Looking back on an ex-Kingdon macro launch and John Henry's fighting words

By Rob Copeland

Tue Apr 2, 2013


Email a friend
  • To include more than one recipient, please seperate each email address with a semi-colon ';', to a maximum of 5 email addresses



Absolute Return also revisits the departure of Maverick financials chief Gunnar Overstrom.


One year ago

>> Former Kingdon Capital management portfolio manager Kathleen Kelley was primed to start her own macro fund, Queen Anne's Gate Capital Management.

Kelley hoped to launch with between $100 million and $200 million, but fundraising was not as strong as it might have been. She began trading in September and had approximately $10 million at the start of the 2013, leaving it off the Absolute Return new funds ranking. The fund gained 1.6% in the last four months of 2012, compared with a 1.17% rise for the Absolute Return Macro Index, and was up a further 0.6% through the end of February this year, trailing the benchmark, according to investor documents.

In July at an investment conference, Kelley recommended shorting the British pound sterling and platinum. Since then, the pound has dropped from $1.54 to $1.51, while platinum has risen approximately 11%, according to the ETF Physical Platinum Shares.

See more new launches

>> Gunnar Overstrom, who had for a decade overseen financials investments at Maverick Capital, resigned.

By fall, Overstrom had resurfaced as the head of a new firm, alongside partner Jeff Eisenstein, formerly a partner at TPG-Axon Capital Management. His fund, dubbed Three Corner Global Investors, will launch in the first half of this year with an anchor investment of up to $100 million from the Rothschild family.

An external spokesman for the fund, Jonathan Gasthalter of Sard Verbinnen & Co., declined to comment.

See also: Ex-Maverick partner Steve Galbraith preps major launch

Five years ago

>> Hedge fund manager and Boston Red Sox owner John Henry took a crack at New York Yankees executive Hank Steinbrenner, inducting him as an honorary member of the Red Sox fan club.

Henry's Red Sox beat the Yankees Monday in their season opener in front of a sell-out crowd in the Bronx.

Henry's professional results haven't been as bright. His JWH & Co. announced last year it was returning client money, which at peak comprised $3.5 billion. Performance may have been a factor: Its Diversified Plus managed futures fund was down 11.49% in 2012 through the end of September, worse than the 0.58% rise for the Absolute Return Managed Futures index during that period. Full performance for the firm's funds is available here.

See also: John Henry denies Red Sox sale - John W. Henry & Co. hires business development chief