One year ago
»» John Paulson and
Ray Dalio's firms were among the big winners at the sixth
annual AR Awards, where more than 350 attendees feted the best
of hedge funds amid a boom year for the industry.
Twelve months later, Dalio's
Bridgewater Associates is still on top, having
picked up its second consecutive Management Firm of the
Year trophy at the Eighth Annual AR Awards, which were held
last week at the Mandarin Oriental hotel in New York. For the
first time in five years, Paulson's firm was nowhere to be
found. Replacing Paulson as the winner of Best Long-Term
Performance was the
York Credit Opportunities Fund. The
Renaissance Institutional Equities strategy took the
coveted Fund of the Year prize.
Shumway Capital Partners told investors they had until
early December to submit redemption requests or else tacitly
approve the firm's announced restructuring, in which founder
Tiger cub) Chris Shumway stepped down as chief investment
officer. The firm's SCP Atlantic fund was down 1% for the year
at the time,
having been whipsawed by difficult market conditions
earlier in the summer.
By the end of February,
Shumway had written to investors again, this time to notify
them the firm was returning all outside capital
amid redemption requests that totaled 40% of Shumway's $8
billion in assets. Shumway continues to run money for himself
and has seeded a few spinouts, but is no longer a part of
Billion Dollar Club.
Shumway tech chief Choudary preps Eastwind Global
Chris Sumway to investors: I'm not going anywhere
Shumway equity fund stung by long positions
Five years ago
»» Bill Ackman's Pershing Square Capital
said that Borders was its next activist holding.
Speaking at the Value Investing Conference, Ackman said that
compared with its better-known rivals, Borders was a classic
"number two business" that had long been overlooked. "I think
the typical sentiment here is it's not a great business," he
said. Pershing Square at the time had amassed 11% of Borders'
shares. Ackman continued to strengthen his ties to the ailing
company; a Pershing partner, in fact,
became Borders' chief executive officer in 2009.
But Borders filed for bankruptcy earlier this year,
likely wiping out Ackman's equity investment. Perhaps not
coincidentally, his $9.9 billion flagship multistrategy fund is
down 3.5% for 2011 after suffering heavy losses in the first
half of the year, compared with a 1.35% gain for the
AR Multistrategy Index. A Pershing Square spokeswoman
declined to comment.
Ackman, Einhorn outline top plays at annual summit