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1 2 3 4 5 6 7 8 9 10 11 12 NEWS, ANALYSIS AND COMMENTARY LAFPP PROPOSES HEDGE FUND CHANGE Los Angeles Fire and Police Pensions should invest through funds of funds or consider broader changes, its interim general manager writes: From The Minutes, page 4. MATLINPATTERSON FUND GETS 5 YEARS The MP Securitized Credit Fund reached a five-year track record March 31 after gaining 6 percent in the first quarter: Milestones, page 3. HALCYON, YORK GAIN IN FIRST QUARTER Both funds are up more than 4 percent this year: Returns in Brief, page 2. METACAPITAL HIRES BNP’S PRAKASH Sambit Prakash joins Metacapital Manage- ment’s portfolio team to focus on options trad- ing: On The Move, page 5. RESEARCH ROUND-UP Funds can launch with less than $100 million and still be profitable, according to a white paper written in part by Ferry Capital COO Marshall Terry: page 5. LANSDOWNE BUYS MOTOR OIL HELLAS The London-based hedge fund says it’s “en- couraged” by recent reforms in Greece: Market Calls, page 6. OVER THE HEDGE A Boston-based hedge fund forgoes its monthly letter to honor victims of the Boston marathon bombings: page 7 HEDGE FUNDS ADDED TO BLOOMBERG Horizon Asset Management and RWC Asset Management are among this week’s additions: page 9. CALENDAR pages 10-11 BY KELLY BIT AND NATHANIEL BAKER Ayer Capital Management LP, the San Francisco-based health-care focused long- short equity hedge-fund firm, is closing and returning capital to investors, according to a person familiar with the matter. The firm, which had $200 million in assets at the end of 2012 and $300 million at its peak in the middle of last year, is returning the majority of client money by the end of this quarter and the rest by the end of the year, said the person, who asked not to be identi- fied because the information isn’t public. Jay Venkatesan and Pieter Boelhouwer are Ayer’s managing directors. The firm, founded in 2008, employs eight people, the person said. Venkatesan declined to com- ment on the shutdown. Hedge-fund liquidations rose in 2012 as smaller firms struggled to raise capital and industry returns trailed global stock markets for the fifth time in seven years. Liquida- tions increased 11 percent in the fourth quarter from the prior three months as 238 funds closed, according to Chicago-based Hedge Fund Research Inc., and in the full year, 873 funds were shuttered, the most since 2009. Before Ayer, Venkatesan was a director at Brookside Capital LLC, an affiliate of Boston- based private-equity firm Bain Capital LLC, from 2002 to 2007, according to the person. Before that, he was an investment analyst at Patricof & Co. Ventures Inc., now known as Apax Partners LP, from 1995 to 1996. He was a business analyst at McKinsey & Co. from 1993 to 1995. Boelhouwer was a managing director at Matrix Capital Management LLC from 2004 to 2008. Before that, he was a senior director at Empirix Inc. from 2002 to 2004, according to the person. Prior to that, he was a vice president of corporate strategy and financial partnerships at eCredit from 2000 to 2001 and domestic policy adviser to Vice President Al Gore from 1998 to 1999. MB Family Advisors May Add Lending, Credit Funds MB Family Advisors LLC, the New York-based multi-family office investment firm, may add asset-based lending, European structured credit, volatility arbitrage managers and hedge funds investing in securities leftover from the Troubled Asset Relief Program of 2008, according to Founder and Managing Partner Mark Berman. Ayer Capital Said to Close Fund, Return Money INSTITUTION ALLOCATION SEARCH SPECIFICS ADDITIONAL INFORMATION GreenLake Capital LLC Up to $20 million per fund New York-based fund of funds seeks sector-specific long-short equity managers. Funds focused on healthcare, technology or energy stocks in the U.S. are preferred. See story, page 4. Union Bancaire Privee SA N/A As many as 16 hedge funds sought for managed ac- count platform. Strategies include equity long-short and global macro. Managers with at least $200 million in assets preferred. NewAlpha Asset Management $150 million Paris-based seed investor plans to invest in as many as four funds by the end of the year. See story, page 4. NEW MANDATES BRIEF Bloomberg Hedge Funds 04.30.13 www.bloombergbriefs.com
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  • 1 2 3 4 5 6 7 8 9 10 11 12

    News, aNalysis aNd CommeNtary

    LAFPP ProPoses hedge Fund chAnge Los Angeles Fire and Police Pensions should invest through funds of funds or consider broader changes, its interim general manager writes: From The Minutes, page 4.

    mAtLinPAtterson Fund gets 5 yeArs The MP Securitized Credit Fund reached a five-year track record March 31 after gaining 6 percent in the first quarter: Milestones, page 3.

    hALcyon, york gAin in First quArter Both funds are up more than 4 percent this year: Returns in Brief, page 2.

    metAcAPitAL hires bnPs PrAkAsh Sambit Prakash joins Metacapital Manage-ments portfolio team to focus on options trad-ing: On The Move, page 5.

    reseArch round-uP Funds can launch with less than $100 million and still be profitable, according to a white paper written in part by Ferry Capital COO Marshall Terry: page 5.

    LAnsdowne buys motor oiL heLLAs The London-based hedge fund says its en-couraged by recent reforms in Greece: Market Calls, page 6.

    over the hedge A Boston-based hedge fund forgoes its monthly letter to honor victims of the Boston marathon bombings: page 7

    hedge Funds Added to bLoomberg Horizon Asset Management and RWC Asset Management are among this weeks additions: page 9.

    cALendAr pages 10-11

    By KeLLy BiT And nATHAnieL BAKeRAyer capital management LP, the San Francisco-based health-care focused long-

    short equity hedge-fund firm, is closing and returning capital to investors, according to a person familiar with the matter.

    The firm, which had $200 million in assets at the end of 2012 and $300 million at its peak in the middle of last year, is returning the majority of client money by the end of this quarter and the rest by the end of the year, said the person, who asked not to be identi-fied because the information isnt public.

    Jay venkatesan and Pieter boelhouwer are Ayers managing directors. The firm, founded in 2008, employs eight people, the person said. Venkatesan declined to com-ment on the shutdown.

    Hedge-fund liquidations rose in 2012 as smaller firms struggled to raise capital and industry returns trailed global stock markets for the fifth time in seven years. Liquida-tions increased 11 percent in the fourth quarter from the prior three months as 238 funds closed, according to Chicago-based Hedge Fund Research inc., and in the full year, 873 funds were shuttered, the most since 2009.

    Before Ayer, Venkatesan was a director at Brookside Capital LLC, an affiliate of Boston-based private-equity firm Bain Capital LLC, from 2002 to 2007, according to the person. Before that, he was an investment analyst at Patricof & Co. Ventures inc., now known as Apax Partners LP, from 1995 to 1996. He was a business analyst at McKinsey & Co. from 1993 to 1995.

    Boelhouwer was a managing director at Matrix Capital Management LLC from 2004 to 2008. Before that, he was a senior director at empirix inc. from 2002 to 2004, according to the person. Prior to that, he was a vice president of corporate strategy and financial partnerships at eCredit from 2000 to 2001 and domestic policy adviser to Vice President Al Gore from 1998 to 1999.

    MB Family Advisors May Add Lending, Credit Fundsmb Family Advisors LLc, the new york-based multi-family office investment firm, may

    add asset-based lending, european structured credit, volatility arbitrage managers and hedge funds investing in securities leftover from the Troubled Asset Relief Program of 2008, according to Founder and Managing Partner mark berman.

    Ayer Capital Said to Close Fund, Return Money

    InStItutIon ALLoCAtIon SeARCh SpeCIFICS AddItIonAL InFoRMAtIon

    Greenlake Capital llC Up to $20 million per fund New york-based fund of funds seeks sector-specific long-short equity managers.

    Funds focused on healthcare, technology or energy stocks in the U.s. are preferred. see story, page 4.

    Union Bancaire Privee sa N/a as many as 16 hedge funds sought for managed ac-count platform.

    strategies include equity long-short and global macro. managers with at least $200 million in assets preferred.

    Newalpha asset management $150 million Paris-based seed investor plans to invest in as many as four funds by the end of the year. see story, page 4.

    new MAndAteS

    BRIEF Bloomberg Hedge Funds 04.30.13

    www.bloombergbriefs.com

  • 1 2 3 4 5 6 7 8 9 10 11 12

    RetuRnS In BRIeF halcyon Asset management LLc, the $13 billion new york-based multistrategy firm

    run by John bader, rose 1.2 percent in its Halcyon Partners Offshore Ltd. fund in March and 4.4 percent year to date, according to a letter to investors obtained by Bloomberg. Scott Tagliarino, a spokesman for Halcyon, declined to comment on the returns.

    york capital management LP, $15 billion new york-based multistrategy hedge fund run by Jamie dinan, gained 1.6 percent in March and 4.9 percent this year in its york Credit Opportunities Fund LP, according to a performance update obtained by Bloom-berg. Mary Beth Grover, a spokeswoman for york, declined to comment on the returns.

    castle creek Arbitrage LLc, the $808 million Chicago-based hedge fund that de-ploys convertible arbitrage, capital structure arbitrage and event-driven strategies, fell 0.1 percent last month, paring its yearly gain to 1.1 percent, according to a letter to investors obtained by Bloomberg. The letter was signed by Allan weine, managing director at Castle Creek. Laura sage, director at Castle Creek, declined to comment.

    Kelly Bit

    winton capital management Ltd.s main fund, the Winton Futures Fund, climbed 5.4 percent in the first quarter and another 2.8 percent in the first two weeks of April, ac-cording to a performance report obtained by Bloomberg. The fund fell 3.6 percent in 2012 after a 6.3 percent rise in 2011. London-based Winton managed $25 billion overall as of March 31. The firm was founded by david winton harding. A spokesman for Winton was traveling and unavailable to comment.

    Prytania investment Advisors LLP, the London-based structured credit firm, gained 4.5 percent in its Galene fund in the first quarter, according to a performance report obtained by Bloomberg. The fund, with almost $200 million in assets, has returned more than 10 percent since launch last June, the report said. Prytanias Athena fund rose 4.6 percent in the first quarter, while the firms lower-risk Metreta Fund is up 0.3 percent year to date. mark hale is the firms chief investment officer.

    Chris Larson

    For this weeks Performance Snapshot, featuring long-biased equity funds, see page 8.

    We are hopeful that the next few months will bring greater clar-ity surrounding the resolution of pending regulatory matters.

    Tom Conheeney, president of SAC Capi-tal Advisors LP, which is giving investors

    more time to decide whether to pull money.

    Quote oF the week

    We target equity-like returns with low volatility, Berman said in a telephone interview. As a rule we tend to target funds that are operating in inefficient markets.

    MB Family Advisors is currently primarily invested in arbitrage and niche credit strate-gies, which include structured credit -- funds that trade in residential and commercial mortgage-backed securities -- distressed municipal bonds, volatility arbitrage, european credit, merger-arbitrage and managers focused on the TARP strategy, Berman said.

    The firm invests $1 million to $7 million or $8 million in each fund initially, he said. Ber-man declined to comment on MB Family Advisors assets.

    MB Family Advisors is allocated to about 30 hedge funds through its family office clients and fund of funds, the MB dislocation Opportunity Fund, which Berman runs, he said. The fund of funds focuses on arbitrage and credit strategies.

    The firm prefers smaller managers with between $200 million and $500 million in as-sets, he said. it also considers hedge funds with varying asset sizes.

    MB Family Advisors prefers portfolio managers with large personal investments in their funds, Berman said.

    Berman founded MB Family Advisors in 2008 and the MB dislocation Opportunity Fund in 2009.

    Kelly Bit

    MB FaMily advisors May add lending, Credit Funds

    04.30.13 www.bloombergbriefs.com Bloomberg Brief | Hedge Funds 2

    bloomberg brief hedge Funds newsletter Ted Merz executive editor tmerz@bloomberg.net 212-617-2309

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    hedge Funds Nathaniel E. Baker editor nbaker14@bloomberg.net 212-617-2741

    reporters Kelly Bit kbit@bloomberg.net 212-617-1097

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    2013 Bloomberg LP. All rights reserved.

    This newsletter and its contents may not be forwarded or redistributed without the prior consent of Bloomberg. Please contact our reprints and permissions group listed above for more information.

  • 1 2 3 4 5 6 7 8 9 10 11 12

    matlinPatterson mortgage strat-egy reaches Five years

    MatlinPattersons $395 million MP Securitized Credit Fund, the mortgage strategy run by noelle savarese and marc rosenthal, reached its five-year track record, according to a monthly letter to investors obtained by Bloomberg.

    The fund rose 1.4 percent in March and 6.1 percent this year, according to the let-ter. it has returned 14 percent on average a year since inception in April 2008.

    Peter cerwin, chief operating officer of the fund, declined to comment.

    Mezzanine commercial mortgage-backed securities comprise 28 percent of the funds long portfolio, with seasoned credit CMBS making up 21 percent and Alt-A residential mortgage-backed securi-ties 23 percent, according to the letter.

    A robust new issue market bodes well for legacy bonds as it provides more li-quidity options for loans approaching their

    maturity dates, Savarese and Rosenthal said about CMBS in the letter. This, coupled with improving property values across the commercial real estate market, confirms our strong outlook for CMBS.

    The outlook for non-agency RMBS re-mains extremely compelling as the hous-ing market continues to improve, they said.

    The MP Securitized Credit Fund was for-merly known as the FrontPoint Strategic Credit Fund, according to the letter.

    Kelly Bit

    hong kongs richland capital shuts two hedge Funds

    richland capital management Ltd., a Hong Kong-based firm set up in 2006, is closing down its two hedge funds, said Chief investment Officer Alex Au.

    Richland has sold all the stocks in the Richland Asia Absolute Return Fund and the Richland emerging Opportunities Fund, he said in a telephone interview .

    He declined to give a reason for the deci-sion taken a month ago.

    The two funds managed about $120 million as of March 2012, according to data compiled by Bloomberg. Au de-clined to give more recent asset figures. Richland also advises investments for private clients and a decision has yet to be made on the future of that business, he added.

    Richland Asia Absolute Return Fund returned 6.3 percent this year through March, according to data compiled by Bloomberg. The pool has generated posi-tive annual performance in each full year since its december 2006 inception.

    Richland emerging Opportunities Fund, set up in 2007 with a focus on China, gained 18 percent this year through March and 13 percent last year, according to data compiled by Bloomberg. it made money in two of the last five full years, according to the data.

    Bei Hu

    MILeStoneS items may be submitted to hedgebrief@bloomberg.net.

    MAY 15-16, 2013 - THE NEW YORK ATHLETIC CLUBBuilding the Better Family Office focuses on systematic due diligence and developing an operational structure that endures the challenges of today and tomorrow. What steps have you put into place to back-test and review your records? What technological measures and implementations should you be taking advantage of in your office?

    Our advisory board has designed a unique interactive agenda to ensure that this conference will be beneficial to your individual family office needs.

    Mention FMP153 and save 15% off the standard rate

    TO REGISTER: Call 800-280-8440 or visit us at www.frallc.com

    04.30.13 www.bloombergbriefs.com Bloomberg Brief | Hedge Funds 3

    http://bit.ly/BB_frallc

  • 1 2 3 4 5 6 7 8 9 10 11 12

    GreenLake Seeks Sector-Specific Long-Short equity FundsgreenLake capital LLc, the new york-based fund of funds, is searching for long-short

    equity hedge funds for allocations, according to katie Fitzpatrick, an analyst at the firm.GreenLake prefers sector- and regional-focused firms, Fitzpatrick said in a telephone

    interview. it also invests in generalist long-short equity hedge funds.GreenLake is most bullish on health care, technology or energy and currently prefers

    managers trading in the U.S., she said. The firm also invests in managers focused on other regions and in consumer- and financials-specific funds.

    The firm allocates $1 million to $20 million on average to each fund initially, she said. GreenLake is currently invested in 25 underlying managers.

    Funds need to have good service providers and care about business structures, Fitz-patrick said. AUM and performance are not big factors.

    Fitzgerald declined to comment on GreenLakes current assets under management. Bloomberg reported in June 2011 that the firm had $800 million under advisement.

    Kelly Bit

    uBp to Add up to 16 Funds to Managed Account platformunion bancaire Privee sA is looking to add up to 16 hedge funds

    to a managed account platform it has introduced for its clients. The platform, which is being administered by Guggenheim Fund Solutions LLC, currently has 14 hedge funds. UBP wants to increase that to 30 by year-end and is looking at strategies including absolute return, equity long/short and global macro, Ari Assayag, chief executive officer of UBP Alternative investments, said in a telephone interview.

    Assayag said he wants the platform to have a wide range of strategies to meet UBP clients varied needs. We are seeing more appetite for absolute return, asymmetric and hedging strategies, he said. Some investors will want to hedge their portfolio, or have a positive convexity, so for them we will look at CTAs, global macro or volatility strategies.

    The new platform does not carry an extra layer of fees. UBP will use in-house staff to handle manager due diligence, selection and monitoring, while Guggenheim will be responsible for administration and looking after the clients assets. Assayag said he is not averse to hiring managers with shorter track records as long as they are experienced, such as traders who have spun out of investment bank prop desks, and is most likely to hire a manager with at least $200 million under management.

    We dont want to use our client money to enter into a seeding type of relationship, he said. emerging managers are not what were looking for. But younger managers that have experience and are hungry, yes.

    Chris Larson

    newAlpha Readies $150 Million for hedge SeedingnewAlpha Asset management, the Paris-based hedge fund seeding firm, plans to in-

    vest in as many as four funds by the end of the year, according to Chief executive Officer Antoine rolland.

    We have at least $150 million to invest, and will probably seed between two and four funds this year, Rolland said. The average allocation will be between $25 million and $50 million, he said.

    newAlpha receives or reviews up to 500 funding proposals in an average year, ac-cording to Rolland. More than 90 percent of the assets in the hedge fund universe are managed by small players, he said. So the number of funds below $100 million or even $50 million is still enormous. newAlpha has made three seed investments this year and 21 since starting in 2004, totaling $800 million, Rolland said.

    MAndAteS

    Los Angeles Fire and Police Pensions interim General Manager William S. Raggio is recommend-ing the plan switch its hedge fund investments to fund of funds or reconsider hedge funds as an ap-proved asset class. LAFPP should take this step as hedge funds have unique risks and have underper-formed their benchmarks, Raggio wrote in a report to the ad hoc managers fees committee dated April 30. The pension is already invested in two fund of funds, Aetos and Grosvenor. http://bit.ly/13HdcdL

    texas county & district retire-ment system approved a plan to acquire equity interests in absolute return funds, distressed debt and private equity investments, accord-ing to minutes from its February board meeting.http://bit.ly/13HdhOA

    rhode island state investment commission voted to commit $50 million to Claren Road Asset Man-agement LLC on the recommenda-tion of its consultant, Thomas Lynch of Cliffwater. Claren Road has returned an annualized 9.9 percent since inception with a 4 percent level of volatility and a Sharpe ratio of 1.9, according to minutes from Rhode islands April 24 investment committee meeting that cited Lynch.http://1.usa.gov/188FKjU

    school employees retire-ment system of ohio approved two hedge fund allocations at its board meeting this month. SeRSs investment committee approved $50 million for ellis Lake domestic Fund, LP and $40 million to invesco Balanced-Risk Allocation Strategy. The commitments will be funded from cash reserves.http://bit.ly/YhRgHP

    FRoM the MInuteS

    Ari Assayag

    04.30.13 www.bloombergbriefs.com Bloomberg Brief | Hedge Funds 4

  • 1 2 3 4 5 6 7 8 9 10 11 12

    in January, newAlpha seeded LindenGrove Capital LLP, a global macro fund founded in London by a team of former nomura Holdings inc. traders. in March, former Brevan How-ard Asset Management LLP trader Tristan edwards opened Singapore-based Mosaic Asset Management Pte, a market neutral hedge fund, with seed capital from newAlpha.

    newAlphas most recent seeding was of KeyQuant SAS , a systematic manager in Paris that started trading earlier this month with about $40 million, according to a statement from newAlpha.

    The money for that came from emergence, a French-focused seeding fund run by newAlpha that has capital from a group of French institutional investors. Some of newAl-phas seeding deals come from pools like that, while others use money from newAlpha parent OFi Asset Management.

    Chris Larson

    on the MoveMetacapital hires Bnp paribass prakash for options

    metacapital management LP, the $1.7 billion hedge-fund firm run by deepak narula, hired sambit Prakash from BnP Paribas SA, who is joining the portfolio team to focus on trading in options markets.

    Prakash, who was a vice president in mortgage-backed securities trading at BnP for five years, will start on May 2, narula said in a telephone interview.

    Before BnP, Prakash was a financial officer for the asset liability management group at the World Bank Treasury for three years, narula said. Prakash will trade in rates, agency mortgage derivatives and options for all of Metacapitals funds, including the firms new-est strategy, which protects against rising interest rates.

    Kelly Bit

    LAunCheSChenavari Said to target $1 Billion for europe Lending Funds

    chenavari credit Partners LLP is raising as much as $1 billion for its european direct lending funds, according to two people with knowledge of the matter.

    Chenavari, whose assets under management soared almost 100 times to $3.75 billion from $40 million five years ago, is seeking to deliver net annual return of about 12 percent for the strategy, said the people, who asked not to be identified because the information is private.

    The credit hedge fund firm based in London hired mike henebery, Jerry wilson and darren gibson from Palio Capital Partners LLP in February to expand its existing direct lending business, according to a statement.

    Chenavari has invested more than $500 million in direct lending and the pool can be increased to as much as $1 billion by early 2014, the people said.

    Officials at Chenavari declined to comment.Chenavari was founded in 2008 by Loic Fery, former global head of credit markets at

    Calyon. it invests across european asset-backed securities, corporate debt, european bank regulatory capital credit, and real estate financing, according to its website.

    it took over the management of Lyxor Asset Managements credit derivatives funds in november 2009, increasing its assets to $2.4 billion at the time.

    The $850 million Chenavari Multi Strategy Credit Fund generated about a 4.6 percent return at the end of March for the euro-denominated MS2 class. The $390 million Chena-vari Toro Capital i that invests in asset-backed securities, delivered an 8.5 percent return at the end of the first quarter. The european real estate debt strategy earned 3.7 percent, while the Regulatory Capital strategy garnered 3.1 percent, after earning 36.9 percent in 2012, according to the firms website.

    Patricia Kuo

    Mandates

    04.30.13 www.bloombergbriefs.com Bloomberg Brief | Hedge Funds 5

    small Funds can be Profit-able: south Ferrys terryBy KATHeRine BURTOn

    marshall terry, the chief operat-ing officer at hedge fund south Ferry capital management LP, sees a way for hedge funds to start with less than $100 million and still set up a business thats profitable for its founders.

    Terry and 15 other industry executives, including a lawyer, an accountant, an administrator and a broker have written a white paper Service Provider Selection and Co-Sourcing outlining how to set up a firms legal structure, choosing a prime broker, developing a market-ing strategy and other topics.

    The groups findings run counter to some of the big prime brokers who say that hedge funds need to start with much larger sums of money. Citigroup recently put out a study estimating that funds need $250 million to $375 million to pay expenses and nominal salaries, given that most funds now have to register with the Securities and ex-change Commission and that large pension funds demand institution-al-quality infrastructure.

    its all about being smart about outsourcing and choosing the right service providers, Terry said.

    My administrator does middle and back office functions, including cash management and trade processing, said Terry, who helped start South Ferry in 2010 ago when it had less than $100 million.

    The firm has been able to keep its staff at two business people and four investment professionals, and Terry said he wouldnt have to add a large number of employees even if assets jumped significantly.

    The report can be obtained by sending an e-mail to info@hedgefundopg.com

    ReSeARCh Round-up

  • 1 2 3 4 5 6 7 8 9 10 11 12

    encouraged Lansdowne buys motor oil hellas shares

    Lansdowne Partners Ltd. said it is encouraged by recent reforms in Greeces public and private sectors and has bought an equity stake in Greek oil refiner Motor Oil Hellas SA (MOH GA equity), according to a quarterly report the London-based hedge fund manager sent to investors.

    Lansdownes increased confidence in Greece led it to add Motor Oil Hellas stock to its european Hedge Fund Strate-gy, according to a quarterly performance letter, a copy of which was obtained by Bloomberg. it didnt disclose how much of the Athens-based companys stock it acquired, or the share price it paid. Motor Oil Hellas shares were trading around 8.37 euros today after closing the previ-ous session at 8.26 euros. Since hitting a 52-week low on March 26, the stock has gained 15 percent.

    Lansdone said it is also encouraged by Greek private sector employment showing its first increase since 2009 and business confidence returning to its highest level in four years, according to the report, which was signed by david craigen, steven heinz and daniel Avigad.

    A return to profitability at the publicly owned railway system is a sign of real progress supported by the data from other state-controlled companies, the report said, citing average costs per employee at Athens Water, Piraeus Port Author-ity, Public Power Corp, Thessaloniki Port Authority and Thessaloniki Water.

    Officials from Lansdowne have visited Greece three times so far this year, ac-cording to the report, and are focusing on assets that are set to be privatized. The company bought shares of Piraeus Port Authority SA and Thessaloniki Port Authority SA in early 2012, Bloomberg re-ported last year. The government is look-ing to sell off its stakes in both companies.

    Lansdownes european equity Fund climbed 6.7 percent in the first quarter, ac-cording to the report, beating the STOXX europe 600 index which rose 5 percent over that period.

    An external spokesman for the firm declined to comment.

    Chris Larson

    bluemountain bets on Lexmark stock

    bluemountain capital management LLc, the $12 billion hedge-fund firm led by Andrew Feldstein, is targeting Lexmark international inc. for its biggest equity wager.

    The firm disclosed a 5.6 percent active stake in Lexmark in an April 26 regulatory filing. BlueMountain is wagering on a busi-ness that reported six straight quarters of falling sales as computer users become less reliant on printed documents. Lexing-ton, Kentucky-based Lexmark has made eight acquisitions since 2009 as it seeks to broaden its business to include corpo-rate data and logistics management in such fields as health care and education, while exiting the inkjet business.

    BlueMountain may seek to discuss stra-tegic alternatives with Lexmark and other stockholders, according to the filing. The hedge fund bought 3.56 million shares, worth about $105.2 million.

    Lexmark is aware of BlueMountains investment and is focused on delivering value to all stockholders, company spokes-man Jerry Grasso wrote in an e-mail yes-terday. Grasso declined to comment further on how the stake would affect bondholders or the companys strategy.

    doug Hesney, a spokesman for new york-based BlueMountain, declined to comment.

    Victoria Stilwell and Lisa Abramowicz

    MARket CALLS items may be submitted to hedgebrief@bloomberg.net for consideration

    ray dalio in July 2011 said he was expecting another very difficult period for fi-nancial markets in 2012 and early 2013. Countries in the euro zone would undergo classic depressions, the bridgewater Associates LP founder said in an interview with the new yorker (Bloomberg Brief, July 19, 2011).

    GDP growth in the euro zone has been slowing since Dalios statement and its economy officially entered a recession early last year. For the first quarter of 2013 economists are forecasting a 0.9 percent contraction for the second straight period. Many financial markets have proved resilient, with the S&P 500 gaining almost 14 percent since late July 2011.

    -1.5

    -1

    -0.5

    0

    0.5

    1

    1.5

    2

    2.5

    3

    1000

    1100

    1200

    1300

    1400

    1500

    1600

    1700

    4/1/11 7/1/11 10/1/11 1/1/12 4/1/12 7/1/12 10/1/12 1/1/13 4/1/13

    Euro

    Zon

    e GD

    P

    S&P

    500

    Euro Zone GDP S&P 500

    Source: Bloomberg

    dalios Prediction of very difficult Period for Financial markets

    04.30.13 www.bloombergbriefs.com Bloomberg Brief | Hedge Funds 6

    MARket CALLS, RevISIted nATHAnieL e. BAKeR

  • 1 2 3 4 5 6 7 8 9 10 11 12

    beaconcrest capital management LLc, the Boston-based long-short equity fund run by kevin divney, told clients it wouldnt publish market commentary for March to honor victims of the Boston marathon bombings. Over the years, i have developed a personal ritual of going to the finish line the day before the race to cross it, divney said in an e-mail to clients, a copy of which was obtained by Bloomberg. Boylston Street closes off the day before the race and it is a festive atmosphere as runners from all over the country and the world, donned in their blue and yellow jackets, wander around Back Bay. Completing a marathon is inspirational for all those near it, run-ners and fans alike. We are not shaken from our course or our mission here at Beaconcrest. As was my thought after 9/11, we get up, we go in, and we live our

    lives as we should, not as others would have us.

    Kelly Bit

    A 15th-century illustrated volume of Mishneh Torah from the collection of mi-chael steinhardt and his wife Judy, was jointly purchased by the israel Museum in Jerusalem and the Metropolitan Museum of Art, Sothebys said. estimated at $4.5 million to $6 million, it was the top lot in the 386-lot sale from the Judaica collec-tion which the former hedge-fund manag-er and his wife assembled over more than 30 years. Written by Moses Maimonedes in the 12th century, Mishneh Torah con-tains 14 books of the Jewish legal code. Steinhardts volume includes books 7 through 14 and was part of a two-volume set created in 1457 in the northern italy. Other volumes are in the collections of

    the Vatican library. The israel Museum acquired the volume with support from the Steinhardts and Zurich collectors Su-sanne and rene braginsky, co-founder of incentive Asset management Ag, among others.

    Katya Kazakina

    mario gabelli, a Boston College parent, attended the schools Wall Street Council black-tie dinner at new yorks Waldorf Asto-ria ballroom last week. i gave $10 million to create a scholarship in his name, Gabelli said, standing with nadya Muchoney, a Gabelli scholar who plans to pursue gradu-ate studies in plant and insect ecology. We both love research, Gabelli said, noting his investment research of late has been focused on 3d and cyber security.

    Amanda Gordon

    oveR the hedGe

    GET UNIQUE GLOBAL ENERGY INSIGHT ON OIL, GAS AND SHALEHART ENERGY INSTITUTIONAL RESEARCHNow on Bloomberg Tradebook

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  • 1 2 3 4 5 6 7 8 9 10 11 12

    peRFoRMAnCe SnApShot: LonG-BIASed eQuIty FundS

    FIRM Fund MAnAGeR InCeptIon dAte StAndARd devIAtIon RetuRn %

    Quest management inc thai Focused equity Fund ltd doug Barnett 10/21/1997 24.10 73.8

    albizia Capital Pte ltd albizia aseaN opportunities Fund Justin seow 11/1/2009 9.03 44.0

    arcus investment ltd arcus Japan Value Fund-absolute robert macrae 12/1/2003 22.49 40.0

    Horizon Capital management sa Horizon Growth Fund NV team managed 12/31/1999 24.20 39.4

    ward Ferry management BVi ltd wF asian smaller Companies Fund limited-series 1 team managed 1/6/2003 12.58 25.1

    arqaam Capital ltd arqaam Capital Value Fund ltd amine Bentaleb 5/1/2011 9.07 22.0

    Neon liberty Capital management llC Japan Chickadee Fund lP takayuki matsunaga satyen mehta 6/30/2009 18.30 21.4

    ward Ferry management BVi ltd wF asian reconnaissance Fund ltd-a scobie ward Vineet mitera 4/21/2006 10.52 20.4

    lynas Capital ltd lynas asia Fund david devine andrew Henderson 9/30/2004 12.56 20.1

    Ns advisors llC North star Partners ii lP andrew r Jones 4/1/2004 6.88 20.1

    For standard deviation CalCulation Methodology type Flds standard deviation on BlooMBerg. risk Free rates idoC 2047613

    by trailing 12-month returns

    A look at some of the best-performing long-biased equities hedge funds that report to Bloomberg data. Only funds with $50 million or more under man-agement and that have reported performance through at least Feb. 28 are included. For questions contact Anibal Arrascue at aarrascue@bloomberg.net

    by Five-year Annualized returns

    FIRM Fund MAnAGeR InCeptIon dAte StAndARd devIAtIon RetuRn %

    Horizon Capital management sa Horizon Growth Fund NV team managed 12/31/1999 25.61 25.3

    HB Capital Partners Komodo Fund-a roland Haas James Bryson 11/6/2006 32.94 23.5

    amH equity llC leviticus Partners lP adam m Hutt david Hanover 7/1/1996 27.65 21.8

    lynas Capital ltd lynas asia Fund david devine andrew Henderson 9/30/2004 26.79 21.4

    Quest management inc thai Focused equity Fund ltd doug Barnett 10/21/1997 27.12 19.6

    alphaNorth asset management alphaNorth Partners Fund inc steven Palmer Joey Javier 11/30/2007 38.56 17.4

    Navis Capital Partners ltd the Navis asia Navigator Fund-Non Us Feeder Patrick russell 8/30/2005 24.24 17.3

    arcus investment ltd arcus Japan Value Fund-absolute robert macrae 12/1/2003 24.14 15.2

    Constellation investimentos e Participa-coes ltda Constellation Fund sPC-equities Class Florian Bartunek 12/14/2005 35.40 13.9

    ward Ferry management BVi ltd wF asian reconnaissance Fund ltd-a scobie ward Vineet mitera 4/21/2006 27.95 13.7

    04.30.13 www.bloombergbriefs.com Bloomberg Brief | Hedge Funds 8

  • 1 2 3 4 5 6 7 8 9 10 11 12

    hedGe FundS Added to BLooMBeRG thIS weekThe following hedge funds were added to Bloombergs database this week. Access the Hedge Fund database Portal by typing HFnd on your Bloomberg Terminal. To view U.S. hedge fund managers, users must fill out an Accredited investor Form (Option 13).

    tICkeR BLooMBeRG Id Fund MAnAGeR MAnAGeMent CoMpAny StRAteGy MAnAGeR LoCAtIonInCeptIon

    dAte AdMInIStRAtoR

    orBCreU Ky BBG004dl96H9 team maNaGed aberdeen asset management PlC multi-strategy U.K. 12/31/2010 BNP Paribas

    orBGosl Ky BBG004dlCm99 team maNaGed aberdeen asset managers ltd multi-strategy U.K. 12/31/2012 BNP Paribas

    orBCrsP Ky BBG004dlFmN0 team maNaGed aberdeen asset management Cayman ltd multi-strategy U.K. 12/31/2012 BNP Paribas

    HsGHeUr GU BBG004Fd99K5 simoN GarField HsBC management Guernsey ltd/Channel islands multi-strategy U.K. 3/28/2013 state street

    HCrmoUr GU BBG004FdB9B2 simoN GarField HsBC management Guernsey ltd/Channel islands distressed sec U.K. 3/28/2013 state street

    NBCGVKr mV BBG004G4lww6 team maNaGed innocap Global investment man-agement ltd Fixed income arb Canada 5/1/2013 Hedgeserv ltd

    Funds of Funds

    tktktktktktktkt

    tICkeR BLooMBeRG Id Fund MAnAGeR MAnAGeMent CoMpAny StRAteGy MAnAGeR LoCAtIonInCeptIon

    dAte pRIMe BRokeR

    2100mF2 Us BBG004FPH563 Jay r FeUersteiN 2100 Xenon Group llC Cta/mgd Futures U.s. 5/31/2006 2100lsG Us BBG004FPGN92 Jay r FeUersteiN 2100 Xenon Group llC Cta/mgd Futures U.s. 8/1/2004

    aCKasii Us BBG004FPH9P4 riCHard meiseN-BerG aCK asset management llC long Bias eq U.s. 5/1/2012 JPmorgan Chase & Co.

    aKJFera mV BBG004H18y98 aNders Kwamme JeNseN aK Jensen ltd Global macro U.K. 5/31/2013 Nomura international PlC

    arQValC Ky BBG004FP3l54 amiN el-KHoly arqaam Capital ltd long Bias eq Uae 10/31/2012 arqaam securities llCdaNHFii GU BBG004FZt3m5 miCHael Petry danske Bank a/s Fixed income arb denmark 12/27/2012 danske Bank a/s

    edeNarC Us BBG004G4B477 doNald latHeN "Jay"eden arc Capital management

    llCdirectional-Fixed

    income U.s. 5/1/2011

    elKmBsi Us BBG004FZ2HN2 edward Komito elk Capital advisors llC mortgage Backed arb U.s. 3/1/2013 deutsche Bank aG

    GalioaU Ky BBG004FJ9tZ2 aleXis GUrdJiaN Galaxis investment advisory ltd Global macro switzerland 4/30/2013 Julius Baer & Co ltdPolestr Us BBG004FZ2XP5 mUrray staHl Horizon asset management llC long/short eq U.s. 1/1/2003 deutsche Bank aG

    iNNVKyr mV BBG004G4VdH4 team maNaGed innocap Global investment man-agement ltd Fixed income arb Canada 5/1/2013

    rwCeUFi Ky BBG004G4wrN5 maarteN wild-sCHUt rwC asset management llP long Bias eq U.K. 2/1/2009 morgan stanley

    srPFClC BH BBG004FsdQt0 dmitry eVeNKo spectrum Partners ltd emerging market eq russia 2/28/2013 Citigroup inc.

    Market leading intelligence Bloomberg Briefs publishes 18 newsletters to help you stay ahead of the markets. Individual and group subscriptions available. Visit www.bloombergbriefs.com to subscribe or take a trial. Or call Annie Gustavson at +1-212-617-0544.

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  • 1 2 3 4 5 6 7 8 9 10 11 12

    RoAd ShowS

    items may be submitted to hedgebrief@bloomberg.net

    dAte(S) CIty Fund StRAteGy MAnAGeR(S) In AttendAnCe ContACt

    may 8-10 las Vegas infrastructure macro income Fund long-short equity (infrastructure-focused) Jay Hatfield rowena scherer

    may 16 New york CapeView Capital distressed (europe-focused) theo Phanos

    may 16 New york Pentwater Capital management event-driven matthew Halbower

    may 20 New york Harvest Capital strategies long-short equity (agriculture-focused) Kelly wiesbrock

    may 20 New york logan stone Capital equity market-neutral matt Herman

    may 20 New york sw asset management emerging market credit david Hinman

    may 22 New york CapeView Capital distressed (europe-focused) theo Phanos

    may 22 New york Centaurus Capital event-driven randy Freeman Pedro maqueda

    may 22 New york ironsides Partners event-driven robert Knapp

    may 22 New york mast Capital long-short credit david steinberg

    may 22 New york overland advisors relative value Peter sterling

    may 22 New york Pentwater Capital management event-driven matthew Halbower

    may 22-23 New york monsoon Capital long-short equity (asia-focused) Gautam Prakash tim savage

    may 28 los angeles ldr Capital management directional fixed-income (reits) larry raiman John dawson

    may 29 san Francisco ldr Capital management directional fixed-income (reits) larry raiman John dawson

    Make an IMpact wIthBlooMBerg BrIef content

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  • 1 2 3 4 5 6 7 8 9 10 11 12

    dAte event FeAtuRInG LoCAtIon ContACt / ReGIStRAtIon

    may 1 BtiG emerging manager day Bastogne Capital, Becker drapkin, Charter oak, ecor1 Capital, Potrero Capital.Boston (location pro-vided to attendees) Private event by invitation only.

    may 1, 6pm

    100 women in Hedge Funds' southern California Networking event

    annual event for international members attending milken Conference.

    the Peninsula, Beverly Hills http://bit.ly/16twcUt

    may 1-3 altegris's strategic investment Conference 2013

    Kyle Bass, Hayman advisors; John mauldin, millenium wave investments; Jeffrey Gundlach,

    doubleline Capital.

    Park Hyatt aviara, Carlsbad, California http://bit.ly/Xl7vbf

    may 2, 2:30pm

    Bloomberg's second annual san Francisco Hedge Fund symposium

    Kevin Harrington, thiel macro; mark spindel, Potomac river; eric swergold, Firestorm Capital; sean Bill, san Jose Police and Fire retirement

    Fund; max Catalano, wells Fargo.

    Bloomberg office, san Francisco http://bloom.bg/11eczqi

    may 7-10 salt Conference 2013 leon Cooperman, steve Kuhn, marc lasry, deepak Narula, michael Novogratz, Ken tropin.Bellagio,

    las Vegas www.saltconference.com

    may 8 18th annual sohn investment ConferencePaul singer, david einhorn, steven eisman, Jef-

    frey Gundlach, Bill ackman, Kyle Bass.avery Fisher Hall at

    lincoln Center, New york www.sohnconference.com

    may 10 Family offices Group Full day workshop Jon Jonson, Capricorn investment Group; Jona-than Bergman, taG associates.sheraton Gateway

    los angeles http://bit.ly/UrUdmq

    may 15 J.P. morgan Capital introduction's 2013 thought leadership Forum

    John angelo, stephen siderow, andrew law, richard Chilton, michael Hintze, Hugh Hendry,

    ian wace, Chris Hohn, Colm o'shea.

    london (location pro-vided to attendees) Private event by invitation only.

    may 15-16 FrallC's Building the Better Family office summit"developing a blueprint for generational success via systematic planning, performance metrics." New york athletic Club

    www.frallc.com (save 15 percent with code FmP153)

    may 16 Citi Capital introduction's event-driven Hedge Fund Forum

    Corre Partners, CapeView Capital, davidson Kempner, magnetar Capital, Napier Park, Pent-

    water Capital, sandell asset management.

    New york (location provided to attendees) Private event by invitation only.

    may 20 BNP Paribas investor Capital services' emerging manager Foruma select group of hedge funds representing a

    cross section of strategies.New york (location

    provided to attendees) Private event by invitation only.

    may 20-21 morgan Creek Capital management spring investment Forummark yusko, morgan Creek; John Burbank, Pass-

    port Capital; Paul Hudson, Glade Brook Capital. Cary, North Carolina http://bit.ly/14m7Gaj

    may 22 Goldman sachs's Credit & event-driven Hedge Fund Forum

    steven tananbaum, Goldentree asset manage-ment; stephen Ketchum, sound Point Capital;

    david lorber, FrontFour Capital.

    New york (location provided to attendees) Private event by invitation only.

    may 22, 6pm

    Hedge Funds Care's 11th annual midwest Charity Gala

    Benefits committee includes steve mendes, tJm investments and emily deter, riverNorth Capital.

    Cst at Untitled, Chicago http://bit.ly/yXFazz

    may 22-23 euroHedge summit 2013 "incisive and topical content about hedge fund strategies, the overall outlook for the industry."Palais de la Bourse,

    Paris http://bit.ly/QlayHe

    may 31 sQa's sustainable investing: Hype or opportunity? robert shiller, yale; Bob litterman, Kepos Kapital.msCi Conference Center, New york www.sqa-us.org

    June 4 Bloomberg Hedge Funds summit lawrence schloss, City of New york; John o'Hara, rockefeller & Co; daniel Zwirn.New york (exact loca-tion to be determined) http://bit.ly/UKGxjG

    June 6 Connecticut Hedge Fund association's Hedge Fund m&amichael rees, dyal Capital;

    mitch Petrick, Carlyle Group.indian Harbor yacht

    Club, Greenwich http://bit.ly/Zn91Qt

    June 7 Family offices Group Full day workshop Paul tramontano, Constellation wealth advisors; michael Connor, CiG.Harvard Club,

    New york http://bit.ly/VV4n0m

    June 7 10th anniversary eurekahedge asian Hedge Fund awardsNominees selected by an independent panel of

    judges.Capella,

    singapore http://bit.ly/10KU9hc

    June 11, 6pm

    UJa's investment management division event

    Honoring Bruce richards, marathon; John shapiro, Chieftain Capital.

    New york (location provided to attendees) http://bit.ly/y5a6gP

    June 17-19 Gaim international 2013

    Jamil Baz, GlG; Peter thiel, Clarium; Karlheinz muhr, QFs; Gavyn davies, Fulcrum.

    monte Carlo (exact loca-tion to be determined) http://bit.ly/PQQCwH

    June 19-20 mFa Forum 2013

    Chris rapcewicz, leona and Harry Helmsley Charitable trust; lawrence Kissko, Hermes BPK.

    Four seasons, Chicago http://bit.ly/17sp7c4

    CALendAR To submit an event email hedgebrief@bloomberg.net

    04.30.13 www.bloombergbriefs.com Bloomberg Brief | Hedge Funds 11

  • 1 2 3 4 5 6 7 8 9 10 11 12

    Calendar

    dAte event FeAtuRInG LoCAtIon ContACt / ReGIStRAtIon

    June 25-27 FundForum international 2013

    Jan straatman, lombard odier; elizabeth Corley, allianz Global investors; mark schindler, UBs

    wealth management.

    the Grimaldi Forum, monaco www.fundforuminternational.com

    July 17 ii's 3rd annual delivering alpha Confer-enceBill ackman, Jim Chanos, andrew Feldstein, leon

    Cooperman, Cliff asness, dwight anderson.the Pierre Hotel,

    New york http://bit.ly/U4JHzo

    July 22-24 opal Group's Family office & Private wealth management Forum "the race for returns." Hyatt regence Newport http://bit.ly/14ipV3i

    July 29 Hedge Funds Care's sixth annual east Coast Golf tournamentGolf tournament. "tennis and swimming also

    available."Fairview Country Club,

    Greenwich Country Club http://bit.ly/HmQwd4

    aug. 3, 6pm

    Hedge Funds Care's 2013 young Profes-sionals Committee summer Benefit "Behind the Hedges" summer gala.

    southampton social Club

    email jena.arzac@gmail.com or ralexander05@gmail.com

    sept. 3-5 Hedge Funds world asia 2013 agenda to be determined. Hong Kong (exact loca-tion to be determined) http://bit.ly/wbmUms

    sept. 9-10 BHa select Hedge Funds: 2013 "will bring together 10 global hedge fund manag-ers and over 200 investors."Fenway Park,

    Boston http://bit.ly/yd2lKm

    sept. 12 Connecticut Hedge Fund association's Family office insight agenda to be determined.indian Harbor yacht

    Club, Greenwich, Con-necticut

    http://bit.ly/Zn91Qt

    sept. 15-17 alpha Hedge west

    andrew rabinowitz, marathon; Philip weingord, seer Capital; Jason Huemer, Visium; Christopher

    Cole, artemis Capital.

    ritz-Carlton, san Francisco http://bit.ly/13emyty

    ANALYZING HEDGE FUNDS IDENTITY CRISIS

    HEDGE FUNDSSUMMITJun 4, 2013SIGNATURE THEATRENEW YORK

    SPEAKERS

    BRUCE RICHARDSMARATHON ASSET MANAGEMENT, LP

    RAY NOLTESKYBRIDGE CAPITAL

    MICHAEL J. PETRICKTHE CARLYLE GROUP

    LAWRENCE M. SCHLOSSCITY OF NEW YORK

    +MORERequest an invitation.

    bloomberglink.com

    Sponsored by:

    04.30.13 www.bloombergbriefs.com Bloomberg Brief | Hedge Funds 12

    http://bit.ly/BL_HFSummit

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