This is April’s installment in a series of monthly posts about new commodity pool launches.
Of note this month:
- A big slow down in the rate of pool registration. This post covers roughly 26 calendar days and saw 391 pools registered, a rate of around 105/week – much lower than the 250/week we saw last time. The big name firms in total were registering pools at a rate of 9/week, way below the 30+ we saw in the last post.
- Wellington was most active setting up 6 new opaquely named pools.
- Tudor looks like it is re-jiggering things having set up a series of 7 trading LPs.
- GMO has established a fund aiming to capitalize on climate change.
- AQR has added another offshore style premia fund, presumably a feeder.
- In a similar vein, Goldman has established a customized risk premia pool.
Please let me know in the comments if this kind of overview is helpful, or if there is something of particular interest to you that you would like me to address.
A hedge fund is typically registered as commodity pool, and the underlying strategy can often be inferred from the name. New pool registrations give you useful market and competitive information! If nothing else, you may get a heads-up that a competitor is bringing something new to market.
The source of data is the National Futures Association’s (NFA) Background Affiliation Status Information Center (BASIC) website. These posts run in parallel with my other series on biggest hedge funds by regulatory assets under management. That series uses data sourced from the SEC’s Investment Advisor Public Depository website.
Between 400 and 800 new pools are registered with the NFA each month, so I don’t have space to list them all here. I limit the table to those pools registered by the largest hedge fund firms. This way you can see the latest product-related strategic moves being made by the biggest players.
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If you are interested in a data file which includes the 390+ most recently registered pools use the adjacent “Request File” button. If you want the file delivered to an email address let me know via our contact form (opens in a new tab – mention “NFA Pool File” in the message box).
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New Commodity Pool Launches April 2017
|AQR||AQR CAPITAL MANAGEMENT LLC||285701||AQR STYLE PREMIA PM OFFSHORE FUND II LTD||P126124|
|AVENUE||AVENUE AVIATION OPPORTUNITIES PARTNERS II OFFSHORE LLC||502980||AVENUE AVIATION OPPORTUNITIES FUND II OFFSHORE MASTER LP||P126129|
|AVENUE||AVENUE AVIATION OPPORTUNITIES PARTNERS II OFFSHORE LLC||502980||AVENUE AVIATION OPPORTUNITIES FUND II OFFSHORE MASTER LP||P126130|
|AVENUE||AVENUE CAPITAL MANAGEMENT II, L.P.||397172||AVENUE AVIATION OPPORTUNITIES FUND II OFFSHORE MASTER LP||P126129|
|BLACKROCK||BLACKROCK FUND ADVISORS||229147||ISHARES IBONDS DEC 2023 TERM MUNI BOND ETF||P126446|
|BLACKROCK||BLACKROCK INVESTMENT MANAGEMENT LLC||298090||AL NOUR PRIVATE OPPORTUNITIES FEEDER FUND LP||P126139|
|BLACKROCK||BLACKROCK INVESTMENT MANAGEMENT LLC||298090||AL NOUR PRIVATE OPPORTUNITIES FUND LP||P126140|
|BLACKROCK||BLACKROCK INVESTMENT MANAGEMENT LLC||298090||NJDOI CORE PLUS REAL ESTATE INVESTMENT PROGRAM LP||P126177|
|BLACKROCK||BLACKROCK INVESTMENT MANAGEMENT LLC||298090||NJDOI OPPORTUNISTIC REAL ESTATE INVESTMENT PROGRAM LP||P126178|
|CITADEL||CITADEL ADVISORS LLC||391913||CITADEL ENERGY INVESTMENTS FUND IRELAND ICAV||P126267|
|CITADEL||CITADEL ADVISORS LLC||391913||CITADEL ENERGY INVESTMENTS IRELAND DESIGNATED ACTIVITY COMPANY||P126268|
|CREDIT SUISSE||CREDIT SUISSE ASSET MANAGEMENT LLC||232207||ROSE HILL SENIOR LOAN FUND||P126174|
|GAM||GAM USA INC||232150||GAM OPPORTUNISTIC CREDIT FUND LP||P126304|
|GMO||GMO TRUST||F005299||GMO CLIMATE CHANGE FUND||P126378|
|GOLDENTREE||GOLDENTREE ASSET MANAGEMENT LP||359029||GOLDENTREE 2017 K SC LTD||P126415|
|GOLDMAN SACHS||GOLDMAN SACHS ASSET MANAGEMENT LP||330835||CUSTOMIZED ALTERNATIVE RISK PREMIA SUB TRUST||P126407|
|GOLDMAN SACHS||GOLDMAN SACHS ASSET MANAGEMENT LP||330835||PE CSEC OFFSHORE II LP||P126221|
|GOLDMAN SACHS||GOLDMAN SACHS ASSET MANAGEMENT LP||330835||VISION VI VINTAGE VI INC||P126220|
|J.P. MORGAN||JP MORGAN INVESTMENT MANAGEMENT INC||233420||JPMORGAN GLOBAL BOND OPPORTUNITIES ETF||P126319|
|J.P. MORGAN||JP MORGAN PRIVATE INVESTMENTS INC||296200||CD&R FUND X PRIVATE INVESTORS CAYMAN LP||P126199|
|J.P. MORGAN||JP MORGAN PRIVATE INVESTMENTS INC||296200||VINTAGE 2017 PRIVATE INVESTMENTS OFFSHORE SICAV RAIF S C S P||P126105|
|PIMCO||ALLIANZ GLOBAL INVESTORS US LLC||423330||ALLIANZGI GLOBAL HIGH YIELD FUND||P126230|
|TUDOR||TUDOR INVESTMENT CORPORATION||90145||TUDOR TRADING III LP||P126236|
|TUDOR||TUDOR INVESTMENT CORPORATION||90145||TUDOR TRADING IV LP||P126238|
|TUDOR||TUDOR INVESTMENT CORPORATION||90145||TUDOR TRADING V LP||P126239|
|TUDOR||TUDOR INVESTMENT CORPORATION||90145||TUDOR TRADING VI LP||P126240|
|TUDOR||TUDOR INVESTMENT CORPORATION||90145||TUDOR TRADING VII LP||P126241|
|WELLINGTON||WELLINGTON ALTERNATIVE INVESTMENTS LLC||449421||MAGDALENA INVESTORS CAYMAN LP||P126158|
|WELLINGTON||WELLINGTON ALTERNATIVE INVESTMENTS LLC||449421||MAGDALENA INVESTORS CAYMAN LTD||P126156|
|WELLINGTON||WELLINGTON ALTERNATIVE INVESTMENTS LLC||449421||MAGDALENA MASTER INVESTORS CAYMAN LP||P126155|
|WELLINGTON||WELLINGTON ALTERNATIVE INVESTMENTS LLC||449421||MAGDALENA PARTNERS LP||P126157|
|WELLINGTON||WELLINGTON ALTERNATIVE INVESTMENTS LLC||449421||QUISSETT BMD MB||P126203|
|WELLINGTON||WELLINGTON ALTERNATIVE INVESTMENTS LLC||449421||QUISSETT MB||P126202|
CPO.Name: Name of CPO
CPO.ID: NFA ID of the CPO
Pool.Name: Name of registered pool
Pool.ID: NFA ID of the registered pool
Contact me to discuss custom research and reporting projects.
In order to complete the research for this post, I made use of a script in R using the RSelenium package. I have previously published a post about how to set up RSelenium using the latest version of Selenium, and an earlier post reviewing some of the most useful functions in the package. This package makes it possible to automate the collection of data from websites; the process is called web-scraping.
The NFA assigns pool ID numbers in numerical order. I start with the most recently identified pool and increment the pool ID, then search in BASIC for that pool. If the pool is found, I record the name(s) and ID(s) of the Commodity Pool Operator(s). I also check for the date the pool ceased trading futures or ceased trading altogether, to ensure I do not include dead pools. I keep going until I run out of pools (I check at least 100 successive pool IDs have no pool associated with them).
Finally, for the purpose of this post, I purge the list of pool operators who do not appear on my 100 largest hedge funds master list. Note that this list includes about 350+ firms who are affiliated with the various large hedge fund companies.