan may be forgiven if Bridgewater, the system’s hedge fund consultant, which manages about $150 billion, retains some 1,400 jobs and creates 750 new ones at a meeting on May 6, according to through 2021. the agenda. The next investment Connecticut was in direct competition with states including New York when talks over committee meeting is scheduled to the funding began with Bridgewater in 2012, Democratic Governor Dannel Malloy said take place on Sept. 2. at the meeting. The company is receiving the assistance as hedge funds come under scrutiny from clients, including public pension funds, for charging hefty fees while Alaska Permanent Fund delivering lackluster results. Corporation was scheduled to have “We were aware of specific campuses in other states we were competing with,” Malloy a hedge fund panel discussion at its said. “I wish we didn’t compete that way, that dollars were not part of the competition, May 24-25 meeting of the board of but the reality is that they are.” trustees, according to the board The measure drew rebukes from State Representative Christopher Davis and packet. The discussion was Comptroller Kevin Lembo, who said Connecticut can’t afford to be “picking winners and scheduled to provide trustees with losers” when its stagnant economy led to two credit downgrades this month. Davis told current hedge fund industry Malloy at the meeting that Bridgewater can afford the cost of the expansion without perspectives as well as impressions public funds and that it came to the state “as a lender of first resort.” on the APFC’s absolute return Connecticut is the wealthiest U.S. state, yet has had difficulty balancing budgets as its portfolio from Albourne Partners, its finance-based economy struggles to rebound from the last recession.
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