Founder, Touradji Capital Management, New York
iger cub, and University of Virginia graduate, Paul Touradji started out as a quant at options trader O’Connor before moving to Julian Robertson’s fund and leading its commodities team. He now runs the largest commodity fund in the US with assets around $2.5 billion. It has not had a down year since launch in 2005. Iranian born Touradji is based in New York and trades a wide spectrum of commodities as well as somecommodity equities. He does not publicise his positions. Rumours, T
CEO and CIO, Woodbine Capital, New York
oodbine attracted attention as one of the largest fund launches of 2009. Since then, assets have risen rapidly and now are above $3 billion. Founder Joshua Berkowitz’s twenty years of trading experience included spells at Steve Cohen’s SAC and then most recently at George Soros’s Quantum fund, where he annualised returns above 30% over three years. In a paper called “Gold: the Anti Goldilocks” Woodbine provides a framework for analysing the metal, with inputs including emerging markets W
Founder, Hutchin Hill Capital, New York
athematician Neil Chriss’s consistently profitable Hutchin Hill fund only opened to outside investment in May of this year. Until then virtually the only investment was $300 million of seeding from Jim Simons’ Meritage fund of funds, which was once part of the Medallion fund. Chriss is famous for books such as “Black Scholes and Beyond” that developed new techniques for pricing options, such as trinomial trees. Chriss also developed algorithmic systems for trading M
Mala Gaonkar Haarman
Managing Director, Lone Pine, New York
M ala Gaonkar Haarman heads up telecoms, media and technology research for Tiger cub Steven Mandell’s Lone Pine equity long/short hedge fund group. With a degree in economics from Harvard and a graduate of Harvard Business School, Haarman received Ford Foundation funding for her thesis. She consulted for the World Bank on Mongolian privatisations before joining the Boston Consulting Group, and has also worked for Mark Mobius’s Templeton emerging markets group. JP Morgan provided
Founder, Flintlock Capital, New York
athews founded Flintlock in February 2010. He has an eight year, portable, track record from Paul Tudor Jones’ Tudor BVI hedge fund, and made over 20% in both 2007 and 2008. While Mathews headed up commodity research for 12 years at Tudor, now his fund focuses on the 24 most liquid commodities. At Tudor, Mathews developed a framework for analyzing commodities based liquidity, volatility and fundamentals. He likes to see a decent amount of volatility to provide trading potential. Mathews’ M
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such as a constructive stance on base metals like nickel in early 2010 were not confirmed. Accurate calls made in the past have included shorting copper and buying coffee. Touradji is not afraid to trade against the crowd – indeed he has sometimes cited substantial short positions held by other investors as strengthening the case for him to take the other side of the trade. Touradji bought oil in late 2006 and started shorting it in early 2008, along with most other commodities, contributing to a profitable year in 2008.
demand, incomes, and currencies. Rising dispersion between developed and emerging markets is another key theme for Berkowitz in implementing the fund’s investment strategy. At the same time, the manager is cautiously aware of the risks of bubbles developing, so has on a number of occasions used options to trade gold and other assets. Woodbine takes views on volatility as well as the direction of assets, and trades bonds, equities and currencies on top of commodities. Co-founder Marcel Kasumovich is also ex-Soros.
using models and programmes. His early career was spent researching both pure and applied mathematics in academia. His first investment job started in 1997, program trading with Morgan Stanley. He had a brief spell at Goldman Sachs Asset Management before building an electronic brokerage platform that was sold to, and is still used by, Reuters. This was followed by a four year stint at Steve Cohen’s SAC, which he left to launch Hutchin Hill in 2007.
the platform for her TMT interest in early stage ventures. The Lone Pine funds all produced positive returns for 2009, ranging from 12% to 79%. Sector themes in the current portfolios include education, outsourcing, and smart-phones on the long side. The fund has held positions in plenty of household names such as Apple, JP Morgan, Monsanto, and Qualcomm. Recent portfolio changes have included taking profits on Mastercard and Priceline. On the short side, Lone Pine aim to spot the technologies that will become obsolete in future.
career began as a quantitative analyst covering equities and fixed income at Citigroup and Bear Stearns. Unusually, perhaps, he insists that quant relationships make intuitive sense, according to a piece he authored called “When is a Commodity not a Commodity”. He is a graduate of West Point and NYU’s Stern School of Business and served in the US Army.