This content is from: Portfolio

Morning Brief: New Filings Show Whose Assets Rose — and Fell

Hedge fund firms’ latest Form ADV filings are in, offering interesting tidbits about some of the largest managers.

  • By Stephen Taub

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.

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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.

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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 management.

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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.

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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.

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Philippe Laffont’s Coatue Management currently manages about $14.4 billion. This includes its hedge funds, long-only funds, hybrid funds and private funds.

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