A MARKET sell-off that ricocheted across the globe last month reversed the fortunes of many of Wall Street's star investors. But it is not all doom and gloom in the US$3 trillion hedge fund industry.
A number of hedge funds, both big and small, are recording double-digit gains this year and putting up the kind of performances that just might justify the industry's famously hefty fees.
Among the better-performing funds are those that were started in the past several years by former disciples of Steven Cohen, the billionaire investor who founded SAC Capital Advisors.
One is Jason Karp, whose Tourbillon Capital Management, a US$2.9 billion fund, is up 18.44 per cent in its main portfolio, said a person...
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