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Reply #36: Simons, Mandel Post Biggest Drop in Hedge Fund Slump (Update1) [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-08-08 07:19 AM
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36. Simons, Mandel Post Biggest Drop in Hedge Fund Slump (Update1)
April 8 (Bloomberg) -- Hedge-fund titans James Simons and Stephen Mandel are showing the biggest losses of their careers in the $1.9 trillion industry's worst start in more than a decade.

Simons's $18 billion Renaissance Institutional Equities Fund declined 12 percent since its value peaked last May, investors with direct knowledge of the situation said. Mandel's Lone Cedar Fund dropped about 10.6 percent from its high in December, according to people familiar with the fund.

Hedge funds lost an average 2.78 percent of their value in the first quarter, according to data compiled by Chicago-based Hedge Fund Research Inc. The debacle shows the extent to which frigid credit markets, depreciating homes and an economy exhibiting all the signs of a recession are wreaking havoc on even the savviest investors.

.....

At the end of March, the largest funds run by Mandel and Simons had posted their biggest peak-to-trough declines, known as a maximum drawdown. They can still boast of having among the best long-term track records in the industry.

.....

World financial markets haven't been in such bad shape since the 1930s, billionaire hedge-fund investor George Soros said in an interview last week in which he predicted more losses.

http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=a5R7vjeKPqHA
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