Third Point Investors Limited (ticker: TPOU), along with BH Macro, is one of the few long-term survivors in the Hedge Fund sector. Run by US-based investor Dan Loeb, Third Point joined the market in 2007 although the underlying Master Fund it invests in dates back to 1996. Loeb primarily invests in equities, sovereign and corporate credit, and in private companies taking a mixture of long and short positions. A widening discount led to the trust rolling out a range of initiatives to improve its rating in the last few years, such as buybacks, an exchange facility, increased gearing, and tender ...
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BH Macro (tickers: BHMG and BHMU) is the largest trust in the AIC Hedge Fund sector with net assets of £1.3bn. It invests solely in the Brevan Howard Master Fund, which in turn invests in a number of other Brevan Howard funds as well as having its own core portfolio. The Master Fund focuses on fixed income and currency investment and seeks to exploit pricing anomalies and increased market volatility. Although the Master Fund uses leverage, it says that most trades are structured to minimise downside risk where possible. After a period of impressive returns following its 2007 IPO, BH Macro's NA...
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Pershing Square Holdings (ticker: PSH) is the third-largest investment trust on the London market with net assets of around £8bn. Although it traces the history of its returns back to 2004, the trust was first listed on the Euronext market in Amsterdam in 2014 before adding a London listing in 2017. Pershing Square is run by the hedge fund manager Bill Ackman, who is a big fan of the investing approach taken by Warren Buffett, and it runs a very concentrated portfolio of between 8 and 12 positions. Ackman has a history of activism, although seems to have toned that down in recent years, and he...
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Jonathan Davis These notes are currently presented in a diary format and are normally updated day by day. My plan now is to keep updating the entries until the weekend when you can read all the entries in one go, alongside the trust news and data posts, should you prefer. By their nature these notes are somewhat transitory in nature.
Monday 29th March The week starts with news of another hedge fund implosion on Wall Street. This time it is a entity called Archegos, run by a man called Bill Hwang, who started life working for Julian Robertson, one of the superstars of the hedge fund business...
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