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Legends Fund posted a small loss in July of -0.14%. Despite the flattish result there were some significant moves at the underlying manager level.

Legends Fund gained 0.62% in June. It was a good result in a difficult month for hedge funds in general (HFRX Global HF Index: -0.48%) and negative equity markets (MSCI World TR: -0.50%).

Legends Fund was up 0.35% in May. The number conceals some significant underlying moves.

Legends Fund returned +1.48% in April. In comparison the HFRX Global Hedge Fund Index (EUR) was down 0.17%.

Slowly but surely we are entering a better investment environment for hedge funds.

In February Legends Fund lost 2.87%. Five of the underlying funds reported gains despite the highly volatile market environment.

Legends Fund had a strong start to the year, up 2.4%. Gains were carried broadly across the portfolio.

Pershing Square Holdings, the Amsterdam and London listed vehicle of Pershing Square Capital, ended the year at a 21.5% discount to the underlying fund’s NAV. On January 2nd, Ackman announced his boldest step so far aimed at reducing the discount.

If we have to name one defining element that has held back hedge fund returns in recent years, it is the enormous glut of liquidity that has been lifting all boats.