Hedge funds suffer broadly in January tumult

Fri Feb 8, 2008



The hedge fund carnage in January was widespread as concern over monoline insurers, rogue traders and aggressive rate cuts shook the markets.

Early estimates reported to Absolute Return, indicate widespread pain, with the Absolute Return Composite Index down 0.40% and U.S. Equity Index down 1.45%. Only four of the 13 strategy composites now available were positive for January based on the funds reporting so far.

After a phenomenal year in 2007, the Zweig DiMenna International fund lost a whopping 10.6% in January*. Kinetics Fund also bled last month, dropping nearly 17%, after returning 29% last year.

Other marquee long/short equity shops that suffered in January include Cantillon World (-5.3%), Cantillon US (-5.7%), Chris Shumway’s SCP Ocean Fund (-4.3%), Larry Robbins’ Glenview Capital Partners (-3.5% through January 25), Brett Barakett’s Tremblant Partners (-7.8%), and Steve Mandel’s Lone Cedar (-4.9% through January 25)....

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