Honoring the best in a volatile year

Tue Aug 25, 2009


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Top performers vie for this year's Absolute Return Awards.


Crippling losses in last year's fourth quarter, followed by big gains this spring and unprecedented government intervention in the capital markets, has made for a tricky environment for many U.S. hedge funds. Yet as the early contenders for the 2009 Absolute Return Awards show, there has been plenty of room for the very best funds to produce profits. This year's awards, Absolute Return's fifth annual, will be presented at a black-tie dinner on November 2, at 583 Park Avenue in New York City.

No fewer than eight of the funds in the running—Balestra Capital Partners, BlackRock Health Sciences, Harvest Small Cap Partners, JGP Max FIM, Millennium International, Paulson Advantage, Paulson Credit Opportunities and Platinum Partners Value Arbitrage—were also winners in 2008. At least another eight of this year’s early contenders were also in the running last year, namely Caxton Global Investment, FrontPoint Financial Horizons, HG Green, King Street Capital, Paulson Enhanced, Sprott Capital, Viking Global Equities III and Waterstone Market Neutral.

With two more months' performance to count, there is plenty of room for new contenders to emerge. The provisional nominees are based on the past 10 months' results; final nominees will be determined for the 12 months ending September 30. In October, AR will release the names of the final contenders, as well as the nominees for New Fund of the Year and Management Firm of the Year. The Fund of the Year will be announced at the awards ceremony.

Once again, the Absolute Return Awards will be decided by a purely quantitative methodology. Nominees must meet the criteria for a minimum level of assets under management, beat the median return in their relevant peer group and generate best-in-class Sharpe ratios. The aim is to recognize those managers who succeeded in producing the best risk-adjusted returns among their peers.

Last year’s event proved hugely successful despite torrid market conditions, with winners including Millennium Partners, Paulson & Co. and Pershing Square International. More than 350 industry leaders have attended this event in each of the past four years, with many of top firms taking tables, including Moore Capital, Paulson & Co., Eton Park Capital Management and Citadel Investment Group. To find out more about this year’s dinner and to book your table, please fill in the form or visit the event website (www.absolutereturnawards.com) to make your arrangements.


U.S. EQUITY
• Bay Resource Partners
• Elm Ridge Capital Partners
• Sprott Capital  

GLOBAL EQUITY
• Carlson Black Diamond Relative Value
• Maverick
• Viking Global Equities III  

SPECIALIST EQUITY
• BlackRock Health Sciences
• FrontPoint Financial Horizons
• Harvest Small Cap Partners
• Seligman Spectrum Focus  

EMERGING MARKET EQUITY
• ARX Target FIM
• BRZ Long Short FIM
• JGP Max FIM
• HG Green  

ARBITRAGE & CONVERTIBLES
• Paulson Enhanced
• Symphony Rhapsody
• Waterstone Market Neutral

EVENT DRIVEN
• Gruss Global Investors
• King Street Capital
• Litespeed Partners
• Paulson Advantage  

GLOBAL MACRO
• Balestra Capital Partners
• Caxton Global Investment
• MKP Opportunity
• Moore Global Investments
• Quantum Endowment  

MULTISTRATEGY
• Halcyon Enhanced
• Millennium International
• Orbis Optimal
• Platinum Partners Value Arbitrage  

MANAGED FUTURES
• Conquest Macro
• Graham Global Investment
• Hyman Beck Global Portfolio
• Sunrise Capital Diversified  

FIXED INCOME & MORTGAGE-BACKED SECURITIES
• Barnegat
• EMF Fixed Income
• Midway Market Neutral
• MKP Credit  

HIGH YIELD & EMERGING MARKET DEBT
• Mariner Tricadia Credit Strategies
• NWI Emerging Markets Currency  

DISTRESSED SECURITIES
• Caspian Select Credit
• Davidson Kempner Distressed Opportunities
• Paulson Credit Opportunities
• York Credit Opportunities  

LONG-TERM PERFORMANCE
• Caxton Global Investment
• King Street Capital
• Millennium International
• SAC Capital International
• Paulson International  

NEW FUND OF THE YEAR
Nominees to be announced next month  

MANAGEMENT FIRM OF THE YEAR
Nominees to be announced next month  

FUND OF THE YEAR
Nominees to be announced at the awards ceremony

ISSN: 2151-1845 / CDC10004H