One year ago
»» The hedge fund industry reported grisly numbers for the previous month. The HedgeFund Intelligence Global Composite Index dropped 0.77% (data here), its steepest ever June loss, and the worst month since May 2010.
After posting three more months of even worse performance in the ensuing year, this June was at least not a record breaker in either direction. With 80% of funds having uploaded their returns so far (negative performance tends to come in later), the index was up 0.14% for the month.
Five years ago
»» Hedge funds flocked to Brazil, with one manager estimating that there were then 110 hedge funds based in the country managing about $18 billion.
Just four years later, the industry was pegged at nearly $250 billion, which would make it the world’s sixth-largest hedge fund haven. Though growing pains remain (shorting is still difficult, for example), Goldman Sachs Asset Management expects a collective growth rate of 6.3% for the eight fast-growing countries the firm calls the growth markets — the original “BRICs” (Brazil, Russia, India, China), along with Indonesia, Korea, Mexico and Turkey (see AR’s recent cover package on emerging markets).
In addition, Brazil’s Vinci Partners recently hired Chuck Clarvit, the former head of BlackRock Alternative Advisors, to evaluate and incubate American managers with up to $100 million apiece from a new U.S. office.
See also: Brazil: Beyond the basics • Pushing Brazil forward • Brazil takes off but is this boom for real
»» SAC Capital Advisors founder Steve Cohen again made headlines for his avid art collecting, this time for his purchase of “Turquoise Marilyn,” a painting of Marilyn Monroe by Andy Warhol.
The painting went for an estimated $80 million, a bargain compared to the $120 million Apollo Management founder Leon Black reportedly shelled out recently for Edward Munch’s “The Scream.” Cohen’s firm manages $14 billion in total, according to the latest AR Billion Dollar Club ranking.
He may have more to spend still: His flagship fund is reportedly up 5.2% this year, almost double the mark for the AR Composite Index.
See also: Dinner and art at the Cohens’ • Cohen lends art, takes stock • Cohen goes art shopping