LONDON (Reuters) – Hedge funds run by computers and star managers alike were hit by May’s choppy markets, as many funds were unable to recoup the heavy losses suffered in the commodities sell-off at the start of the month.
Computer-driven funds such as AHL and Aspect — which follow market trends but dislike sudden changes in market direction — fared badly, according to data group Lipper, as oil lost up to $13 a barrel at one point on May 5 and silver fell 12 percent on the same day.
But big-name investors such as Odey Asset Management’s Crispin Odey and Hermitage Capital’s Bill Browder also suffered losses in a month in which the average fund lost 1.4 percent, according to Hedge Fund Research, in line with the S&P 500′s fall.
Many funds were unable to recoup losses from the first week of May after they cut the size of their bets to limit further downside, industry executives say.
http://www.reuters.com/article/2011/06/03/us-lipper-hedgefunds-idUSTRE7523GO20110603
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