Hedge funds climbed 0.9 percent last month, posting their best gain since September while trailing global equities, as markets rallied in the wake of a U.S. budget agreement and correlation between stocks diminished.
John Hussman runs a $6.3 billion mutual fund with the flexibility to bet on rising and falling stock prices. His fees are a fraction of those charged by so- called long-short hedge funds that do the same thing, and he’s making more money for investors this year.
Appaloosa Management LP’s David Tepper, hedge fund manager Mark Kingdon and Lansdowne Partners Ltd. cut bets on Bank of America Corp. in the third quarter as Warren Buffett’s Berkshire Hathaway Inc. invested in the lender.
Hedge funds Moore Capital Management LLC and Blue Ridge Capital LLC boosted their stakes in JPMorgan Chase & Co. in the first quarter, while Kingdon Capital Management LLC divested, before the shares plunged because of a $2 billion trading loss.