7 Stocks Billionaire Fund Managers Are Crazy About

Insider Monkey tracks nearly 400 hedge fund managers and prominent investors. Thirty nine of these fund managers are billionaires. Nowadays readers have access to websites that track the daily changes in billionaires’ wealth. We wanted to track the performance of billionaires’ topstock picks. By looking at our Billionaire Hedge Fund Index, investors may be able to decide whether it makes sense to imitate billionaires’ stock picks without paying them hefty fees. Warren Buffett, George Soros, John Paulson, Jim Simons, David Einhorn, Ray Dalio, and T. Boone Pickens are among the 39 billionaires we’re tracking. Billionaire fund managers’ top 30 stock picks returned 16.7% in 2012 as of March 16, vs. 12.3% gain in the S&P 500 ETF (SPY). Here are the top 7 stocks they’re crazy about:
1. Apple (AAPL) is the most popular stock among billionaire fund managers. Nearly half of them had a large position in Apple at the end of December. Apple is also the most popular stock among “ordinary” millionaire hedge fund managers (see the 10 most popular stocks). The stock gained 45% this year as of March 16th. We have been extremely bullish about Apple since we started writing here at Trading Deck at the end of September. Apple was the most popular stock among hedge funds at the end of September as well. We have been telling you that technology stocks are extremely undervalued as a sector and Apple had single digit forward PE multiple at the time. Today we are still very optimistic about the stock. Its 2012 forward PE ratio is 13.5 which is still less than the market. This is a stock that is expected to increase its earnings by nearly 20% per year over the next 5 years. It should easily trade above $800 over the next couple of years. Ken Griffin had the largest position in Apple at the end of December.

2. Google (GOOG) is the second most popular stock among billionaire hedge fund managers. The stock had a disappointing performance so far in 2012, losing 3.2% as of March 16. We are optimistic about Google as well. The stock’s 2012 forward PE ratio is 17 which is more than 25% higher than that of Google’s. They have similar expected growth rates though. We think Google deserves a slight premium over Apple because it is less exposed to competition from other search engines. This is not a stock that will go up 50% this year but it should deliver healthy returns over the long run. Julian Robertson and his tiger cubs Stephen Mandel and Chase Coleman are the most bullish fund managers about Google. We should note that Chase Coleman has an excellent track record of picking winners in the internet space and he made more than $1 billion for his investors by betting on Facebook in its infancy (check out Chase Coleman’s other internet stocks).

3. El Paso Corp (EP) is the third most popular stock among billionaire hedge fund managers. Carl Icahn made a bundle in EP by investing more than a $1 billion before its merger with Kinder Morgan was announced. He had $1.9 billion invested in the stock at the end of December. The other fund managers were pursing El Paso as a merger arbitrage candidate. These stocks usually trade at a discount to their announced merger price because investors usually aren’t 100% certain that the merger will go through as planned. Billionaire hedge fund managers made 9.6% since the beginning of this year by correctly betting that El Paso – Kinder Morgan deal will go through.

4. News Corp (NWSA) is the fourth popular stock among billionaire hedge fund managers. When other investors were dumping News Corp shares because of the hacking scandal billionaire hedge fund managers were buying them. The stock recovered all of its loses last summer. It is also slightly outperforming the market this year. Paul Singer had the largest position in NWSA among the billionaires we are tracking.

5. Medco Health Solutions (MHS) is the fifth popular stock. This is also a merger arbitrage play. The stock returned 25.7% this year as of March 16. D. E. Shaw had more than $300 million invested in the stock.

6. Microsoft (MSFT) is the sixth most popular stock among billionaire hedge fund managers. Ken Fisher and David Einhorn had the largest stakes in the stock. Last May at the Ira Sohn Conference David Einhorn called for the resignation of Steve Ballmer and stated that Microsoft is significantly undervalued. The stock gained 38% since then (read the transcript of Einhorn’s presentation).

7. Wells Fargo (WFC) is the seventh most popular stock among billionaire fund managers. The stock’s 2012 gains are around 23.4%, ten percentage points more than the S&P 500 index. Warren Buffett has the largest stake in this banking giant at the end of December. There were 9 other billionaire fund managers with Wells Fargo positions.

 Insider Monkey has 30 stocks in its Billionaire Hedge Fund Manager Index and these 30 stocks (see the entire list here) had an average return of more than 16% this year as of March 16. The top 7 stocks that we discussed above performed even better. Five of these seven stocks outperformed the market and they had an average return of 19.9%, vs. 12.3% for the SPY. It is too early to turn this into a trading strategy, but tracking this index is going to be more fun than tracking billionaires’ wealth every 15 minutes.
Read More!

Billionaire Hedge Fund Manager Index

Insider Monkey sitesi billionaire hedge fund manager index adinda bir endeks tasarladi ve dolar milyarderi hedge fon yoneticilerinin en cok satin aldigi hisselerin performansini takip ediyor. Bu yilin ilk 2.5 ayinda milyarderlerin en cok sevdigi 30 sirket borsa endeksinin 4.4 puan uzerinde bir performans sergilemis.

Bu konuyla ilgili yaziya Billionaire Hedge Fund Index baslikli yazidan ulasabilirsiniz. Read More!

Last Week’s Notable Insider Purchases

Insidertransactions are usually worth looking at. Though insider purchases or sells do not always send clear “buy” or “sell” signals, it is always a good starting point to choose which stocks to be analyzed. In this article, we are going to take a closer look at a few insider purchases reported to SEC during the last week. We selected a few notable insider purchases with large dollar amounts purchased and large number of shares purchased. We also focused on stocks with relatively large market caps (above $1.5 billion) because these have enough liquidity to absorb sudden surges in demand.

Valeant Pharmaceuticals International Inc (VRX): Insiders are showing a lot of interest in VRX recently. In an earlier article we published this week we mentioned that Valeant’s EVP and CFO Bradley Howard Schiller bought 9300 shares of VRX at $53.4717 per share on March 1 and another 9300 shares at $58.8107 a day later. Schiller purchased additional shares again on March 6, when he bought 9200 shares of VRX at $53.5276 per share. We were already bullish about VRX before the insider purchases were disclosed. Schiller’s purchases increased our conviction in the stock.

Spectrum Brands Holdings Inc (SPB): This was the largest insider purchase in large-cap stocks reported to SEC at the end of last week. As a large shareholder of SPB, Phil Falcone’s Harbinger Capital Partners reported to purchase 249,900 shares of SPB at $29 per share on March 7. The stock is now trading at $29.37 per share, up 1.28% from the price it was purchased at. SPB was also the largest position in Harbinger’s 13F portfolio at the end of last year. The fund had $764 million invested in SPB as of December 31, 2011. The number should be over $800 million as Harbinger has been continuously purchasing this stock over the past few months.

SPB’s management team has been adjusting the portfolio by modestly shifting from durables to consumables. For example, the company has acquired Black Flag and Furminator last year, which will improve the SPB’s margins. For the three months ending January 1, 2012, the company reported financial results in line with the analysts’ expectations. Its net income was $13.1 million in that period, versus a net loss of $19.8 million for the same period a year ago. SPB is expected to make $2.46 per share in 2012 and $2.88 per share in 2013. Over longer term, the company’s earnings are expected to grow at an average of about 10%. The forward P/E ratio of SPB is 11.9, a discount to the 16.41 for the average of its peers. We also see strong free cash flow generation ability of SPB. Its management team has an aggressive deleveraging plan. They reiterated their target gross debt to EBITDA to be less than 3.4X at the end of FY2012. Overall we like SPB. We think the company will outperform the market as well as its peers over the next couple of years.

Stone Energy Corp (SGY): Another stock bought by insiders recently is SGY. Director Phyllis Taylor purchased 16700 shares of SGY at $29.9259 per share on March 7. SGY was closed at $31.72 per share on March 9. It returned about 5.7% in two days, beating the market by over 4 percentage points. There were also a few hedge funds bullish about this stock. As of December 31, 2011, fourteen hedge funds reported to own SGY in their 13F portfolios. For example, Israel Englander’s Millennium Management had $20 million invested in SGY. Jim Simons’ RenTech and Glenn Russell Dubin’s Highbridge Capital Management also invested more than $10 million in this stock.

SGY posted strong results for the fourth quarter of 2011. Its revenues were up 29.2% compared with the same quarter last year, beating the industry average of 22.7%. The stronger-than-average revenue growth also helped boost the company’s earnings. SGY’s fourth-quarter net income increased by 91.6% to $45.52 million, largely exceeding the average of oil, gas & consumable fuels industry. SGY’s EPS was $3.97 for FY2011, versus only $1.98 for the prior year. Over the past few years, SGY demonstrated positive EPS growth and we expect that trend to continue. In 2012, the company is expected to make $4.14 per share. Therefore, SGY’s forward P/E ratio is 7.66, a significant discount to the industry average of 15.39.

A few other stocks with insider purchases reported on March 8 or 9 include Nationstar Mortgage Holdings Inc (NSM), Natural Resource Partners LP (NRP), Arch Coal Inc (ACI), and Cedar Fair LP (FUN). Out of these four stocks Arch Coal is the most popular one among hedge funds. There were 23 hedge funds with bullish Arch Coal bets. Malcolm Fairbairn’s Ascend Capital and Ray Dalio’s Bridgewater had the two biggest positions in the stock.

Arch Coal lost two thirds of its value over the last 52 weeks. This is not the first time Arch Coal’s insiders tried to catch this falling knife. Several Arch Coal insiders bought thousands of shares in August at around $19 per share. The stock lost almost 40% since then. We don’t recommend imitating insiders in this stock. The company’s fate is dependent on natural gas prices and Arch Coal’s insiders have no “inside information” about that. Insiders are optimistic about the stock for two reasons. First, they think the stock price already reflects the lowered expectations. Second, they will be cutting their production and this should put a floor on coal prices and support their profitability. We wouldn’t hurry to imitate insiders in this stock.
Read More!

2012 Ocak Dış Ticaret Verileri

Türkiye İstatistik Kurumu ile Gümrük ve Ticaret Bakanlığı işbirliğiyle oluşturulan geçici dış ticaret verilerine göre; 2012 yılı Ocak ayında, 2011 yılının aynı ayına göre ihracat %8,6 artarak 10.374 milyon dolar, ithalat %2,8 artarak 17.383 milyon dolar olarak gerçekleşti. Aynı dönemde dış ticaret açığı 7.354 milyon dolardan 7.009 milyon dolara geriledi. (Tüik dış ticaret verileri)
Takvim etkilerinden arındırılmış seriye göre; 2012 yılı Ocak ayında önceki yılın aynı ayına göre ihracatın değişim oranı %8,6, ithalatın değişim oranı ise %-1,2 oldu. Mevsim ve takvim etkilerinden arındırılmış seriye göre ise; 2012 Ocak ayında bir önceki aya göre ihracat %1,3 düşerken, ithalat %3,2 arttı. 2011 Ocak ayında %56,5 olan ihracatın ithalatı karşılama oranı, 2012 Ocak ayında %59,7’ye yükseldi. (Tüik dış ticaret verileri)
Reklam: Bu yazi George Soros sayfasi sponsorlugunda hazirlanmistir.

Daha önceki yazımda da belirttiğim gibi millet olarak 2012 Ocak döneminde de geleceğimizden yemeye devam ettik. Tuik 2012 Ocak ayı dış ticaret verilerini açıkladıktan sonra bazı yazarların yazılarını takip ettim. Yazılı ve görsel basında çok olumlu, hatta pembe tablolu yazılar çıktı. Övünülen nokta ise; 2012 yılının dış ticaret verilerinin 2011 yılının Ocak ayına göre ekonomimizin dış ticaret verilerine göre; ihracatta % 8.6 oranında bir değişime karşılık, ithalatta % -1.2 oranında bir değişim yaşanmasıdır. Diğer taraftan 2011 yılının Ocak ayının ihracatın ithalatı karşılama oranı % 56.5 iken bu oranın 2012 Ocak ayında % 59.7 seviyesine yükselmeside olumlu karşılanmıştır. Hal böyle iken; ekonomik veriler bölünebilen ancak tek başlarına kullanıldığında birşey ifade etmeyen verilerdir. Eğer işinize gelen birtakım çıkarımlar peşinde iseniz, ekonomik tablonun bir parçasını alır, istediğiniz gibi yorumlarsınız. Sonuçta pembe bir tablo çizebilirsiniz. Ekonomik verileri yorumlarken dikkat edilecek konu şudur; ekonomik verileri genel ekonomi üzerinde topyekün yorumlamak ve tablonun geleceğe ışık tutan sonuçlarını irdelemek önemlidir. Tüik 2012 Ocak verilerini açıkladıktan sonra ne yazık ki birçok görsel ve yazılı medyada bu ekonomik veriler, tek parça halinde değilde, pembe taraflarıyla ele alındı. Bu birtakım yazarların ekonomiye siyaseti karıştırması şeklinde açıklanabilir. Bu yapılan yorumlar ekonomik değil, siyasi yorumlardır, ekonomistlerin değil siyasiyerin tercih ettiği bir yorum şeklidir.

Verileri tek tablo şeklinde yorumlarsak; ekonomik verilerde zaman zaman ekonomi dışı etkenlerden dolayı birtakım konularda, bazı düzelmeler varmış gibi veriler alınabilir.

Bence 2012 Ocak ayı dış ticaret verilerinde mevsimsel etkiler, döviz kuru ile ilgili etkiler mevcuttur. Açıklamada da bu dile getirilmiştir. Dolayısıyla kesinleşmiş veriler açıklandığında gerçek senaryo ortaya çıkacaktır.

Toplam ihracatımız 10.374 milyon dolar, iken toplam ithalatımız ise 17.383 milyon dolar olarak gerçekleşmiştir. Geçen yılın aynı dönemine göre ihracatımız % 8.6 artarken, İthalatımız ise % 1.2 oranında azalmıştır. İhracatın ithalatı karşılama oranı ise geçen döneminde % 56.5 iken bu dönem % 59.7 oranına yükselmiştir. Açıklanan ithalat ve ihracat rakamları bu şekildedir. Burada ihracatımızın artmış, ithalatımız ise düşmüş olması tek başına olumlu gibi görünsede; bu iki rakama ihracatımızın ithalatımızı karşılama oranını da ilave edersek; mevcut durumda halen % 41.3 oranında bir dış ticaret açığı ile karşı karşıyayız. Ayrıca; mevcut açıklamalara göre 7.009 milyon dolar dış ticaret açığımız mevcuttur. Görüldüğü üzere tabloyu topyekün değerlendirisek; halihazırda yüzdesel ve fiziksel bir dış ticaret açığı ile karşı karşıyayız. Bu açıklamalara sevinmek; bu ay az borçlanmayı başardık gibi bir olaya sevinmek ile eşdeğerdir ve gerçekçi değildir. Bilinmelidir ki; ekonomiler devamlı borçlanmak suretiyle ayakta kalamaz. Yunanistan gerçeği budur. Devamlı borçlanarak ekonomilerini ayakta tutmaya çalıştılar, olmadı. İlk krizde olay ortaya çıktı ve gerçekle karşı karşıya kaldılar.
Burada borçlanma derken söylemek istediğim şudur; dış ticaret açığı, dışarıya sattığından daha fazlasını satın almak demektir ve aradaki fazlalığı ekonomiler dışarıdan sermaye ithal ederek karşılar. Eğer ithal ettiğiniz sermayeyi tüketime harcıyorsanız bir nevi gelecekte kazanacağınız muhtemel olan geliri harcıyorsunuz demekir. Ülkemizde kişisel kredi kartı borçlarının devamlı artış trendi içinde olması bu doğrultuda açıklanabilir. Ayrıca bu borcun bir de faizi vardır, buna borçlanma maliyeti veya finansman maliyeti denir. Yani bugün borçlanarak yaptığınız harcamayı, yarın faiziyle birlikte ödersiniz. Bu tür borçlanmalar gelecek değer hesabıyla birlikte düşünülmelidir. Bu toplumlar için pahalı bir tüketim şeklidir ve uzun dönem devam ettirilmesi, çok derin ekonomik krizlere sebep olur. Telafisi uzun süren ve sancılı bir dönem olacaktır.

Uzm İşl Ozan CAMCI. Read More!

Toplam çalışılan saat ve Verimlilik

Japonya'da 1980 - 2005 yılları arasında alınan ölüm sertifikaları üzerinde yapılan bir araştırmaya göre Japon erkek yöneticilerin ve beyaz yakalıların 60 yaşından önce ölme ihtimalleri diğer mesleklerde çalışanlara göre 1.7 kat daha fazla imiş:

"Japonya'da genel sağlık sigortası olduğu için bu insanların doktora görünmelerini engelleyen tek sebep işleri gibi görünüyor. Bu insanlar hastalık belirtileri gösterseler bile doktora görünmediklerinden kanser gibi hastalıkların tedavisine ileri evrelerde başlıyorlar ve kurtulma şansları da az gibi görünüyor. Muhtemelen Japon yönetici ve beyaz yakalı profesyonellerin daha erken yaita ölmelerine başka bir sebep de kalp hastalığı, şeker hastalığı, yüksek tansiyon gibi hastalıkların önemli sebeplerinden birine, harekersiz ve sporsuz bir yaşama sahip olmaları." Kaynak : İş sağlıktan önce gelirse ...

Bilimadamlarının öne sürdüğü stres, sağlığa ayıracak zaman olmaması gibi nedenler doğru. Ama bence bunların kendileri de neden değil sonuç. Japon çalışma kültürünün sonucu ama en çok da Japonların bunca senedir gelişmiş bir ülke olmalarına rağmen gelişmiş bir ülkeye yaraşır bir verimlilik düzeyine ulaşamamış olmalarının sonucu! Tamam adamlar çok çalışıyorlar ama verimli olmadıklarından diğer gelişmiş ülkelerle ancak sağlıklarını tehlikeye atacak kadar çok uzun saatler çalışarak rekabet edebiliyorlar.

Japonya pek çok kişi tarafından verimliliğin yüksek olduğu bir ülke olarak algılanabilir. Ama rakamlar bu algıyı doğrulamıyor maalesef. Aşağıdaki grafikler ABD İş Gücü İstatistik Bürosundan alınma. İlk grafik "çalışan başına yıllık çalışılan toplam saat"i gösteriyor. Buna göre Asya kaplanları Singapur ve Kore çalışanları adam başı yılda ortalama 2,500 saate yakın çalışıyorlar! Japonya çalışma saatinde dördüncü. Yani çalışkanlık konusunda Asya'nın bu gelişmiş ülkelerinin üstüne ülke yok!

Fakat iş çalıştıkları saatlerden aldıkları verime gelince tamamen değişiyor! Aşağıdaki grafik "çalışılan her saate üretilen GDP". Asya Kaplanı Kore yerlerde sürünürken, Japonya ve Singapur da sonlara oynuyor!

İş yaşamımda ilginç bir göçmenlik dönemim oldu. 2-3 sene Singapur'da çalıştıktan sonra 1 sene Hollanda'da çalıştım. Sonra yeniden Singapur'a döndüm. Bu iki ülke çalışanlarının çalıştıkları saatlere ve ürettikleri işe şahit olmuş biri olarak şu grafiklerin hemen hemen doğru olduğunu söyleyebilirim: Hemen hemen zira muhtemelen bu grafik evde ve tatilde çalışılan saatleri işin içine katmıyor zira ortalama bir Singapur çalışanı Hollanda çalışanına göre şu grafikte görülenden çok daha verimsiz. Asyalılar gerçekten de şu grafikte yansıltılan şekilde deliler gibi çalışırlar ama o saatlerden çıkan işin miktarı benim gibi verimlilik konusunda sonlarda olan bir ülke vatandaşını bile hayal kırıklığına uğratacak kadar az olur.

Asya'nın kendilerini birinci dünyada sayan Japonya, Kore ve Singapur adlı ülkeleri iş verimliliğe gelince maalesef yerlerde sürünüyorlar. Çok çalışmak önemli ama verimli çalışmak daha da önemli. Verimsiz ama çok çalışan insanların sonu acı çeken Japon yönteicileri gibi olabilir. Benden söylemesi. 
Read More!

Best Hedge Funds 2012

We are do-it-yourself investors. Our favorite hedge funds are the ones that have outstanding long stock picks because we like to imitate these hedge fund managers and don’t want to pay the customary 2-and-20. Most hedge fund managers have more skill in picking long positions than shorting stocks, so we don’t really miss out much by not handing over our hard-earned dollars to super-rich hedge fund managers.

We track 375 hedge funds and prominent investors. Based on their long stock picks in their 13F disclosures we calculated the equal-weighted average return of each hedge fund since the beginning of the year. We limited our universe to 1000 stocks and required that each hedge fund had at least 5 picks. Here are the best hedge funds in 2012:

1. Eddie Lampert: Eddie Lampert’s 8 stock picks returned an average of 44.1%. This is amazing. Lampert’s most successful stock pick was Sears (SHLD). He not only bought these shares for his fund but he also bought them for his own account as an insider of the company. Lampert paid less than $30 per share for nearly 5 million shares of SHLD in early January. Is this illegal insider trading? We don’t think it is. This is a great example of profitable insider trading. Lampert knows his company better than all the outsiders who were writing Sears off in January. The stock closed above $75 on Friday. Lampert personally made more than 150% from his $150 million insider purchases.

Lampert’s other long positions in his portfolio were also very profitable. Seagate (STX) returned 67%, Genworth Financial gained 37%, and Gap Inc (GPS) returned 32%. Seven out of eight Lampert stocks managed to beat the market.

2. Bruce Berkowitz: Bruce Berkowitz is a contrarian investor with a lot of conviction. His bets paid off this year. Berkowitz’s 16 stock picks had an equal-weighted average return of 36%. He has more than $500 million invested in Sears too. He is also the most bullish fund manager about Bank of America (BAC) which returned 46% this year as of March 2nd.

3. Michael Katz Glenrock Global Partners: Michael Katz is a relatively unknown hedge fund manager. Katz’s Glenrock Global Partners returned 9.6% since 2000 and managed to beat its benchmark, MSCI World Index, by 9.4 percentage points annually. “We are basically long-short global stockpickers with a value bias, and we also pay close attention to the big macro picture. On the long side, we go for what we think are deeply undervalued stocks with lots of upside that we can buy at liquidation values or less. On the short side, we go for highly priced stocks with poor fundamentals that the market hasn't focused on yet,” Katz told to Barron’s. So how did Katz do since the beginning of this year?

Katz’s 13 stock picks in large cap stocks gained 30.6% this year. His best performing picks were Cobalt International Energy (CIE), SunTrust Banks (STI), Citigroup (C), and Morgan Stanley (MS). CIE gained 97% whereas financial stocks returned between 25% and 30%.

4. John Hurley – Cavalry Asset Management: John Hurley knows how to fire artillery. He fought during the first Gulf War as an officer of the First Cavalry Division. He also knows how to pick stocks. He founded Cavalry Asset Management in 2003 and manages more than $1 billion. His 16 technology picks had an average return of 29.4% this year. His top stock picks are Apple (AAPL), Microsoft (MSFT), Qualcomm (QCOM), eBay (EBAY), Seagate (STX), and Priceline (PCLN). All of these stocks outperformed the market this year. His focus in tech stocks makes sense. John Hurley is a lecturer at Stanford’s GSB.

5. Martin Hughes Toscafund Asset Management: Martin Hughes had a very concentrated portfolio of financial stocks. His 5 stock picks returned more than 27% this year. His top position was Citigroup.

6. Litespeed Management: Jamie Zimmerman was on Bloomberg last week having lunch with Jim Chanos and two other hedge fund guys. She likes distressed investing and thinks that buying companies that are in bankruptcy offers the best risk-return combination because there is more information about these companies than regular stocks. Well, she knows how to pick regular stocks too. Her 6 stock picks returned 26.3% since the end of 2011. The best performing stock picks were Seagate, Lyondellbasell (LYB), and General Motors. Wait a second, David Einhorn loves these stocks too, how did he do? Actually Einhorn sold out LYB but his top picks were Apple, Microsoft, GM. Seagate was his eighth largest position. Greenlight Capital’s 22 stock picks gained 20.8% this year.

We will post these rankings on our hedge fund page later this week. Let us list the performances of other well-known fund managers here:

9. Marc Lasry: 8 picks returned 25.1%

19. John Thaler JAT Capital: 29 picks returned 21.7%

26. Stephen Mandel: 40 picks returned 20.2%

30. Chase Coleman: 20 picks returned 19.2%

33. John Griffin: 39 picks returned 18.6%

43. Passport Capital: 51 picks returned 18.2%

54. Whitney Tilson: 28 picks returned 17.7%

186. George Soros: 62 picks returned 11.3%

194. John Paulson: 41 picks returned 11.1%

287. Warren Buffett: 32 picks returned 6.4%

The actual performance of these hedge fund managers may be substantially different from the the numbers we calculated. We only took into account their large-cap picks and gave equal weights to each position. We also excluded options, warrants, and other securities in each fund manager’s portfolio. Hedge fund managers also don’t report their short positions which may reduce or increase their overall returns. If you are interested in value-weighted returns of a particular hedge fund or some other customized report, just send us an email.
Read More!