Once more it was global macro in the driving seat, particularly systematic, with managers profiting from some of the big trends that have been driving markets and the numbers for the year are very good. Equity hedge funds however bore the brunt of the losses in the space, with healthcare and tech proving most painful.
In this edition, we pick up a number of stories from the month, including Rokos's expansion in Asia, Alan Howard taking more of a back seat at Brevan, Melvin Capital showing how not to relaunch a fund, Icahn taking on McDonald's, Ackman's $400m hit and Hwang's indictment. We also look at troubles at Tiger and ARK, a few of Elliott's latest targets (difficult to keep up), some highlights from the billion dollar club and more...
As always, we have the excellent Matt Raver from RQC providing a regulatory overview and we offer a few thoughts on the importance of proactively marketing when building a fund brand.