...und da ja viele Hedgefunds in den Uranern sind/waren
trägt das vielleicht etwas zum Verständnis des weiteren Abverkaufs bei
(im StockhouseForum gefunden):
BOSTON (Reuters) - For hedge funds, August 15 may be D-Day, when investors rattled by heavy losses demand their money back from big and small portfolios alike."We are seeing a 'shoot first and ask questions later' mentality among many investors," said Philippe Bonnefoy, chairman of hedge fund advisory group Cedars Partners, describing how everyone from the wealthy to chief investment officers at endowments are now shunning risk.
Unnerved by heavy losses at some of the $1.75 trillion industry's most famous offerings, including AQR Capital Management, Highbridge Capital Management, D.E. Shaw and Goldman Sachs (GS.N: Quote, Profile, Research), many people want out before things get worse.
But exiting can be a difficult process in an industry where managers routinely lock up money for months, if not years, and often require 45 days' advance notice before returning it.
To pull out at the end of the third quarter, investors will have to notify their managers by August 15.
"Everyone always waits until the last second to get out, and (Wednesday) is the last second," said Mike Hennessy, managing director at hedge fund of funds Morgan Creek Capital.
Redemption notices began piling up weeks ago at hedge funds that specialize in subprime mortgages after two prominent Bear Stearns funds collapsed.
Now, what seemed like a contained problem has spread from credit-focused strategies to a broad range of funds, including one with a so-called market-neutral focus, that are not supposed to see huge losses, analysts and investors said.
Market-neutral funds, which hope to exploit market discrepancies by buying undervalued securities and taking an equal, short position in a different and overvalued security, returned nearly 6 percent during the first seven months of the year, delivering some of the industry's more robust performances. But the U.S. stock market's recent quick-paced decline, followed by a brief rally and then more losses, erased all gains and left the group with losses, according to investors who have seen weekly numbers.
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