[Goldfinger]

Welcome to the Hedge Fund Implode-O-Meter

Update -- new funds/info are/is posted in bigger fonts.
-----------------------------------------------------------------------------------------------

Since June 2007, 15 funds have gotten into trouble:

Basis Yield Alpha fund
Basis Pac-Rim Opportunity fund
(Basis Capital Fund Management Ltd. -- $1bn)
"structured credits and junk-rated loans"
"Withdrawals from the funds have been frozen and some margin calls have been missed"
"The Yield Fund lost 14 percent in June, and the its Aust-Rim Opportunity Fund declined 9 percent"
"indiscriminate” repricing of “otherwise fundamentally sound collateral"
http://www.ft.com/cms/s/e839b922-2fdb-11dc...00779fd2ac.html
http://www.bloomberg.com/apps/news?pid=206...amp;refer=funds

Bear Stearns High- Grade Structured Credit Fund
Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund
CDOs
rescue efforts
http://www.bloomberg.com/apps/news?pid=new...id=ahWfhEJ7dra4
http://www.bloomberg.com/apps/news?pid=new...id=a2.uCdsyYHtE

Caliber Global Investment Ltd. -- $908 million
(Cambridge Place Investment Management LLP)
mortgage fund
closes down (losses)
http://www.bloomberg.com/apps/news?pid=206...amp;refer=funds

Fund by Carlyle Group
MBSs
IPO postponed; downsized
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Dillon Read Capital Management LLC
(UBS)
equities, mortgages
losses: $122 million in Q1 2007
http://www.bloomberg.com/apps/news?pid=new...id=aV.uoldRoQGU

Galena Street Fund -- $300 million
(Braddock Financial Corp.)
subprime mortgages
"Redemptions from investors nervous about subprime mortgage crisis", loss of about 3 percent in Q1 2007
http://today.reuters.com/news/articleinves...DOCK-URGENT.XML

Horizon ABS Fund LP
(United Capital Markets Holdings Inc. -- $619 million)
subprime- mortgage bonds
restricted redemptions because of "unusually high number of redemption requests"
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Lake Shore Asset Management Ltd. -- $466 million
commodities fund
assets frozen; overstated holdings
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Queen's Walk Investment Ltd.
(Cheyne Capital Management Ltd.)
mortgage fund
losses $91 million
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Ritchie Risk-Linked Strategies Trading (Ireland) Ltd.
Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. II
life insurance investments
filed for bankruptcy; losses $700 million
http://www.bloomberg.com/apps/news?pid=206...&refer=home
[/quote]

Thanks to zinny01:
Yield Strategies Fund
Yield Strategies Fund NZD -- $177 million
(Absolute Capital Group Ltd.)
collateralized debt obligations
withdrawals suspended
http://www.bloomberg.com/apps/news?pid=206...&refer=home

This post has been edited by Goldfinger: 29 July 2007 - 10:32 PM

[Goldfinger]

Welcome to the Hedge Fund Implode-O-Meter

Update -- new funds/info are/is posted in bigger fonts.
-----------------------------------------------------------------------------------------------

Since June 2007, 17 funds have gotten into trouble:

Basis Yield Alpha fund
Basis Pac-Rim Opportunity fund
(Basis Capital Fund Management Ltd. -- $1bn)
"structured credits and junk-rated loans"
"Withdrawals from the funds have been frozen and some margin calls have been missed"
"The Yield Fund lost 14 percent in June, and the its Aust-Rim Opportunity Fund declined 9 percent"
"indiscriminate” repricing of “otherwise fundamentally sound collateral"
http://www.ft.com/cms/s/e839b922-2fdb-11dc...00779fd2ac.html
http://www.bloomberg.com/apps/news?pid=206...amp;refer=funds

Bear Stearns High- Grade Structured Credit Fund
Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund
CDOs
rescue efforts
http://www.bloomberg.com/apps/news?pid=new...id=ahWfhEJ7dra4
http://www.bloomberg.com/apps/news?pid=new...id=a2.uCdsyYHtE

Thanks to OLDFTB:
Another Bear Stearns Fund -- $900 million
asset-backed securities
redemption halted
losses in July
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Caliber Global Investment Ltd. -- $908 million
(Cambridge Place Investment Management LLP)
mortgage fund
closes down (losses)
http://www.bloomberg.com/apps/news?pid=206...amp;refer=funds

Fund by Carlyle Group
MBSs
IPO postponed; downsized
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Dillon Read Capital Management LLC
(UBS)
equities, mortgages
losses: $122 million in Q1 2007
http://www.bloomberg.com/apps/news?pid=new...id=aV.uoldRoQGU

Galena Street Fund -- $300 million
(Braddock Financial Corp.)
subprime mortgages
"Redemptions from investors nervous about subprime mortgage crisis", loss of about 3 percent in Q1 2007
http://today.reuters.com/news/articleinves...DOCK-URGENT.XML

Horizon ABS Fund LP
(United Capital Markets Holdings Inc. -- $619 million)
subprime- mortgage bonds
restricted redemptions because of "unusually high number of redemption requests"
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Lake Shore Asset Management Ltd. -- $466 million
commodities fund
assets frozen; overstated holdings
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Queen's Walk Investment Ltd.
(Cheyne Capital Management Ltd.)
mortgage fund
losses $91 million
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Ritchie Risk-Linked Strategies Trading (Ireland) Ltd.
Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. II
life insurance investments
filed for bankruptcy; losses $700 million
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Thanks to OnlyMe:
Sowood Capital Management LP -- $3 billion
corporate bonds
no redemptions until late 2008, the two hedge funds will be unwound
losses this month of approx. $1.5 billion
"Citadel Investment Group LLC bought most of the assets of Sowood Capital Management LP"
http://www.bloomberg.com/apps/news?pid=206...amp;refer=funds
http://www.bloomberg.com/apps/news?pid=206...&refer=home
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Yield Strategies Fund
Yield Strategies Fund NZD -- $177 million
(Absolute Capital Group Ltd.)
collateralized debt obligations
withdrawals suspended
http://www.bloomberg.com/apps/news?pid=206...&refer=home

This post has been edited by Goldfinger: 31 July 2007 - 11:43 PM

[libspero]

Just a quick quote that seems reasonably pertinent:


Peter schiff on 18/07/07 discussing bear stearns hedgefunds

"There are 9000 hedgefunds out here, there is no way that these are the only two hedge funds that own these structured mortgage products, no way, and all the other firms are going to suffer similar losses"

This gives at least an idea of how many are out there, and if he's right, how big an impact this really could have


Link
http://www.europac.n...ow_archives.asp

[Goldfinger]

I've edited the post above to add the newest Bear Stearns sucker. We're now at 17.

Quote

``This shows you don't necessarily have to be a subprime fund now to be having problems,'' said Bryan Whalen, a portfolio manager in Los Angeles at Metropolitan West Asset Management, which oversees more than $21 billion in fixed-income assets.

Oh dear.

EDIT: Oh-oh, more trouble ahead.

Quote

Aug. 1 (Bloomberg) -- Macquarie Bank Ltd., Australia's largest securities firm, said investors in some of its high- yield funds may lose as much as 25 percent of their money amid the fallout in U.S. subprime mortgages.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

This post has been edited by Goldfinger: 31 July 2007 - 11:46 PM

[zinny01]

I had to laugh when i saw that Reuters are running their own Hedge Fund Implode - O - Meter

http://www.reuters.com/article/fundsFundsN...223923920070802

http://www.economist.com/business/displays...tory_id=9587542

A good article in the Economist. I have stolen the picture as my Avatar.

[Goldfinger]

zinny01, on Aug 3 2007, 02:03 AM, said:

I had to laugh when i saw that Reuters are running their own Hedge Fund Implode - O - Meter

Mainstream is stealing our advanced technologies here.

[no room at the inn]

Don't know if this is of interest http://www.bloomberg.com/apps/news?pid=206...&refer=home

[Goldfinger]

no room at the inn, on Aug 3 2007, 12:24 PM, said:

Don't know if this is of interest http://www.bloomberg.com/apps/news?pid=206...&refer=home

This is of great interest, I would say. IMO, we see subprime spreading into the heartland of German retail banking here. I will update the meter later.

[Goldfinger]

Welcome to the Hedge Fund Implode-O-Meter

Update -- new funds/info are/is posted in bigger fonts.
-----------------------------------------------------------------------------------------------

Since June 2007, 18 funds have gotten into trouble:

Thanks to not a room at the inn:
ABS-Invest Fund
(Union Investment Asset Management Holding AG)
"6 percent of its assets in securities related to subprime mortgage loans"
halted redemptions
"clients withdrew about 10 percent of the assets in the past month"
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Basis Yield Alpha fund
Basis Pac-Rim Opportunity fund
(Basis Capital Fund Management Ltd. -- $1bn)
"structured credits and junk-rated loans"
"Withdrawals from the funds have been frozen and some margin calls have been missed"
"The Yield Fund lost 14 percent in June, and the its Aust-Rim Opportunity Fund declined 9 percent"
"indiscriminate” repricing of “otherwise fundamentally sound collateral"
http://www.ft.com/cms/s/e839b922-2fdb-11dc...00779fd2ac.html
http://www.bloomberg.com/apps/news?pid=206...amp;refer=funds

Bear Stearns High- Grade Structured Credit Fund
Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund
CDOs
rescue efforts
http://www.bloomberg.com/apps/news?pid=new...id=ahWfhEJ7dra4
http://www.bloomberg.com/apps/news?pid=new...id=a2.uCdsyYHtE

Another Bear Stearns Fund -- $900 million
asset-backed securities
redemption halted
losses in July
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Caliber Global Investment Ltd. -- $908 million
(Cambridge Place Investment Management LLP)
mortgage fund
closes down (losses)
http://www.bloomberg.com/apps/news?pid=206...amp;refer=funds

Fund by Carlyle Group
MBSs
IPO postponed; downsized
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Dillon Read Capital Management LLC
(UBS)
equities, mortgages
losses: $122 million in Q1 2007
http://www.bloomberg.com/apps/news?pid=new...id=aV.uoldRoQGU

Galena Street Fund -- $300 million
(Braddock Financial Corp.)
subprime mortgages
"Redemptions from investors nervous about subprime mortgage crisis", loss of about 3 percent in Q1 2007
http://today.reuters.com/news/articleinves...DOCK-URGENT.XML

Horizon ABS Fund LP
(United Capital Markets Holdings Inc. -- $619 million)
subprime- mortgage bonds
restricted redemptions because of "unusually high number of redemption requests"
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Lake Shore Asset Management Ltd. -- $466 million
commodities fund
assets frozen; overstated holdings
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Queen's Walk Investment Ltd.
(Cheyne Capital Management Ltd.)
mortgage fund
losses $91 million
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Ritchie Risk-Linked Strategies Trading (Ireland) Ltd.
Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. II
life insurance investments
filed for bankruptcy; losses $700 million
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Sowood Capital Management LP -- $3 billion
corporate bonds
no redemptions until late 2008, the two hedge funds will be unwound
losses this month of approx. $1.5 billion
"Citadel Investment Group LLC bought most of the assets of Sowood Capital Management LP"
http://www.bloomberg.com/apps/news?pid=206...amp;refer=funds
http://www.bloomberg.com/apps/news?pid=206...&refer=home
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Yield Strategies Fund
Yield Strategies Fund NZD -- $177 million
(Absolute Capital Group Ltd.)
collateralized debt obligations
withdrawals suspended
http://www.bloomberg.com/apps/news?pid=206...&refer=home

This post has been edited by Goldfinger: 04 August 2007 - 01:52 AM

[Goldfinger]

One to put on watch, I suppose.

Quote

Aug. 6 (Bloomberg) -- Goldman Sachs Group Inc.'s Global Alpha hedge fund fell almost 12 percent in the two weeks ended Aug. 3, bringing this year's decline to 16 percent after losses in stocks and bonds.

This year's drop in the $9 billion fund, managed by Mark Carhart and Raymond Iwanowski, follows the loss of about 9 percent in 2006, said two investors in the fund. Global Alpha's performance has reduced the fees paid to New York-based Goldman. The biggest U.S. securities firm booked $700 million from the fund in 2006.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

[bazzzzzzz]

Goldfinger, on Aug 7 2007, 12:08 AM, said:

One to put on watch, I suppose.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

9 Billion!

Unbelievable. And almost certainly worthless.

Time to sell the yacht-and the private jet.

[Goldfinger]

Welcome to the Hedge Fund Implode-O-Meter

Update -- new funds/info are/is posted in bigger fonts.
-----------------------------------------------------------------------------------------------

Since June 2007, 23 funds have gotten into trouble:

ABS-Invest Fund
(Union Investment Asset Management Holding AG)
"6 percent of its assets in securities related to subprime mortgage loans"
halted redemptions
"clients withdrew about 10 percent of the assets in the past month"
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Basis Yield Alpha fund
Basis Pac-Rim Opportunity fund
(Basis Capital Fund Management Ltd. -- $1bn)
"structured credits and junk-rated loans"
"Withdrawals from the funds have been frozen and some margin calls have been missed"
"The Yield Fund lost 14 percent in June, and the its Aust-Rim Opportunity Fund declined 9 percent"
"indiscriminate” repricing of “otherwise fundamentally sound collateral"
http://www.ft.com/cms/s/e839b922-2fdb-11dc...00779fd2ac.html
http://www.bloomberg.com/apps/news?pid=206...amp;refer=funds

Bear Stearns High- Grade Structured Credit Fund
Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund
CDOs
rescue efforts
http://www.bloomberg.com/apps/news?pid=new...id=ahWfhEJ7dra4
http://www.bloomberg.com/apps/news?pid=new...id=a2.uCdsyYHtE

Another Bear Stearns Fund -- $900 million
asset-backed securities
redemption halted
losses in July
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Caliber Global Investment Ltd. -- $908 million
(Cambridge Place Investment Management LLP)
mortgage fund
closes down (losses)
http://www.bloomberg.com/apps/news?pid=206...amp;refer=funds

Fund by Carlyle Group
MBSs
IPO postponed; downsized
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Dillon Read Capital Management LLC
(UBS)
equities, mortgages
losses: $122 million in Q1 2007
http://www.bloomberg.com/apps/news?pid=new...id=aV.uoldRoQGU

Thanks to cgnao:
FT ABS-Plus fund -- $221 million
(Frankfurt Trust)
halted redemptions
"clients removed 20 percent of their money"
http://www.bloomberg.com/apps/news?pid=new...id=azNwjyV3aReg

Galena Street Fund -- $300 million
(Braddock Financial Corp.)
subprime mortgages
"Redemptions from investors nervous about subprime mortgage crisis", loss of about 3 percent in Q1 2007
http://today.reuters.com/news/articleinves...DOCK-URGENT.XML

Horizon ABS Fund LP
(United Capital Markets Holdings Inc. -- $619 million)
subprime- mortgage bonds
restricted redemptions because of "unusually high number of redemption requests"
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Lake Shore Asset Management Ltd. -- $466 million
commodities fund
assets frozen; overstated holdings
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Oddo Cash Titrisation
Oddo Cash Arbitrages
Oddo Court Terme Dynamique -- combined $1.37 billion
(Oddo & Cie)
suspended
hopes to reimburse investors in September 2007
http://www.financialnews-us.com/?page=usho...ntid=2448442402

Queen's Walk Investment Ltd.
(Cheyne Capital Management Ltd.)
mortgage fund
losses $91 million
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Ritchie Risk-Linked Strategies Trading (Ireland) Ltd.
Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. II
life insurance investments
filed for bankruptcy; losses $700 million
http://www.bloomberg.com/apps/news?pid=206...&refer=home

Sowood Capital Management LP -- $3 billion
corporate bonds
no redemptions until late 2008, the two hedge funds will be unwound
losses this month of approx. $1.5 billion
"Citadel Investment Group LLC bought most of the assets of Sowood Capital Management LP"
http://www.bloomberg.com/apps/news?pid=206...amp;refer=funds
http://www.bloomberg.com/apps/news?pid=206...&refer=home
http://www.bloomberg.com/apps/news?pid=206...&refer=home

WestLB Mellon Compass Fund: ABS Fund -- €235 million
(WestLB Mellon Asset Management)
structured credit instruments
"asset freeze... from August 6"
http://www.ft.com/cms/s/9c904078-4510-11dc...00779fd2ac.html


Yield Strategies Fund
Yield Strategies Fund NZD -- $177 million
(Absolute Capital Group Ltd.)
collateralized debt obligations
withdrawals suspended
http://www.bloomberg.com/apps/news?pid=206...&refer=home

This post has been edited by Goldfinger: 08 August 2007 - 10:21 AM

[Goldfinger]

Updated to 22 funds now. See post above.

[Goldfinger]

23 now. Difficult to keep up with it now that the credit crunch has gained momentum.

[bleakhouse]

Great thread. However suspect you are right about keeping up, momentum gathering strength

Quote

More worrying news will come soon because many hedge funds issue monthly valuations which, this time, are causing huge difficulty. Gillian Tett wrote in the Financial Times on 2nd August of bitter disputes developing behind the scenes about the way funds are valuing some assets for their end of month performance reports. Amongst those hedge funds are bound to be a further slew of skinny dippers scrambling to justify previous valuations, based on model, which have lulled investors into a false sense of comfort and justified payment of fees based on investment growth which now looks very dodgy. Fertile ground for generating lawyers fees as embittered investors start a blame game and look for compensation

http://www.moneyweek.com/file/33318/why-di...-good-idea.html