By: GZ on Domenica 18 Luglio 2004 14:47
Andor Capital di Dan Benton è stato uno dei gruppo di fondi hedge di maggior successo degli ultimi 15 anni ed aveva 6 miliardi di dollari
Con 6 miliardi di dollari e una % del 20% sugli utili + 1% sul totale negli anni in cui guadagnava ad esempio un +30% avevi:
6 miliardi di dollari X 20% x 30% = 500 milioni di dollari
di compenso per i gestori
(un utile maggiore di quelli d Benetton o di molte banche)
Quindi sono in gioco dei soldi, ma basta che sbagli un anno come il 2003 e ora è in difficoltà perchè i gestori di hedge fund sono pagati sulla performance e una volta che un fondo scende del 20 o 30% rispetto al picco massimo di rendimento fino a quando lo torni a superare non incassa la commissione di performance e magari occorrono tre anni per tornare al massimo. Per cui questi gestori vanno altrove, è difficile che un fondo hedge sopravviva se ha due anni in perdita, già un solo anno in perdita e perde metà dei gestori, è un mondo diverso da quello dei fondi comuni
Sembra che Andor Capital abbia dovuto liquidare soprattutto Yahoo Ebay Amazon e dei semiconduttori
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A Look at Andor Capital
7/15/04 11:11 AM ET
This morning's "Heard on the Street" column in the WSJ talks about the split between Dan Benton and Chris James at $6 billion hedge fund Andor Capital. When Chris James leaves at the end of August to open his own shop, the firm will be liquidating the $600 million fund he managed; it is also closing its health care fund. According to the story, Andor will allow their investors to pull out at the end of August.
I took at look at all their publicly disclosed holdings (as of March 31), which represent almost $3 billion in market value. As of March 31, their largest holdings were EBAY, QCOM and YHOO, super-large-cap stocks that Andor owns too small a percentage of to have any effect on their price.
One stock that I think could be affected is Lam Research (LRCX). As of March 31, the firm owned 3.8% of the company and its 5.1 million shares are more than twice the stock's average daily volume. Photon Dynamics (PHTN) is another one where they own 3.8% of the firm, and their 633,000 shares are about 120% of the stock's average volume.
One other thing of interest was their broad ownership of the semis, which have gotten smoked this month. In fact, of the $3 billion in holdings disclosed, 26% are in stocks that are members of the SOX, in addition to another 4% in the SMH. In fact, they own some stake in every company in the SOX except for a handful: BRCM, STM, TER, MU and NSM. Aside from the semis, as of March 31 they also had about $13 million in Caesars, which did well for them yesterday when the acquisition was leaked but is down today.
Last thing: These data are very stale and their real book, right now, probably looks pretty different than their positions disclosed in March 31 filings. I don't really follow Andor specifically, but many hedge funds are pretty active traders, so positions change all the time.