Clarium Capital Management LP up 16% in June, 57.9% YTD

While I don't think Peter Thiel has the time or inclination to play golf, his global macro strategy finished the front nine up 57.9%, which might be the best numbers posted by any hedge fund with +$5 billion in assets.

Thiel's themes have worked like a dream in June, as the fund gained 16% for the month. Of course, the numbers seem a little pedestrian compared with his January 2008 numbers, which were +24%.

While life seems good at Clarium, not everyone is satisfied with punching the clock there. Lets hope Matt Kratter made the right move; you certainly have to admire his cojones, although you might want to question his sanity:

Ex-Clarium Capital Management trader Matthew Kratter has started a hedge fund. He described Kratter Capital as “hybrid” long-short equity strategy focused on option arbitraging and using a global macro overlay for risk management.

“We have the global macro risk overlay in case we have too much exposure to a given macro factor such as oil or the interest rate,” he said. HFN

Kratter Capital has a minimum $1 million investment as well as a 2% management fee and a 20% performance fee. BTIG is the prime broker. Howard Rice is the law firm. Rothstein Kass is the auditor. Kratter Capital opened in June with $8.6 million. Kratter said the hedge fund is targeting between $500 million and $1 billion. Kratter had been head trader and a member of the investment committee for Clarium Capital.

Good luck, Matt, and if Peter needs me, I am ready to fill your seat on the investment committee, assuming I can work from the Seastead.
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The Fund is a broadly opportunistic investment fund that pursues absolute returns across a global/macro spectrum. The Fund invests mainly in currency, commodity, debt and equity instruments.

Clarium believes that high absolute returns with moderate leverage and risk can be achieved by understanding and correctly trading the systemic, correlated distortions present in most global/macro markets.

Clarium believes that these distortions result from the collapse of the 1990s bubble, amplified by pervasive central bank and government manipulation of the bond and currency markets in an attempt to mitigate the damage created by the bubble’s collapse. Clarium exploits these distortions by taking directional positions in the major liquid currency, commodity, bond, and equity markets
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Where are we headed? Peter’s big picture thoughts last December are proving to be eerily prescient.

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Ex-Clarium Trader Up And Running
HFN

2007 Man of the Year: Peter Thiel
1440 Wall Street

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The content contained in this blog represents the opinions of underthecounter. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author. No Position

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