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While many in the financial community believe that volatility is good for hedge funds, it's only true if you are on the right side of the trade! Hedge funds finished 2018 down 4% (their biggest decline since 2011). The continued poor performance may indicate additional capital outflows from the industry.
Few strategies were spared in the latest slump. Lansdowne Partners LP’s $7 billion main fund, David Einhorn’s flagship money pool and Horseman European Select extended losses. Key Square’s $5 billion macro fund, started by former chief investment officer at Soros Fund Management, Scott Bessent, erased all its gains. “I can’t remember many Decembers where being flat could be argued a success, but this was an extraordinary month," Greg Coffey, founder of Kirkoswald Capital Partners LLP, wrote in a letter to investors. His fund lost 0.1 percent in December to end the year up 5.4 percent.
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