Hedgie Och-Ziff Jumps 1% On Surge In New Money, Fund Performances
By Murray Coleman, Barron’s,
Hedge fund manager Och-Ziff (OZM) is up more than 1% after reporting assets under management surged to $30 billion in May, a jump of $600 million from the previous month.
In its filing, the firm also listed monthly and year-to-date performance for its funds:
- The OZ Master Fund, which accounts for about 70% of the firm’s assets, was flat in the month but up 4.12% YTD.
- The OZ Europe Master Fund gained 0.24% in May and ahead by 4.21% in 2011.
- The OZ Asia Master Fund lost 1.71% in May but remained up 0.52% on the year.
- The OZ Global Special Investments Master Fund gained 0.49% in May and was up 6.13% through the month for 2011.
The returns on a weighted asset basis translates into the month’s gains coming overwhelmingly from positive net inflows, estimates Jefferies (JEF) analyst Daniel Fannon in a note to clients.
May also represented OZM’s biggest monthly asset jump in more than two years, he added.
Fannon wrote:
“Given the company’s track record of consistent positive risk-adjusted returns, its global brand, and reporting transparency, we believe OZM is well-positioned to gain market share over the next 12 months.”
Citigroup (C) analyst William Katz also praised the results, pointing out that while the Master Fund was flat in May, it continued “its long-standing streak of downside protection during difficult markets.”
He and Fannon both rate OZM as a “buy.” Katz has a $21 a share price target while Fannon has set a $20 target.
Och-Ziff’s stock is trading up 1.3%, or 18 cents, at $14.51 a share.
By contrast, the Financials Select Sector SPDR (XLF) is ahead 0.2%, or 3 cents, at $15.34 a share on Thursday.
Categories: Finding Oxstones, Hedge Fund, North America