Tough August For Two Prominent Fund Managers

New York (HedgeCo.net) – August came to a close yesterday and after all the gyrations and increased volatility, the final result for the month was a loss of 6.26% for the S&P 500. That is the worst monthly loss for the index since May 2012.

Over the next few days we will likely get performance numbers from the majority of the hedge fund world and from initial reports it was a mixed month for some of the prominent hedge fund managers. As far as the industry as a whole, data from Hedge Fund Research suggests that the average fund lost 2% in August and the average loss for the year is now right at 1%.

Two fund managers whose results are already known are David Einhorn’s Greenlight Capital and Daniel Loeb’s Third Point. According to a report from Reuters, Greenlight lost 5.3% in August and is now down 13.8% on the year. Third Point’s main fund fell 5.2% on the month, but is still squeaking out a gain of 1.2% on the year. Third Point’s Ultra fund dropped 9.1% in August and is holding on to a gain for the year.

Rick Pendergraft
Research Analyst
HedgeCoVest

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