Hedge Funds in the Headlines For All The Wrong Reasons.
You will find below a Bloomberg article that was published last week. We have been preaching the benefits of the inclusion of low-risk and absolute returns funds in a properly balanced portfolio for years. It is very important to ensure your overall portfolio is balanced and structured to meet your priorities, objectives and overall risk profile.
Of the several hundreds of offshore funds on our platform, many represent investments that are deemed as 'Absolute Return' products, or close to it. Many of the others are nearly as low risk but with the chance of higher regular returns. We, and the fund managers we represent, have come together to offer you a means to create highly diversified portfolios giving positive yields.
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May 23 (Bloomberg – By David Clarke) - Hedge funds overseen by firms such as Quadriga Capital Management Inc. and Bailey Coates Asset Management LLP posted losses of more than 20 percent amid tumult in the financial markets following the credit-rating downgrades of U.S. automakers General Motor Corp. and Ford Motor Co.
The Quadriga Superfund C was down 28.6 percent this year as of May 17 and Superfund B fell 23.2 percent, according to the Vienna-based company's Web site. The Bailey Coates Cromwell Fund declined 20.1 percent in the first four months of 2005, data compiled by Bloomberg show.
``Some hedge funds have been surfing on the edge and they have been caught out,'' said Nigel Bolton, who oversees about $9 billion as head of European stocks at Scottish Widows Investment Partnership in Edinburgh.
Christian Halper, co-founder of Quadriga, wasn't immediately available for comment. In a statement, London-based Bailey Coates, started two years ago by former Perry Capital LLP analysts Jonathan Bailey and Stephen Coates, said it plans to keep ``the fund going''.
The assets of Bailey Coates's funds have plummeted about 50 percent this year to $635 million, the Wall Street Journal reported earlier today, citing people familiar with the firm.
The declines of the Quadriga and Bailey Coates funds far exceed the average 1.6 percent four-month drop of hedge funds tracked by Hennessee Group LLC, a New York-based consulting firm that tracks industry returns. The slide occurred as hedge funds attracted a record $27.4 billion in the first quarter, pushing the industry's assets to more than $1 trillion for the first time, according to Chicago-based Hedge Fund Research Inc. ---------------------------------
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