From the Financial Times:
George Soros picks up $5.5bn as Quantum Endowment fund soars
HT: FT Alphaville's 6am CutGeorge Soros’s Quantum Endowment fund had its second-best year ever in dollar terms in 2013, adding $5.5bn to the billionaire’s fortune and putting Quantum back in top place among the most successful hedge funds of all time.The gains mark a return to stability for Quantum, which Mr Soros closed to non-family members at the end of 2011 to avoid regulatory scrutiny under the Dodd-Frank financial reforms. He handed day-to-day trading to Scott Bessent, chief investment officer, after a decade of rapid turnover at the top of the fund.The $5.5bn return was the best for the $28.6bn fund since 2009, when Mr Soros oversaw a return of 29 per cent by correctly calling the end of the global financial crisis. He has frequently made higher percentage returns, including 32 per cent when he came out of retirement in 2007, but his then-smaller asset base meant lower dollar profits.
Last year’s return means Mr Soros has displaced Ray Dalio’s Bridgewater Pure Alpha as the fund that has made the most money for investors....MORE
