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In the Hedge Fund

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In the Hedge Fund P2BW13100B-0-W01100-1--------XA EE,EU,MW,NL,SW,WE 50 BARRON'S May11, 2009 May 11, 2009 BARRON'S 11 BLACK The Hedge Fund 100 Despite a horrible year in most global markets, these 100 funds all have three-year annualized returns that run to solid double digits; a majority were up in 2008. Remarkably, one firm, Paulson, has two funds in the top Index to Companies four, No. 1 Paulson Advantage Plus (event-driven) and No. 4 Paulson Enhanced (merger arbitrage). In second place is Balestra Capital Partners, a global macro fund, third is Vision Opportunity Capital, a merger arbitrage fund, and fifth was Quality Capital Management-Global Diversified. Strong performance in weak markets is hedge funds’ most basic appeal and these funds did nothing to dispel that idea last year. Our index lists significant references to companies mentioned in stories and columns, plus Research Reports and the Insider Transaction table. The references are to the first page of the item in which the company is mentioned. Fund 3-Year 2008 Total Firm A Rank Fund Assets (mil) Fund Strategy Annualized Returns Returns Company Name / Location Assets (mil) Abbott Labs.53. 05/11/2009 Abercrombie & Fitch.17. H Hain Celestial Group.M15. 1. Paulson Advantage Plus $2,171 Event Driven 62.67% 37.80% Paulson / New York $30,000 Amazon.com.M5. Hanger Orthopedic.56. Ambac Financial.17. Hansen Natural.23. 2. Balestra Capital Partners 800 Global Macro 61.24 45.78 Balestra Capital / New York 990 American Axle.40. Harley Davidson.58. 3. Vision Opportunity Capital 357 Relative Value 61.13 6.96 Vision Capital / New York 733 American Electric Power.43. Harris.39. American Express.13. Hess.28. 4. Paulson Enhanced 2,535 Merger Arbitrage 46.81 12.45 Paulson / New York 30,000 American International Group.32. Hewlett-Packard.. 42,M11 American Water Works.53. Hologic.M10. 5. Quality Capital Mgmt - Global Diversified 747 Global Diversified 36.22 59.51 Quality Capital Mgmt / Weybridge, U.K. 777 Apple.31. Honda.40. Areva.43. 6. Altis Global Futures Portfolio - Composite 1,340 Managed Futures 32.89 51.93 Altis Partners / Jersey, Channel Islands 1,340 ArvinMeritor.40. I IBM.42. Aviva.M6. Infosys.M9. 7. Belvedere Futures Strategy 365 Managed Futures 32.00 14.41 Belvedere Adv / San Francisco 365 Intel.41. 8. Pivot Global Value 754 Global Macro 30.83 51.90 Pivot Capital / Bermuda 754 B BAE Systems.M6. Interpublic Group.20. Bank of America.. 13,16,5,M10,M14 iShares MCI Malaysia.M10. 9. RG Niederhoffer Diversified (Offshore) Class B 752 Global Macro 30.67 50.28 RG Niederhoffer Capital / New York 1,758 Berkshire Hathaway.. 13,16 iShares S&P Global Nuclear Enrgy 43 BHP Billiton.43. Ivy Mid-Cap Growth.19. 10. Horseman Global 3,863 Equity Long/Short 29.95 31.26 Horseman Capital / London 6,300 Blackstone Group.. 40,M5 J J.C. Penney.17. 11. SCP Sakonnet 518 Equity Long/Short 28.70 -19.00 Shumway Capital / Greenwich, Conn. 5,557 Blue Nile.M4. BMW.40. Jacobs Engineering.. 32,43 12. Global Trading Strategies 1,240 Global Macro 28.48 44.72 Goldman Sachs JBWere (Pty) / Sydney, Australia 1,240 Boeing.39. Johnson Controls.40. Boston Scientific.20. JPMorgan Chase.13. 13. Element Capital Master 694 Global Fixed Income 26.70 34.89 Element Capital / New York N/A BreitBurn Energy Partners.M11. Bristol-Myers Squibb.53. K Kraft Foods.. 23,M10 14. Friedberg Global Macro Hedge 542 Global Macro 25.88 41.51 Friedberg Mercantile / Toronto 1,361 BT Group.M6. L Lear.40. 15. Platinum Partners Value Arbitrage 410 Multi-Strategy 25.62 4.37 Platinum / New York 617 C Cameco.43. Legg Mason.M10. 16. Touradji Global Resources 2,600 Global Macro/Commodities 24.80 8.10 Touradji Capital / New York 3,000 Cameron International.32. P2BW13100B-0-W01100-1--------XA Campbell Soup.23. M Macquarie Infrastructure Group.21. 17. SAC Capital Int’l N/A Equity Long/Short 24.23 -18.53 SAC Capital Adv / Stamford, Conn. 12,000 Capital One.13. Macy’s.17. Caterpillar.M5. Magna International.40. 18. SMN Diversified Futures 348 Managed Futures 24.06 58.53 SMN Inv Svcs / Bermuda 1,000 Cavalier Homes.M11. Mainstay High Yld Corporate Bond . 54 Man Investments.49. 19. Harbinger Capital Partners Offshore 4,030 Event/Distressed 23.85 -27.81 Harbinger Capital Partners / New York 7,000 Children’s Place Retail Stores.M11. Cintra Concesiones.21. Marathon Oil.29. 20. Willowbridge Associates Argo 905 Managed Futures 23.73 43.00 Willowbridge / Plainsboro, N.J. 1,263 Cisco Systems.41. Market Vectors Nuclear Energy.43. Citigroup.. 13,16,21,32 MasterCard.31. 21. Oculus N/A Multi-Strategy 22.08 6.80 D.E. Shaw / New York 28,600 CMS Energy.53. MBIA.17. Coca-Cola.23. McCormick.53. 22. RG Niederhoffer Negative Correlation 832 Global Macro 21.43 54.74 RG Niederhoffer Capital / New York 1,758 Colgate-Palmolive.53. McDonald’s.M10. MGM Mirage.M10. 23. Amplitude Dynamic Trading 554 Managed Futures 21.31 14.32 Amplitude Capital / Zug, Switzerland 554 Compuware.20. Constellation Energy.43. Microsoft.. 32,41,42 24. Passport II - Global 1,200 Equity Long/Short 21.28 -50.95 Passport Capital / San Francisco 2,000 Continental.40. Mizuho Financial Group.17. Continental Airlines.M10. Morgan Stanley.. 13,16 25. Hyman Beck Global Portfolio 432 Managed Futures 21.20 49.78 Hyman Beck / Florham Park, N.J. 451 Cooper Tire.40. Mueller Water Products.M15. Cummins Engine.40. Murphy Oil.28. 26. Titan Return Class AR 350 Volatility Arbitrage 21.14 21.83 Titan Capital / New York 740 P2BW13100B-0-W01100-1------ CVS Caremark.17. N National Oilwell Varco.31. 27. Transtrend DTP - Enhanced Risk (USD) 4,753 Managed Futures 21.05 29.38 Transtrend B.V. / Rotterdam, Netherlands 8,100 D D.R. Horton.32. Nobel International.40. 28. Odey European (USD) 912 Equity Long/Short 20.65 58.90 Odey Asset / London 4,121 Daimler-Benz.40. Nokia.41. BLACK Dana.40. Northeast Utilities.53. 29. MaxQ Fund (USD) 580 Global Macro 19.49 6.67 North Asset / London 1,000 Novell.20. Deere.M5. Novellus Systems.42. Dell.42. NYSE Euronext.17. 30. Man AHL Diversified 3,890 Managed Futures 19.20 33.20 Man Investments / London 53,000 Delphi.40. 31. NuWave Combined Futures Portfolio (2X) 369 Managed Futures 19.11 51.88 NuWave Inv / Morristown, N.J. 436 Delta Petroleum.20. O Och-Ziff Capital Mgmt.M15. Dow Chemical.. 16,53,M4 Oracle.42. 32. Graham Capital K4 1,214 Global Macro 19.04 35.67 Graham Capital / Rowayton, Conn. 4,900 Duke Energy.43. DuPont Fabros Tech.M15. 33. Moore Global N/A Global Macro 18.98 -4.70 Moore Capital / Westport, Conn. 16,000 P Peerless Systems.M11. Perini.32. E 34. Winton Diversified Futures 4,400 Managed Futures 18.92 20.99 Winton Capital / London 13,300 Eastman Kodak.. 20,32 Petrobras.29. EMC.. 42,M11 Pfizer.53. 35. Peninsula Tactical Macro Strategy 480 Global Macro 18.87 26.43 Peninsula LP / Sausalito, Calif. 480 Entergy.43. PNC Financial.13. Exelon.43. Precision Castparts.31. 36. Banyan Capital 508 Global Macro 18.78 14.39 Banyan Equity / Boca Raton, Fla. 529 ExxonMobil.28. Priceline.com.17. 37. Brevan Howard MasterFund Class A (USD) 14,900* Global Macro 18.75 20.40 Brevan Howard Asset / London 27,400 Prudential Financial.39. F Fannie Mae.. 16,32 Public Service Enterprise Group.43. 38. Abraham Trading 309 Managed Futures 18.69 28.78 Abraham Trading / Canadian, Texas 309 Fifth Third.13. Pulte Homes.32. Fiserv.36. 39. Millburn Multi-Markets Program 428 Managed Futures 18.54 30.96 Millburn Ridgefield / Greenwich, Conn. 2,400 Fluor.. 17,32,43 Q Quicksilver Resources.M11. Foot Locker.39. ..
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