The Morning Brief: Small Funds Rule…For Now

March 13, 2017   Stephen Taub

Funds with less than $250 million have posted an average 2.37 percent gain for the year, according to a new report from eVestment.

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Small funds are the top performers among hedge funds this year. According to a new report from eVestment, funds with less than $250 million posted average gains of 1.17 percent in February and are up 2.37 percent for the year. That compares with year-to-date gains of 1.86 percent for funds with $250 million to $1 billion, and 1.5 percent for funds with more than $1 billion in assets. In 2016 small funds gained 6.24 percent, or more than two full percentage points better than the largest funds, and nearly 2 percentage points better than the mid-size group. However, the under $250 million group fared the worst in 2015.

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O. Andreas Halvorsen’s Viking Global Equities slipped 0.2 percent in February, trimming its gain for the year to 1.7 percent. The long-short fund headed by the Tiger Cub’s firm, Viking Global Investors, was down 4 percent in 2016.

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Tiger Seed Hound Partners, headed by Jonathan Auerbach, rose 1 percent in February and is now up 1.7 percent for the year.

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Shares of Valeant Pharmaceuticals rebounded sharply Friday, gaining nearly 6 percent to close at $12.24. Investors apparently decided the drug company’s debt refinancing plan, disclosed on Thursday, is good news after all.___

Moab Partners disclosed it owns about 1 million shares of Viad Corp., or 5.1 percent of total shares. The investment in the marketing company is passive, according to a regulatory filing.

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Caxton Corp. founder Bruce Kovner is looking to sell his Caribbean property on the island of St. Barthélemy for $67 million, according to The Wall Street Journal. The property resides on 7 ½ acres. The macro pioneer, who retired at the end of 2011, recently had a home built in Florida, according to the report.


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