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Dominikanin: Straszna śmierć, na którą nigdy nie powinniśmy się godzić
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Human-Run Hedge Funds Beat Quants In Pandemic
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Human-Run Hedge Funds Trounce Quants in Year Defined by Pandemic
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Synopsis
After years of being outgunned and outclassed by computer-driven quantitative strategies, human stock-pickers climbed back on top in 2020.
Getty Images
At the same time, macro managers, many of whom have complained about years of low volatility, finally got what they wanted.
By Hema Parmar, Katherine Burton and Nishant Kumar
Turns out, the hedge fund industry’s swashbucklers haven’t been made obsolete by the machines just yet.
After years of being outgunned and outclassed by computer-driven quantitative strategies, human stock-pickers climbed back on top in 2020. The dizzying gyrations of the pandemic-stricken year humbled even the most sophisticated of quants notably behemoths Renaissance Technologies and Two Sigma whose trading models were thrown off by swings their computers had never seen before.
It’s been a good 2020 for John Thaler, who decided to stage a comeback in January after shutting down JAT Capital in 2015.
After delivering eye-popping returns so far this year, Thaler’s new firm, Hampton Road Capital Management, is forming a strategic relationship with Leucadia Asset Management, the asset management division of Jefferies Financial Group. Leucadia will invest capital in Hampton Road’s long-short equity strategy, which is focused on technology, media, telecommunications, and consumer sectors globally.
According to an investor letter distributed early Friday and obtained by
Institutional Investor, Hampton Road is up 39.4 percent net year-to-date through December 10. The fund has garnered $250 million in assets under management so far, according to sources.