The surge during the last quarter of 2004 did not continue throughout January, as many asset classes struggled and volatility remained frustratingly low for managers. Disappointing earnings reports, coupled with interest-rate hike concerns, also contributed to the difficult market conditions. There were few asset classes for managers to hide in, least of all stocks, as the S&P finished the month down 2.53%.
Still, many top managers earned their 20% fees, managing to outperform the market. Among these were Tiger cubs like Steve Mandel, whose Lone Cedar offshore fund finished January with a 2.78% gain. Fellow cub Andreas Halvorsen's Viking