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New York, July 13, 2012 – Hedge Funds Review and BarclayHedge recognized the best performing funds in the Americas during the inaugural Hedge Funds Review Americas Awards July 11 in New York City.
Renaissance Technologies, York Capital, Pine River, Bridgewater Associates, Cerberus Capital Management, Titan Advisors and Blackstone Alternative Asset Management were among the big winners at the Hedge Funds Review Americas Awards 2012.
The best performing single manager and fund of hedge funds (FoHF) in the US, Canada and Latin America were recognized at the Americas Awards 2012. Individuals were also honored for their contribution to the hedge fund industry.
Among the winners were some of the biggest names in the Americas hedge fund industry.
The lifetime achievement award was given to Larry Hite, best known as the founder of Mint Investment Management, the first CTA fund to manage over $1 billion. He is now president of ISAM USA. Hite has dedicated the last 30 years of his life to the pursuit of robust statistical trading programs capable of generating consistent, attractive risk/return relationships across a broad spectrum of markets and instruments.
New York University endowment's chief investment officer Tina Surh was honored for her contribution to the industry. Surh invests $2.8 billion on behalf of the endowment, with around half of this into hedge fund vehicles.
Renaissance Technologies was awarded both the best long/short equity hedge fund and single manager fund of the year. Winners of the long-term performance awards included Metacapital Mortgage Opportunities Fund for best directional hedge fund over three years and York Credit Opportunities Fund for best directional hedge fund over 10 years. Best non-directional awards went to Investcorp Silverback Arbitrage Fund for three years and Whitebox Concentrated Convertible Arbitrage Fund for 10 years.
Friedberg Global-Macro Hedge Fund was named best overall Canadian hedge fund and Pollux Brazilian Equities scooped the best overall Latin American hedge fund prize.
Under the funds of hedge funds category, winners for best diversified FoHF included Magnitude US Partners over one year, SkyBridge Multi-Adviser Hedge Fund Portfolios over three years and Aurora Global Opportunities over 10 years. For specialist FoHFs, winners included Corbin Opportunity Fund over one year, Lighthouse Credit Opportunities Fund over three years and Permal Fixed Income Holdings over 10 years.
Hedge Funds Review FoHF of the year was Titan Master International Fund.
Under the qualitative category, Cerberus RMBS Opportunities Fund was awarded best new hedge fund and Axonic Capital picked up the most innovative hedge fund award.
The winners of the best overall group category were Pine River Capital Management (single manager) and Blackstone Alternative Asset Management (FoHF).
Perella Weinberg Partners was recognized for its investor relations team.
The winners were selected based on a rigorous methodology that combines quantitative and qualitative analysis. The judging started with running a quantitative screen over all funds reporting to the BarclayHedge database to extract raw performance figures as well as other important metrics. Additionally, independently sourced return information on non-reporting funds was included.
Funds that met the qualification criteria and had top quartile returns in their category were ranked based on returns, Sharpe and Sortino ratios and downside deviation. An independent panel of judges reviewed all the risk and return metrics on the top ranked funds and selected the winners.
In selecting the winning funds, the judges took into account the quantitative analysis as well as their qualitative experience and expertise.
Where judges were conflicted in an award category, they stood aside from judging. The winners of the qualitative awards were selected at the discretion of the judges.
Industry expert Lisa Corvese served as an adviser to Hedge Funds Review and helped develop the quantitative screening methodology and judging process for the awards.
HFIM also helped prepare the quantitative analysis from the performance data.
BarclayHedge provided performance data and ran the quantitative screens.
Peter Carey, managing director at SkyBridge Capital, Simon Fludgate, head of operational due diligence at Aksia, Deepak Gurnani, head of hedge funds at Investcorp, and Hiroshi Harada, head of hedge fund research at HedgeMark Institutional Consultants, were the judging panel for the awards. The panel was chaired by Hedge Funds Review editor Margie Lindsay.
The awards reception, attended by more than 100 people, was held at the Rooftop of the Roosevelt Hotel, New York City.
Profiles of winning funds will be published in the August edition of Hedge Funds Review and online.
Americas Awards 2012 winners - Quantitative awards
One-year performance – single manager funds
Best long/short equity hedge fund
Winner: Renaissance Institutional Equities Fund Series BB (Renaissance Technologies)
Commended
Nokomis Capital Master Fund (Nokomis Capital)
Braddock Partners (Akre Capital Management)
Chilton Small Cap Equities (Chilton Investment Company)
Anson Investments Offshore Fund (Frigate Ventures)
Best equity market neutral hedge fund
Winner: CSat Market Neutral (CSat Investment Advisory)
Commended
Bryn Mawr Capital (Bryn Mawr Capital Management)
ACI Multi-Strategy Market Neutral Fund (Algert Coldiron Investors)
Best fixed income/credit hedge fund
Winner: STS Partners Fund (Deer Park Road Corporation)
Commended
SPM Structured Servicing Holdings (Structured Portfolio Management)
Perella Weinberg Partners Asset Based Value Fund (Perella Weinberg Partners Capital Management)
Best event driven hedge fund
Winner: Kawa Fund (Kawa Capital Management)
Commended
HG Vora Special Opportunities Fund (HG Vora Capital)
Gates Capital Management - ECF Value Fund II (Gates Capital Management)
Best distressed hedge fund
Winner: Drawbridge Special Opportunities (Fortress Investment Group)
Commended
Hildene Opportunities Fund (Hildene Capital Management)
Best arbitrage hedge fund
Winner: Steelhead Pathfinder Fund (Steelhead Partners)
Commended
Winner: Aristeia International (Class A Un-Restricted) (Aristeia Capital)
Best global macro hedge fund
Winner: Bridgewater All Weather (Bridgewater Associates)
Commended
MKP Opportunity (MKP Capital Management)
Best CTA/managed futures fund
Winner: Fort Global Contrarian (Fort)
Best emerging markets hedge fund
Winner: Permal Fixed Income Special Opportunities (managed by NWI Management)
Commended
Traxis Emerging Markets Equity Fund (Traxis Partners)
Discovery Global Opportunity Fund (Discovery Capital Management)
Best multi-strategy hedge fund
Winner: Platinum Partners Value Arbitrage Fund (Platinum Partners)
Commended
Millennium USA (Millennium Management)
Best overall Canadian hedge fund
Winner: Friedberg Global-Macro Hedge Fund (Friedberg Mercantile Group)
Best overall Latin American hedge fund)
Winner: Pollux Brazilian Equities (Pollux Capital)
Hedge Funds Review single manager fund of the year
Winner: Renaissance Institutional Equities Fund Series BB (Renaissance Technologies)
Commended
Bridgewater All Weather (Bridgewater Associates)
SPM Structured Servicing Holdings (Structured Portfolio Management)
Long-term performance – single manager funds
Best directional hedge fund over three years
Winner: Metacapital Mortgage Opportunities Fund (Metacapital Management)
Best directional hedge fund over 10 years
Winner: York Credit Opportunities Fund Class A (York Capital Management)
Best non-directional hedge fund over three years
Winner: Investcorp Silverback Arbitrage Fund (Investcorp Investment Advisers)
Commended
Pine River Master Fund (Pine River Capital Management)
Whitebox Concentrated Convertible Arbitrage Fund (Whitebox Advisors)
Best non-directional hedge fund over 10 years
Winner: Whitebox Concentrated Convertible Arbitrage Fund (Whitebox Advisors)
Commended
Millennium USA (Millennium Management)
Black Diamond Relative Value Partners (Carlson Capital)
Brookdale Global Opportunity Fund (Weiss Asset Management)
Performance – funds of hedge funds
Best diversified FoHF over one year
Winner: Magnitude US Partners (Magnitude Capital)
Commended
Titan Masters International Fund (Titan Advisors)
Corbin Pinehurst Partners (Corbin Capital Partners)
Best diversified FoHF over three years
Winner: SkyBridge Multi-Adviser Hedge Fund Portfolios -Series G (SkyBridge Capital)
Commended
EnTrust Capital Diversified Fund (EnTrust Capital)
Best diversified FoHF over 10 years
Winner: Aurora Global Opportunities (Aurora Investment Management)
Commended
Titan Masters International Fund (Titan Advisors)
Corbin Pinehurst Partners (Corbin Capital Partners)
Best specialist FoHF over one year
Winner: Corbin Opportunity Fund (Corbin Capital Partners)
Commended
Pinnacle Natural Resources (Pinnacle Asset Management)
Best specialist FoHF over three years
Winner: Lighthouse Credit Opportunities Fund (Lighthouse Investment Partners)
Commended
van Biema Value Fund (van Biema Value Partners)
Best specialist FoHF over 10 years
Winner: Permal Fixed Income Holdings (Permal Asset Management)
Commended
SSARIS Multi Manager Relative Value Strategy (SSARIS Advisors)
Hedge Funds Review FoHF of the year
Winner: Titan Masters International Fund (Titan Advisors)
Americas Awards 2012 winners - Qualitative awards
Best new hedge fund
Winner: Cerberus RMBS Opportunities Fund (Cerberus Capital Management)
Most innovative hedge fund
Winner: Axonic Capital
Best investor relations team
Winner: Perella Weinberg Partners
Best overall group (fund of hedge funds)
Winner: Blackstone Alternative Asset Management
Best overall group (single manager)
Winner: Pine River Capital Management
Lifetime achievement
Winner: Larry Hite, International Standard Asset Management (ISAM)
Outstanding contribution to the industry by an institutional investor
Winner: Tina Surh, chief investment officer, New York University Endowment
Sol Waksman is an experienced media source, providing perspectives on hedge fund and managed futures trends. For more commentary or background, call 641-472-3456 or email swaksman@barclayhedge.com.
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