Hedge Fund D.E. Shaw Shorts Barclays (BCS)

According to The Telegraph, hedge fund D.E. Shaw has taken nearly a £100m short position in Barclays (BCS). This short represents 0.26% of the company's shares outstanding and was disclosed to UK regulators via filing.

*Update: In a second filing, D.E. Shaw has disclosed that it has reduced its short position below the -0.25% threshold required for reporting. So while it's still entirely possible they are still short, the size of the position has been reduced.

Keep in mind that in the UK, institutions are still required to report short positions in financials that cross a particular size threshold. You can view our primer on tracking hedge fund positions in the UK for more information.

Regarding other portfolio movement at the hedge fund, we mentioned that D.E. Shaw boosted positions in Global Cash Access (GCA) and LodgeNet (LNET) back in December as well.

D.E. Shaw manages over $21 billion and was founded in 1988 by David E. Shaw. They focus on intertwining technology and finance as they are a hedge fund, private equity firm, and technology development shop all in one.

Taken from their website, they invest “in a wide range of companies and financial instruments within both the major industrialized nations and a number of emerging markets. Its activities range from the deployment of investment strategies based on either mathematical models or human expertise to the acquisition of existing companies and the financing or development of new ones.”

Per Google Finance, Barclays is "a global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management. It operates through branches, offices and subsidiaries in the United Kingdom and overseas. Barclays has two business groups: Global Retailing and Commercial Banking, and Investment Banking and Investment Management."

For research directly from the firm, head to D. E. Shaw's insight on leverage.

Hedge Fund D.E. Shaw Updates a Position

Hedge fund firm D.E. Shaw & Co recently filed a 13G with the SEC in regards to shares of Lear Corporation (LEA) due to activity on March 11th, 2010. In the filing, we see that they now have a 5.1% ownership stake in LEA with 2,202,816 aggregate shares owned. This share total includes warrants that are exercisable into 421,409 shares and preferred stock convertible into 70,238 shares.

This is an increase in their position because back on December 31st, 2009 they owned 1,310,101 shares. Over the past three months they've gained exposure to 892,715 more shares and as such have increased their position by 68.1%. D.E. Shaw was recently listed as one of the world's largest hedge funds and its founder David Shaw recently appeared on Forbes' billionaire list.

Taken from Google Finance, Lear is "a supplier of automotive seat systems and electrical power management systems with a global foot printing, including 35 countries."

For more research from this multifaceted firm, head to D.E. Shaw's insight on leverage. For more of the latest portfolio maneuvers from prominent investment managers, head to our hedge fund tracking series.

D.E. Shaw Group Talks Leverage: Market Insight Report

Today we present you with research from The D.E. Shaw Group. In their latest Market Insights for March 2010, they focus on leverage. In their report entitled, "Lessons from the Woodshop: Common Sense in Managing and Measuring Leverage," they discuss the quality of leverage versus the quantity of leverage. In their research, they dive into a few questions, including:

- Why is the leverage being used?
- Under what terms and conditions is the borrowing being done?
- How is the leverage quantity being computed?

They examine how often times investors don't examine the above questions and in their commentary dive into one of the hottest topics from the financial crisis.

D.E. Shaw & Co was founded by David E. Shaw in 1988 and focuses on intertwining technology with finance. It is a hedge fund, private equity firm, and technology development shop all rolled into one. In particular, they focus on quantitative strategies and statistical arbitrage. Notable former D.E. Shaw employees include Jeff Bezos (who founded Amazon.com) and Lawrence Summers, who left the firm to serve on President Obama’s economic team. Our prior coverage of the firm includes theoretical research on common trading mistakes and a look at the basis monster that ate Wall Street.

Embedded below is D.E. Shaw's latest Market Insight for March 2010:



In the end, they come up with some simple takeaways/suggestions to help manage liabilities:

- Due diligence is key
- Diversify both assets & liabilities
- Focus on long-term financing sources
- Develop strong relationships with financing counterparties

Overall, an interesting and detailed look at an omnipresent topic on Wall Street. As always, you can follow further excellent investment insight through our coverage of hedge fund commentaries.

Hedge Fund D.E. Shaw & Co Updates Two Positions

Hedge fund D.E. Shaw & Co has recently updated its stakes in two companies. Firstly, we see that they have acquired a call option on Kid Brands (KID) with an exercise price of $6.63 to the tune of 15,000 shares. The option has an expiration date of 9/22/2019 and was purchased on September 22nd, 2009. Following this purchase, they now have nominal exposure to 30,000 shares in KID.

Secondly, we also see that D.E. Shaw has adjusted their stake in Spectrum Brands (SPEB). On September 17th, 2009, they sold 131,143 shares at a price of $23 per share. Following this transaction, they now hold 4,069,995 shares. This is the second round of selling D.E. Shaw has done in SPEB as we covered their previous Form 4 filing as well. Also notable is the fact that fellow hedge fund Harbinger Capital Partners has in the past disclosed a stake in Spectrum as well.

In terms of other recent activity from D.E. Shaw, we noted their increased stake in Priceline (PCLN). David E. Shaw founded the hedge fund and still oversees strategic maneuvers at the firm, but no longer is active in the day to day operations. In Alpha's hedge fund rankings, D.E. Shaw was ranked 6th in the world. We recently posted up some interesting newsletters direct from the hedge fund firm and you can check them out on the topics of:

- Common Trading Mistakes
- Tracking Asset Class Returns Through the Crisis
- The Basis Monster That Ate Wall Street.

Taken from Google Finance, Kid Brands is "a designer, importer, marketer and distributor of infant and juvenile and gift consumer products. The Company’s operations consist of Kids Line, LLC (Kids Line), Sassy, Inc. (Sassy), LaJobi, Inc., (LaJobi) and CoCaLo, Inc., (CoCaLo), each direct or indirect wholly owned subsidiaries, design, manufacture through third parties and market products in a number of categories including, infant bedding and related nursery accessories and decor (Kids Line and CoCaLo); nursery furniture and related products (LaJobi); and developmental toys and feeding, bath and baby care items with features that address the various stages of an infant’s early years (Sassy). The Company’s products are sold primarily to retailers in North America, the UK and Australia, including national retail accounts and independent retailers (including toy, specialty, food, drug, apparel and other retailers), and military post exchanges. "

Taken from their company website, Spectrum Brands includes brands such as 8 in 1, Cutter, Jungle Labs, Rayovac, Remington, Schultz, and more.

Hedge Fund D.E. Shaw & Co's Market Insight: The Basis Monster That Ate Wall Street

In continuing with our coverage of hedge fund D.E. Shaw's Market Insights, we want to bring you another installment, this time focusing on 'The Basis Monster That Ate Wall Street.' Over the past few days, we've also covered D.E. Shaw's look at tracking asset class returns through the crisis, as well as their piece that focused on common trading mistakes and the consequences that follow.

This time they focus on the 'basis' between cash financial instruments and their derivative based equivalents. They note that this "cash-synthetic" basis has shifted drastically which has created both opportunity and risk. In the piece, they examine the various risks as well as how this basis can lead to distorted perceptions of the market.

Download this edition of D.E. Shaw's Market Insights here (.pdf).

Hedge Fund D.E. Shaw's Market Insight: Tracking Asset Class Returns Through the Crisis

In keeping with our theme of interesting hedge fund reports, here's an excellent 15 page report from hedge fund D.E. Shaw & Co entitled "Is It Better Yet? Charting the Course of Various Asset Classes Through a Global Financial Crisis." Just yesterday, we also posted up a theoretical and applicational piece from D.E. Shaw that focused on common trading mistakes and the consequences associated with them.

This time around, we're posting up a piece specific to this financial crisis as the 15 page document examines how various asset classes have performed in these hectic times. While the report was released back in July, it is obviously still timely given that we're not out of the woods yet. You can download D.E. Shaw's Market Insights here (.pdf).

Market Insights From Hedge Fund D.E. Shaw & Co: Common Trading Mistakes

This is a first for Market Folly in that we've been able to track down some market insight from none other than hedge fund firm D.E. Shaw & Co. While the commentary is from July of this year, it is theoretical and applicational in nature so it's still very relevant. Not to mention, it's probably worth your time regardless, considering it is coming from a firm who has their hand in all different types of markets. After all, they are a hedge fund, a private equity firm, and technology development shop all rolled up into one.

This particular research report focuses on intuition versus reason. Additionally, it deals with analyzing trades and what they call the "time-portal" fallacy. It makes for interesting reading so definitely check it out as they delve into the topic of common trading mistakes and the consequences that follow. You can download the .pdf here. For more on DE Shaw, check out our recent portfolio coverage on them.

Hedge Fund D.E. Shaw & Co Boosts Priceline.com (PCLN) Stake

We've got two portfolio adjustments to cover regarding the holdings of quant focused D.E. Shaw & Co. Firstly, in a 13G filed with the SEC, David E. Shaw's hedge fund firm has disclosed a 5.1% ownership stake in Priceline.com (PCLN). They now own 2,096,755 shares and the filing was made due to activity on August 31st, 2009. They have boosted their stake in this name because as of June 30th, 2009 (their 13F filing), they owned 336,302 shares of common stock as well as 411,100 shares represented by Calls in options markets. Additionally, they also owned 202,000 shares worth of Puts on PCLN. So, in the last 3 months, they've certainly boosted their holdings and have acquired a sizable stake. This is interesting to see mainly because numerous other prominent hedge funds we track have entered large positions in Priceline.

Secondly, we see that D.E. Shaw & Co has filed a 13G on Spectrum Brands (SPEB) as well. The hedge fund now shows a 14% ownership stake with 4,201,138 shares. In addition to the 13G, they also filed a Form 4 to show that their current share tally was achieved by selling 25,000 shares at $23 per share and selling 40,000 shares at $22.40 per share, with both transactions taking place on the 3rd of September. While they sold a few shares, they still obviously have a large stake left. Shares of SPEB trade on the OTC Bulletin Board.

In terms of other recent notable activity, we saw back in June that D.E. Shaw filed a 13G on Medicis Pharma (MRX). While we haven't seen their performance figures the past few months, we did note that their Oculus fund was up 2.8% for the year as of the end of June. Their Composite fund was up 12.5% over the same timeframe. While D.E. Shaw & Co is a hedge fund, it is also a private equity firm and technology development shop all in one. Founded in 1988 by David E. Shaw, they manage over $33 billion and recently announced they would be opening an office in Dubai. Please note that they employ mainly quantitative and statistical arbitrage strategies. As such, tracking and cloning their portfolio is not necessarily recommended since we can't necessarily follow the rhyme or reason behind their portfolio maneuvers.

Shaw oversees strategic maneuvers at the firm, but no longer is active in the day to day operations. He received his Ph.D. from Stanford University. Some notable former employees include Jeff Bezos (before founding Amazon.com) and Lawrence Summers, who left the firm to serve on President Obama’s economic team. In Alpha's hedge fund rankings, D.E. Shaw was ranked 6th in the world. We haven't covered their portfolio in its entirety yet, but stay tuned to our hedge fund portfolio tracking series for updates.

Taken from Google Finance, Priceline.com is "a global online travel company that offers its customers a range of travel services, including hotel rooms, car rentals, airline tickets, vacation packages, cruises and destination services. Internationally, the Company offer its customers hotel room reservations in over 75 countries and 27 languages."

Taken from their company website, Spectrum Brands includes brands such as 8 in 1, Cutter, Jungle Labs, Rayovac, Remington, Schultz, and more.

Hedge Fund D.E. Shaw & Co Files 13G on Medicis Pharma (MRX)

In a 13G filed with the SEC yesterday after market close, David Shaw's hedge fund firm D.E. Shaw & Co has disclosed a 5.3% ownership stake in Medicis Pharma (MRX). The filing was made due to activity on June 10th, 2009 and they now own 3,136,350 shares.

D.E. Shaw & Co was founded in 1988 by David E. Shaw and manages around $33 billion as of December 1st 2008. They focus on intertwining technology and finance and are a hedge fund, private equity firm, and technology development shop all in one. They employ mainly quantitative strategies and do a lot of statistical arbitrage. Shaw oversees strategic maneuvers at the firm, but no longer is active in the day to day operations. He received his Ph.D. from Stanford University. Some notable former employees include Jeff Bezos (before founding Amazon.com) and Lawrence Summers, who left the firm to serve on President Obama’s economic team. In Alpha's hedge fund rankings, D.E. Shaw was ranked 6th in the world. We haven't covered their portfolio for this quarter yet, but keep an eye out as they'll be featured in our hedge fund portfolio tracking series soon. Back in January, we also noted D.E. Shaw had filed a 13D on Orient-Express Hotels (OEH), in an ongoing situation.

Taken from their website, D.E. Shaw invests “in a wide range of companies and financial instruments within both the major industrialized nations and a number of emerging markets. Its activities range from the deployment of investment strategies based on either mathematical models or human expertise to the acquisition of existing companies and the financing or development of new ones.”

Form 13G is filed with the SEC when a firm takes a 5% or greater stake in a company with passive intentions. A 13D, on the other hand, is when the investor has intentions or going activist to institute change. Taken from Google Finance, Medicis Pharma is "an independent specialty pharmaceutical company focused primarily on helping patients attain a healthy and youthful appearance and self-image through the development and marketing in the United States of products for the treatment of dermatological, aesthetic and podiatric conditions. It also markets products in Canada for the treatment of dermatological and aesthetic conditions."

Hedge Fund D.E. Shaw & Co Files Amended 13D on Orient-Express Hotels (OEH)

The $33 billion hedge fund D.E. Shaw & Co has filed an amended 13D with the SEC disclosing a 6.3% ownership stake in Orient-Express Hotels (OEH). Keep in mind this is an ongoing situation and is not a new filing, but merely an amended one. Their aggregate amount beneficially owned is 3,218,678 common shares. You can view the rest of their portfolio holdings here. The filing was made due to activity on January 12th, 2009. On that date as per the filing, D.E. Shaw,

"... filed a petition in the Supreme Court of Bermuda (the “Petition”) against the Issuer, the Issuer’s subsidiary Orient-Express Holdings 1 Ltd. (“OEH 1”) and the members of the Board alleging, among other things, that the Issuer’s current ownership and voting structure is unlawful under Bermuda law, and that the Board exercised its fiduciary powers for an improper purpose in causing or procuring OEH 1 to acquire, hold, and/or vote Class B Shares of the Issuer (the “Class B Shares”). The Petition requested, among other things, that the court issue orders (i) providing for the classification of the Class B Shares as non-voting treasury shares pursuant to Bermuda law, (ii) providing for the cancellation of the Class B Shares, (iii) restraining OEH 1 from exercising voting rights with respect to the Class B Shares, and/or (iv) providing such other relief as the court may deem proper."

D.E. Shaw was founded in 1988 by David E. Shaw and manages around $33 billion as of December 1st 2008. They focus on intertwining technology and finance and are a hedge fund, private equity firm, and technology development shop all in one. They employ mainly quantitative strategies and do a lot of statistical arbitrage. Shaw oversees strategic maneuvers at the firm, but no longer is active in the day to day operations. He received his Ph.D. from Stanford University. Some notable former employees include Jeff Bezos (before founding Amazon.com) and Lawrence Summers, who recently left the firm to serve on President Elect Obama’s economic team. In Alpha's latest hedge fund rankings, D.E. Shaw is ranked 6th in the world.

Taken from Google Finance,

Orient-Express Hotels is "a hotel and leisure group focused on the luxury end of the leisure market. The Company owns and/or invests in 51 properties consisting of 41 individual deluxe hotels, two restaurants, six tourist trains and two river cruise businesses. These are located in 25 countries worldwide."

D.E. Shaw & Co (David E. Shaw): Hedge Fund Portfolio Tracking - 13F Filing Q3 2008

This is the 3rd Quarter 2008 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out the preface to the series we're doing on Hedge Fund 13F filings here.

Next up is D.E. Shaw & Co. D.E. was founded in 1988 by David E. Shaw and manages around $33 billion as of December 1st 2008. They focus on intertwining technology and finance and are a hedge fund, private equity firm, and technology development shop all in one. They employ mainly quantitative strategies and do a lot of statistical arbitrage. Shaw oversees strategic maneuvers at the firm, but no longer is active in the day to day operations. He received his Ph.D. from Stanford University. Some notable former employees include Jeff Bezos (before founding Amazon.com) and Lawrence Summers, who recently left the firm to serve on President Elect Obama’s economic team. In our November hedge fund performance numbers update, we noted that Shaw's Oculus fund was up around 10% for 2008 as of November, as they had profited from their global macro strategy. Their Composite fund, on the other hand, was -4% for 2008 at the time, having pursued multiple strategies. You can view a video about the firm's work culture here. In Alpha's latest hedge fund rankings, D.E. Shaw is ranked 6th in the world.

Taken from their website, they invest “in a wide range of companies and financial instruments within both the major industrialized nations and a number of emerging markets. Its activities range from the deployment of investment strategies based on either mathematical models or human expertise to the acquisition of existing companies and the financing or development of new ones.”

The following were their long equity, note, and options holdings as of September 30th, 2008 as filed with the SEC. All holdings are common stock unless otherwise denoted.


Some New Positions (Brand new positions that they initiated in the last quarter):
Ace (ACE)
Laboratory Corp (LH)
Vale (RIO)
Procter & Gamble (PG) Puts
Metlife (MEU)
National City (NCC)
IAC Interactive (IACI)
US Bancorp (USB) Calls
Lehman Brothers 7.25% Preferred (LEHPQ)
Blackrock (BLK)
Parker Hannifin (PH)
Maxtor (inactive) Note
Myriad Genetics (MYGN) Calls
ITT Educational (ESI)
Eastman Kodak (EK)
Canadian National Railway (CNI)
Prologis (PLD-PG) Note
Wrigley (WWY)
Tyson Foods (TSNFB)
Coca Cola (KO) Puts
Activision Blizzard (ATVI)
Prologis (PLD-PG) 2nd set of Notes
Aetna (AET)
Valeant Pharma (VRX)
Brookfield Asset Management (BAM)
Ticketmaster (TKTM)
Verisign (VRSN)
Amgen (AMGN) Puts
Fifth Third Bancorp (FITBP)


Some Increased Positions (A few positions they already owned but added shares to)
Freeport McMoran (FCX): Increased position by5,102%
Anadarko Petroleum (APC): Increased position by 100%
Baker Hughes (BHI): Increased position by 74%
Target (TGT): Increased position by 66.5%
Goldman Sachs (GS) Calls: Increased position by 47%
Warner Chilcott (WCRX): Increased position by 44%
Travelers Companies (TRV): Increased position by 40.5%
HCP (HCP): Increased position by 42%
Allstate (ALL): Increased position by 38%
News Corp (NWS-A): Increased position by 29.5%
Anheuser Busch (BUD): Increased position by 27%
Google (GOOG) Calls: Increased position by 24%
Vertex Pharma (VRTX): Increased position by 22.5%
Burlington Northern (BNI): Increased position by 22.5%


Some Reduced Positions (Some positions they sold some shares of - note not all sales listed)
United Parcel Service (UPS): Reduced position by 38.5%
Hudson City Bancorp (HCBK): Reduced position by 33%
Exxon Mobil (XOM): Reduced position by 30%
Pfizer (PFE): Reduced position by 25%
XTO Energy (XTO): Reduced position by 22%


Removed Positions (Positions they sold out of completely)
Clear Channel (CCU)
Navteq – inactive
App Pharma - inactive
IAC Interactive (IACI)
Thermo Fisher Scientific (TMO)
Cliffs Resources (CLF) Calls
XM Satellite (XMSR)
Electronic Data System (EDS-PI)
Wendys (WEN)
Ventas (VTR)
American International Group (AIG-PA) Preferred
Kohls (KSS)
Public Storage (PSA)
Ingersoll Rand (IR)
Getty Images - inactive
Cleveland Cliffs (CLF) Puts
Archer Daniels Midland (ADM-PA) Preferred
Partnerre (PRE) Calls
Invesco (IVZ)
Elan (ELN)
Imclone (IMCL)
Williams Companies (WMB)
Proassurance (PRAZL)
Vivo Participacoes (VIV)
Blackrock (BLK)
Chevron (CVX) Puts
Rambus (RMBS)
Encana (ECA)
Ross Stores (ROST)


Top 20 Holdings (by % of portfolio)

1. Equity Residential (EQR): 0.98% of portfolio
2. Pfizer (PFE): 0.9% of portfolio
3. Goldman Sachs (GS) Calls: 0.88% of portfolio
4. HCP (HCP): 0.83% of portfolio
5. Union Pacific (UNP): 0.82% of portfolio
6. Vertex Pharma (VRTX): 0.81% of portfolio
7. Avalonbay Communities (AVB): 0.7% of portfolio
8. Exxon Mobil (XOM): 0.69% of portfolio
9. Owens Corning (OC): 0.69% of portfolio
10. Google (GOOG) Calls: 0.67% of portfolio
11. Warner Chilcott (WCRX): 0.67% of portfolio
12. Mylan (MYL): 0.62% of portfolio
13. United Parcel Service (UPS): 0.61% of portfolio
14. Huntsman (HUN): 0.6% of portfolio
15. Burlington Northern (BNI): 0.6% of portfolio
16. Anadarko Petroleum (APC): 0.59% of portfolio
17. Endo Pharma (ENDP): 0.58% of portfolio
18. Baker Hughes (BHI): 0.57% of portfolio
19. Hudson City (HCBK): 0.56% of portfolio
20. Mastercard (MA) Calls: 0.56% of portfolio


Assets from the collective long US equity, options, and note holdings were $56.4 billion last quarter and were $45.3 billion this quarter. We have not detailed the changes to every single position in this update, but we have covered all the major moves. Also, keep in mind that these filings only include long equity, notes, and options holdings. They do not reflect their cash, short portions, or holdings in other markets (currency, commodities, debt, foreign markets, private equity, etc). This is just one of many funds in our hedge fund portfolio tracking series in which we're tracking 35+ prominent funds. The other funds we've already covered include:

• Timothy Barakett's Atticus Capital
• Whitney Tilson's T2 Partners
• Peter Thiel's Clarium Capital
• Bill Ackman's Pershing Square
• Bret Barakett's Tremblant Capital
• John Paulson's Paulson & Co
• David Einhorn's Greenlight Capital
• Dan Loeb's Third Point
• Paul Tudor Jones' Tudor Investment Corp
• Louis Bacon's Moore Capital Management
• Bruce Kovner's Caxton Associates
• George Soros Soros Fund Management
• Chase Coleman's Tiger Global
• Stephen Mandel's Lone Pine Capital
• Lee Ainslie's Maverick Capital
• John Griffin's Blue Ridge Capital
• Andreas Halvorsen's Viking Global
• Chris Shumway's Shumway Capital Partners
• Touradji Capital (Paul Touradji)
• Eric Mindich's Eton Park Capital
• Barry Rosenstein's Jana Partners
• Seth Klarman's Baupost Group
• Art Samberg's Pequot Capital Management
• Ricky Sandler's Eminence Capital
• Thomas Steyer's Farallon Capital Management
• Harbinger Capital Partners (Philip Falcone)
• Jeffrey Gendell's Tontine Associates
• Jim Simons' Renaissance Technologies
• Ken Griffin's Citadel Investment Group
• Steven Cohen's SAC Capital
  

Overall, its been one of the worst years ever for hedge funds, as we noted in our November hedge fund performance number update. Thus, the recent moves they've made in their portfolios become all the more interesting given the way the market has played out.

More on D.E. Shaw & hedge funds:
- Hedge Fund manager interviews
- Hedge Fund investor letters
- Hedge Fund Rankings
- November hedge fund performance numbers
- October hedge fund performance numbers

Prominent Hedge Funds Restrict Withdrawals

Recently (and unsurprisingly) numerous hedge funds have begun to restrict withdrawals as they fight off the barrage of investors who want their money back. In an environment where seemingly everyone needs cash, this can be a problem. But, those investors entered into those funds knowing full well that their money could be locked up at some point. And, that time has come.

Rounding up the info, we've seen that some fairly prominent and large hedge funds are battening down the hatches. Here's a quick summary.

• We already wrote that Tudor Invesment Corp has frozen withdrawals from its $10 billion Global BVI Fund. This fund has some illiquid assets that they are trying to spin off into a separate fund and they need some time to get it approved and sorted. They had reported seeing redemption requests for 14% of the fund's capital.
• D.E. Shaw & Co, the firm ran by David Shaw, has locked up redemptions from its Oculus fund and its Composite fund. Their Oculus fund saw redemption requests for 8% of their capital, while the Composite fund saw requests equal to 6%. The firm manages around $36 billion and you can view a video about the firm's work culture here. In Alpha's latest hedge fund rankings, D.E. Shaw is ranked 6th in the world.
• $30 billion Farallon Capital Management is also suspending withdrawals from their largest fund after receiving redemption requests for around 25% of the fund's capital. The fund won't be charging typical management and performance fees, but instead will charge accounting fees. In Alpha's latest hedge fund rankings, Farallon was ranked #3. Farallon's portfolio performance is available here and you can read their latest letter here.
  
• Fortress Investment Group froze withdrawals from an $8 billion fund of theirs, after they received requests for withdrawals for a staggering 40% of the fund's capital.

Also, we're currently in the middle of our hedge fund portfolio tracking series. We're covering the 3rd quarter 2008 13F filings of various prominent hedge funds (including those above) in order to breakdown the changes they've made to their portfolios. You can view the portfolios of the funds we've analyzed thus far here.



Source: Bloomberg