Lansdowne’s Equity Hedge Funds Said to Pare Losses This Monthby
Three equity hedge funds operated by Lansdowne Partners LP posted gains in the first two weeks of this month after failing to make any money in April, according to a person familiar with the situation.
The $11 billion Lansdowne Developed Markets Fund rose 3.2 percent to May 13, cutting its loss this year to 10 percent, the person said, asking not to be identified because the information is private. A spokesman for the London-based firm declined to comment.
The fund, which bets long and short on global stocks, declined 5.4 percent in April, according to the person. Lansdowne’s $500 million European Equity Fund made 1.6 percent this month, leaving it down 13 percent for the year through May 13, according to the person. The $230 million Energy Dynamics Fund lost 1.4 percent in April but made 0.9 percent to May 13, leaving it down 1 percent for the year.
April also proved troublesome for Horseman Capital Management’s $1.9 billion Global Fund, which trades stocks. It lost 4.3 percent during the month leaving it down 5.2 percent this year, according to a spokesman.
“Managers generally struggled to add alpha in the low quality rally through to the middle of April” though U.S.-focused funds fared better, Man Group Plc’s FRM hedge-fund unit said in a research note earlier this month.