New York (HedgeCo.Net) – New York’s top 100 hedge funds are in trouble and can’t seem to get out of the red, according to performance reports obtained by the New York Post.
Prominent hedge funds are still trying to recover from the credit crunch and unless they see a turnaround soon, 2008 could be the first year that hedge funds as a whole lose money since 2000.
Big time fund Appaloosa, who manages about $4 billion, is down almost 18 percent this year, compared to returns of 8 percent and almost 25 percent in ‘07 and ‘06 respectively.
Cantillion Capital Management, another monster fund that has $2 billion tied up, is closing in on 20 percent when it comes to losses this year. And the $10 billion Tontine Associates isn’t faring so well either. The fund is down 17 percent after an amazing 2007 where it posted returns of 40 percent. QVT Financial was another fund that saw 40 percent returns in ’07, only to be down over 6 percent this year.
It’s not all bad news, however. Some fund managers are just destined for success. John Paulson’s fund, Paulson Advantage is up over 18 percent this year after a record breaking 2007. Phillip Falcone of Harbinger Capital is riding high with returns of over 40 percent so far.
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