The Great Contraction

摘要

Many hedge fund managers are happy to see 2015 receding in the rearview mirror. Almost nothing worked. Yet for some managers, 2016 isn't likely to offer much of a reprieve, with problems having persisted into the new year. The HFRI Fund Weighted Composite Index finished 2015 down 1.02 percent, and all of the major subcategories - equity hedge, relative value, event-driven, macro and funds of funds - ended up in the red. Among last year's biggest losers in the hedge fund universe tracked by HSBC Holdings were David Einhom's Green-light Capital and William Ackman's Pershing Square Capital Management, both based in New York. Ackman told investors that 2015 was on track to be his firm's worst year, eclipsing even 2008. The $4.8 billion Pershing Square International fund ended the year down 16.54 percent and kept sustaining losses into January.