Some hedge funds explode…to the upside

It is a familiar refrain: “the hedge fund industry is dead as it is currently known”. For institutional investors who thought hedge fund managers would make money in both good times and bad, and were susbequently laid out, you can understand why they are throwing the baby out with the bath water.

But not all hedge funds suck, as is demonstrated yet again by the return profile of Tom Antony, manager at Peregrine Investment Management LP.

Year-to-date, Tom’s fund is up 69.96%. The cumulative return is 202.8% since inception (June 2004), which equates to an internal rate of return of 24.8%. He was down 30% last year, which is a bit better than the major indicies, and a lot better than the Decade of Daddy Fund (“Portfolio churn continues at O’Leary’s Global Equity Income Fund” May 19-09).

But, for 2009, he’s blown the doors off so far. Nary a down month.

Congrats to Tom and his investors.

MRM