I’ve spoken to a variety of Hedge fund managers and traders this week who have been ridding this market up and down.
Consider this one Connecticut hedge fund manager I speak with regularly:
On the long side, he is heavy into gold mining and high quality multinations; On the short side, he’s been betting against large American and European Financials, Consumer Discretionary, Home Builders and Cyclical Semis.
Over the past month, we have been discussing the Economy, the Fed, the Markets and specific sectors. As to his own holdings performance, he writes:
“The performance this month is volatile to say the least: Daily returns this week, if monthly, would be too volatile for almost everybody out there. Monday: +8.2%. Tuesday: -3.8%. Wednesday: +5.5%. And not over yet. Get me some Dramamine.
Thursday (8/11) -4.09%; Friday (8/12) -0.89%; Mon (8/15), 1.67%; Tues (8/16), 1.1%; Wed (8/17), 0.82%; and Thurs (8/18), 5.32%. Numbers are gross, in more ways than one.”
-July, the fund was up +10%
-August (to date) is plus 23.7%; Quarter (to date) 33.3%.
Prior to the July/August period, the fund was down high single/low double digits.
What's been said:
Discussions found on the web: