Lansdowne Partners Said to Trim Equity Fund Losses in Early May

London-based hedge fund manager Lansdowne Partners reportedly made up some lost ground in three of its equity hedge funds during the first half of May.

Bloomberg is reporting that the Lansdowne Developed Markets Fund, which manages approximately $11 billion in a global long/short equity strategy, gained 3.2% through May 13. The result pares the fund’s YTD loss to -10%, noted Bloomberg, which cited an unidentified person familiar with the matter. 

Meanwhile, Lansdowne’s smaller European Equity Fund, with approximately $500 million in AUM, has booked 1.6% through the same date. It is now down 13% for the year through May 13, according to the Bloomberg article.

The two funds’ YTD results reflect the dismal environment many hedge funds faced in the first quarter. 

Lansdowne’s Energy Dynamics Fund, with $230 million in assets, was ahead 0.9% though May 13, and is down only 1% YTD. The long/short energy-focused fund famously gained nearly 15% in 2015 on the strength of well-timed short positions amid a colossal collapse in energy prices. 

Lansdowne, one of the largest hedge fund managers in the world, embarked on a restructuring in April after posting first quarter losses of nearly 8% in its flagship hedge fund, although at the time the company said the two were not related. Alex Snow, CEO of the firm since 2013, relinquished the role and the CEO position was abolished; Lansdowne is now managed by a committee headed by chairman Stuart Roden. 

Founded in 1998, Lansdowne is among the best-known London-based hedge fund managers. It has more than $20 billion in assets under management for a diversified client base that includes some of the world's largest and most sophisticated investors.