Thursday, August 20, 2009


Equity L/S Funds Outperform S&P by 2:1 Margin at Midyear

L/S Funds Concerned About Health Care Reform, Financial Regulation, and US Stimulus Program

From the Third Quarter, 2009 issue of Barclay Managed Funds Report. The full report also includes 24 hedge fund and managed futures performance ranking tables and in-depth manager profiles. Subscribe. View Roundtables from back issues.

During the second quarter of 2009, the global equity markets staged a dramatic rebound and recouped a portion of the losses from the previous two quarters. The S&P 500 Index’s return of nearly +16% represented its strongest quarterly return since the fourth quarter of 1998. An improved investor appetite appeared to be fueled by extremely attractive security valuations, however, the level of exuberance seemed to have overlooked the fact that all may not be completely well in the world.

Economic figures, while improving, are still being hampered by a weak housing market. Oil prices are on the rise again as tension in the Middle East continues and the Obama administration tables alternative energy initiatives. Healthcare reform has become a front burner issue, but many questions remain as to how much reform will occur and what portions of the economy may be impacted by any major change. And finally, the specter of increased regulation within the financial industry and securities markets can be expected to have a wide ranging impact on investment opportunities.

With so much uncertainty, where do we go from here? Is there enough good news to support higher equity valuations over the next several quarters, or are equities poised for another correction? Has the environment changed to the point where even the best and brightest hedge fund managers may be challenged to add value for their investors? To discuss the equity market environment and opportunities within long/short investing, we have assembled a panel of experienced and successful
long/short equity managers. Our panel includes:

Ellen Adams, CastleRock Management
Jamie Horvat, Sprott Asset Management LP
Charles Oliver, Sprott Asset Management LP
Jaffrey B. Osher, Harvest Capital Strategies

The complete article will be available on the website in November 2009. Subscribe to receive each issue of the Barclay Managed Funds Report at it comes out.

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