Friday was the deadline for hedge funds to file their annual
Form ADV with the Securities and Exchange Commission, although
several of the forms were not posted on the
regulator’s website in time. These documents,
required of investment advisors who are registered with the SEC
and manage more than $100 million, sometimes provide in the
recently required Part II brochure a few interesting notes
about these otherwise opaque or translucent investment
partnerships. Here a few interesting tidbits found among the
new Part II forms:
David Tepper’s Appaloosa Management reported that it was managing about $18.3
billion as of the end of 2017. This is up about 14 percent from
the previous year. Last year the eclectic investor returned
around 12 percent.
Nelson Peltz’s Trian Fund Management said its assets declined last year to $12
billion as of December 31. At the end of 2016 it managed $13.2
billion, according to Alpha’s Hedge Fund 100. In
2017 the activist hedge fund firm’s main fund,
Trian Partners, gained 3.64 percent. It lost about 5 percent in
the first two months of this year, according to a document from
investment bank HSBC that tracks hedge fund performance.
Jeffrey Smith’s Starboard Value was managing
about $5.5 billion as of December 31, 2017, according to its
latest ADV filing. This includes the net asset
value of existing investments, binding capital commitments, and
non-binding capital commitments subject to opt-out, according
to the filing. Last year it had $5.3 billion under
Highfields Capital Management said in its ADV filing that assets under management
have declined by more than 7 percent, to $11.5 billion, from
$12.4 billion a year ago. The hedge fund firm headed by
Jonathon Jacobson was more or less break even last year,
depending upon the investor.
Stephen Mandel, Jr.’s Lone Pine Capital named Jason Cohen chief compliance
officer. He has been with the Tiger Cub since 2009. Cohen
replaces Jeffrey Wechselblatt, who served as general counsel
and chief compliance officer from July 2007 through March 29,
2018. He will continue as general counsel.
Philippe Laffont’s Coatue Management currently
manages about $14.4 billion. This includes its hedge
funds, long-only funds, hybrid funds and private funds.