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How Bad Was August For Hedge Funds

Just a quick rundown of how some of the bigger funds did in that brutal August.

First, let’s remember that the S&P 500 was down more than 6% in August.

  • Bill Ackman’s Pershing Square down 9.2 percent
  • Marcato Capital down 9.1 percent
  • Larry Robbins’ Glenview Capital down 5.5 percent
  • David Einhorn’s Greenlight Capital down 5.3 percent
  • Dan Loeb’s Third Point down 5.2 percent
  • Nelson Peltz’s Trian Partners down 4.8 percent
  • Barry Rosenstein’s JANA Partners down 4.3 percent
  • John Paulson’s Paulson Partners down 4.2 percent
  • David Tepper’s Appaloosa Management down 1.8 percent

Of note - the HFRI Fund Weighted Composite Index experienced its biggest drop since May 2012, falling 1.9 percent for the month.

The HFRI Equity Hedge Index experienced a decline of 2.6 percent. Short bias funds led sub-strategy performance, gaining 5%, while high beta growth strategies brought up the rear after falling 4.1%.

Event-driven strategies fell by 1.7%. Shareholder activist funds were the weakest area of event-driven performance, with the sub-index declining by 3.5%.