【Crispin Odey hit in volatile September for hedge funds】

Mr Odey, founder of London-based Odey Asset Management, lost 12.7 per cent in September in his European hedge fund, according to numbers sent to investors and reviewed by the Financial Times. That left his fund down 18.1 per cent for the year. 6park.com
Mr Odey’s fund endured three calendar years of losses, including a drop of nearly 50 per cent in 2016, before rebounding 53 per cent last year, when it was one of the world’s top-performing hedge funds. 6park.com
This month, it had regained 4.5 per cent as of the middle of last week, reducing year-to-date losses to 14.4 per cent. 6park.com
Among hedge fund strategies hit were computer-driven trend-following funds, which have been running large bets on falling bond yields, according to numbers sent to investors. 6park.com
Man Group’s AHL Diversified lost 7 per cent during the month, reducing gains this year to 14.6 per cent, while its Evolution fund fell 4.3 per cent, leaving it up 8.9 per cent. New York-based Gresham Investment Management’s Alternative Commodity Absolute Return fund fell 7.9 per cent, leaving it down 7.7 per cent for the year. 6park.com
Among macro managers, Brevan Howard, run by billionaire trader Alan Howard, was hit after a strong run of performance. The fund, which had been betting on falling bond yields, lost about 2 per cent, reducing gains to about 8 per cent. 6park.com
Some funds were able to profit from the sharp market moves. Renaissance Technologies, the $60bn hedge fund business founded by Jim Simons, was up 2.5 per cent in September in its Institutional Equities fund, bringing its year-to-date performance to 10.5 per cent. 6park.com
One investor in the quant hedge fund said it had benefited from being overweight utilities and from its investments in sectors such as healthcare and materials. 6park.com
Greenlight Capital, the value-focused hedge fund founded by David Einhorn, also did well, posting an 8.4 per cent return in September. The fund is up 24 per cent this year after a brutal end to 2018 that saw it post its worst-ever performance. 6park.com
Some funds were also able to profit from bargains they picked up during the market fallout from Argentina’s president Mauricio Macri’s surprise defeat in primary polls in August. London-based Promeritum Investment Management, for instance, made gains on Egyptian and Ghanian bonds. It was up 1.2 per cent last month and is up 8 per cent this year. 6park.com
https://www.ft.com/content/fb1953b8-e919-11e9-a240-3b065ef5fc55 6park.com
 6park.com