Hedge fund 2010 performance number are out. Hedge Fund Research reports that hedge funds underperformed in 2010 returning 10.5% on average vs. 15% for the S&P500. The performance seems to indicate a rather bearish stance on the part of manager's despite a market that put up double digit returns on the year.
Also from the blogosphere, the folks at Market Folly recently reported on the 2010 returns of several hedge funds. As always we can't help but compare the performance of the funds (net) to their underlying clones (gross, equal weighted).
Greenlight Capital (David Einhorn):
Fund: +12.5%
Top 10 Holdings clone: +21.3%
Best 10 Ideas clone: +19.3%
Pershing Square Capital (Bill Ackman):
Fund: 29.7%
Top 10 Holdings clone: +25.9%
Top 10 Holdings clone (2009): +121%
Best 10 Ideas clone: +26.3%
Paulson & Co (John Paulson):
Advantage Fund: +11%
Recovery Fund: +24%
Top 10 Holdings clone: +19.4%
Best 10 Ideas clone: +20.3%
Bridgewater Associates (Ray Dalio):
Fund: +38%
Top 10 Holdings clone: +24.9%
Best 10 Ideas clone: +24.7%
Renaissance Technologies (Jim Simmons):
Medallion Fund: +30%
Top 10 Holdings clone: +21.6%
Best 10 Ideas clone: +4.2%
Millennium Management:
Fund: +13.3%
Top 10 Holdings clone: +15.7%
Best 10 Ideas clone: +8.1%
SAC Capital (Steve Cohn):
Fund: +15%
Top 10 Holdings clone: +20.3%
Best 10 Ideas: +15.1%
Tudor Investment Corp (Paul Tudor Jones):
Medallion Fund: +7.5%
Top 10 Holdings clone: +10.8%
Best 10 Ideas clone: +18.3%
Glenview Capital (Larry Robbins):
Fund: +15.3%
Top 10 Holdings clone: +8.4%
Best 10 Ideas clone: +14.2%
Moore Capital (Louis Bacon):
Fund: +3%.
Top 10 Holdings clone: +16.6%
Best 10 Ideas clone: +19.3%
AQR Capital (Cliff Asness):
Fund: +27.3%
Top 10 Holdings clone: +12%
Best 10 Ideas clone: +17.8%
Third Point (Dan Loeb):
Fund: +34%
Top 10 Holdings clone: +25.8%
Best 10 Ideas clone: +32.3%
JANA Partners (Barry Rosenstein):
Fund: +8.4%
Top 10 Holdings clone: +30.7%
Best 10 Ideas clone: +22.2%
Passport Capital (John Burbank):
Fund: +18.3%
Top 10 Holdings clone: +25.9%
Best 10 Ideas clone: +22.6%
Och-Ziff (Daniel Och):
Master Fund: +8.44%.
Special Investments Fund: +13.2%
Top 10 Holdings clone: +9.2%
Best 10 Ideas clone: +22%
Perry Capital (Richard Perry):
Fund: +14.6%
Top 10 Holdings clone: +28.4%
Best 10 Ideas clone: +19.7%
Performance results for the clones are very much in line with and sometimes better than the actual performance of the fund. In fact, the ten best performing Top 10 Holdings clones averaged a 51% backtested return in 2010 , more than 3x the S&P500 (see list below):
2010 Performance: Top 10 Holdings Clone
1. Pabrai Mohnish: +69.7%
2. Noonday Asset Management: +58.9%
3. Baupost Group: +54.6%
4. Pamet Capital (Abrams): +53.6%
5. Fine Capital: +51.9%
6. Symphony Asset Management: +50.9%
7. Steel Partners: +49.2%
8. Goldentree Asset Management: +46.9%
9. Silver Point Capital: +46.1%
10. Select Equity Group: +43.8%
You can access these and and many more backtested clone strategies on our research platform. If you are looking for a managed investment solution that applies our best research, our investment account service allows investors to access proprietary investment strategies not available on our research platform. Financial advisors interested in accessing the strategy can contact us directly.
