July was an incredibly volatile month and some Hedge Funds have suffered losses, but the hysteria in the press is ridiculous.
Take for instance, Paul Tudor Jones loses 3% in his main fund and the media acts as if he lost 30-40%. Incredible! See article below.
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Tudor Hedge Funds Hit Problems
By GREGORY ZUCKERMAN
August 1, 2007 5:49 p.m.
Two huge hedge funds run by Paul Tudor Jones's Tudor Investment Corp., which manages more than $20 billion, suffered sizable losses in July. The Raptor Fund, a $9 billion hedge fund run by James Pallotta in Boston, dropped 9% in the month, and is down almost 3% so far in 2007, according to investors. The fund that Mr. Jones runs in Greenwich, Conn., the $10.3 billion Tudor BVI Fund, lost just over 3% in July, though it is up 4.6% for the year.
The losses are surprising because both managers have among the best track records in the hedge-fund world. Some investors said the results were disappointing, but noted that Mr. Jones has scored an average annual return of over 24% since launching his fund in 1986, while Mr. Pallotta has generated gains of over 19% since 1993.
Investors have been waiting to see how hedge funds fared in July, a difficult month in various markets that saw $3 billion hedge fund Sowood Capital collapse after losing more than 50% of their assets.
Write to Gregory Zuckerman at gregory.zuckerman@wsj.com
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Take for instance, Paul Tudor Jones loses 3% in his main fund and the media acts as if he lost 30-40%. Incredible! See article below.
===
Tudor Hedge Funds Hit Problems
By GREGORY ZUCKERMAN
August 1, 2007 5:49 p.m.
Two huge hedge funds run by Paul Tudor Jones's Tudor Investment Corp., which manages more than $20 billion, suffered sizable losses in July. The Raptor Fund, a $9 billion hedge fund run by James Pallotta in Boston, dropped 9% in the month, and is down almost 3% so far in 2007, according to investors. The fund that Mr. Jones runs in Greenwich, Conn., the $10.3 billion Tudor BVI Fund, lost just over 3% in July, though it is up 4.6% for the year.
The losses are surprising because both managers have among the best track records in the hedge-fund world. Some investors said the results were disappointing, but noted that Mr. Jones has scored an average annual return of over 24% since launching his fund in 1986, while Mr. Pallotta has generated gains of over 19% since 1993.
Investors have been waiting to see how hedge funds fared in July, a difficult month in various markets that saw $3 billion hedge fund Sowood Capital collapse after losing more than 50% of their assets.
Write to Gregory Zuckerman at gregory.zuckerman@wsj.com
RELATED ARTICLES AND BLOGS