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Some gains, and one big fumble for Fortress in Feb
March 7, 2012 / 12:09 AM / 6 years ago

Some gains, and one big fumble for Fortress in Feb

* Commodities portfolio lost 5 pct in February

* Fortress macro funds recorded gains

* Greenlight, Third Point funds had strong month

By Katya Wachtel

NEW YORK, March 6 (Reuters) - Fortress Investment Group’s commodities fund battled through February, losing 5 percent in a month when global financial markets rallied, according to figures published in an regulatory filing on Tuesday.

The portfolio is now down 5.43 percent for the year.

But the firm’s macro strategies fared much better last month, eking out gains as Greece moved closer to securing a 130 billion euro bailout and the Standard and Poor’s 500 stock index rose 4.1 percent.

The firm’s flagship macro fund, run by Michael Novogratz and Adam Levinson, gained 0.8 percent in February, sending yearly returns to 4.71 percent.

The Fortress Asia Macro fund rose about 1.5 percent, pushing returns for the year to 3.76 percent.

The firm’s liquid hedge funds were a sore point in 2011, with nearly all capital ending the year below respective high watermarks, Chief Financial Officer Daniel Bass told an earnings conference call last month.

While the commodities fund sank in February, strong results across Fortress’s macro funds will be a relief for investors, especially as some macro competitors saw their returns dive over the same period.

Former UBS trader Marc Malek’s Conquest Macro Fund sank 5.77 percent in February. The fund is down almost 10 percent for the year, according to data from HSBC Private Bank.

Other hedge fund managers struck gold in February, including some of the $2 trillion industry’s best known names.

David Einhorn’s Greenlight Capital LP fund rose 3.1 percent last month, sending yearly returns over 6 percent, according to a person familiar with the firm.

Dan Loeb’s Third Point Ultra fund also climbed in February, with returns of 1.6 percent, according to HSBC Private Bank. Through Feb. 29, the fund is up about 7.5 percent.

The S&P 500 rose about 8 percent through February.

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