
This is July’s installment in a series of posts about new commodity pool launches. This post covers June and July, 2017
Highlights
The rate of pool registrations was around 103 per week last month, down from May’s 120/wk, and well below the peak of 120/wk during March. This post covers roughly 55 calendar days and saw 806 pools registered. The big name firms in total were registering pools at a rate of 10/week, again, way below the 30+ we saw in March.
Of note this month:
- BlackRock established 20 pools, including an Emerging Markets ex China – you know you going to have a big economy when you are carved out of the emerging market pool! There was also a Global Renewables pool, a volatility fund, a Russell 2,500 pool, and a multi-strat pool.
- Credit Suisse established a new commodity pool.
- Amongst 14 new pools, Goldman Sachs established a couple “Holocene” pools. Not sure what that’s all about.
- AHL registered a “Medium Frequency Equity” pool and an “Enhanced Momentum” pool, and 4 others.
- Marshall Wace has a new 130/30 pool.
- JP Morgan and PIMCO both established 7 new pools.
- Winton has established a single pool named “Cavendish Systematic Fund”. Perhaps they are finally releasing some new product.
While not visible in the table below, which is an abstract of the full table I make available, I note the following:
- Aspect Capital established 3 new pools.
- Systematica registered 8 new pools.
- Dunn launched a new pool, but I think it is for an existing program.
Glancing through the table I can see a couple of the major hedge funds’ pools are slipping through the net, so I will try to update my NFA to SEC cross-reference list to try to ensure the major hedge funds pools appear in the short table presented below.
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.
Background
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.
Get the Raw Data
If you are interested in a data file which includes the 800+ pools registered over the last couple months, 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).
Contact me to discuss custom research and reporting projects.
This file is no longer available. The button above will provide access to the current file.
New Commodity Pool Launches June July 2017
groupName | CPO.Name | CPO.ID | Pool.Name | Pool.ID |
---|---|---|---|---|
AQR | AQR CAPITAL MANAGEMENT LLC | 0285701 | AQR EMERGING EQUITIES FUND II LP | P128294 |
BLACKROCK | BLACKROCK ADVISORS LLC | 0272844 | BLACKROCK GA DISCIPLINED VOLATILITY EQUITY FUND | P127479 |
BLACKROCK | BLACKROCK ADVISORS LLC | 0272844 | BLACKROCK GA ENHANCED EQUITY FUND | P127481 |
BLACKROCK | BLACKROCK ADVISORS LLC | 0272844 | BLACKROCK LIFEPATHSMART BETA 2060 FUND | P127816 |
BLACKROCK | BLACKROCK ADVISORS LLC | 0272844 | CAYMAN GA DISCIPLINED VOLATILITY EQUITY FUND LTD | P127480 |
BLACKROCK | BLACKROCK ADVISORS LLC | 0272844 | CAYMAN GA ENHANCED EQUITY FUND LTD | P127482 |
BLACKROCK | BLACKROCK FINANCIAL MANAGEMENT INC | 0272739 | CARDIUM FUND LTD | P128277 |
BLACKROCK | BLACKROCK FINANCIAL MANAGEMENT INC | 0272739 | GLOBAL RENEWABLE POWER FUND II D OFFSHORE SPLITTER LP | P127661 |
BLACKROCK | BLACKROCK FINANCIAL MANAGEMENT INC | 0272739 | HEATHCOTE FUND LTD | P128276 |
BLACKROCK | BLACKROCK FINANCIAL MANAGEMENT INC | 0272739 | WAVERTREE MULTI STRATEGIES FUND LTD | P127854 |
BLACKROCK | BLACKROCK FUND ADVISORS | 0229147 | BLACKROCK LIFEPATH DYNAMIC 2060 FUND OF BLACKROCK FUNDS III | P127817 |
BLACKROCK | BLACKROCK FUND ADVISORS | 0229147 | ISHARES EDGE HIGH YIELD DEFENSIVE BOND ETF | P128388 |
BLACKROCK | BLACKROCK FUND ADVISORS | 0229147 | ISHARES EDGE INVESTMENT GRADE ENHANCED BOND ETF | P128389 |
BLACKROCK | BLACKROCK FUND ADVISORS | 0229147 | ISHARES ESG 1 5 YEAR USD CORPORATE BOND ETF | P128406 |
BLACKROCK | BLACKROCK FUND ADVISORS | 0229147 | ISHARES ESG USD CORPORATE BOND ETF | P128407 |
BLACKROCK | BLACKROCK FUND ADVISORS | 0229147 | ISHARES MSCI EMERGING MARKETS EX CHINA ETF | P128278 |
BLACKROCK | BLACKROCK FUND ADVISORS | 0229147 | ISHARES RUSSELL 2500 ETF | P127904 |
BLACKROCK | BLACKROCK INSTITUTIONAL TRUST COMPANY NA | 0279188 | FIXED INCOME FUNDAMENTAL TRADING FUND FIFTEEN | P127925 |
BLACKROCK | BLACKROCK INSTITUTIONAL TRUST COMPANY NA | 0279188 | FIXED INCOME FUNDAMENTAL TRADING FUND SIXTEEN | P128394 |
BLACKROCK | BLACKROCK INSTITUTIONAL TRUST COMPANY NA | 0279188 | SHORT TERM INVESTMENT FUND G1 | P127825 |
BLACKROCK | BLACKROCK INVESTMENT MANAGEMENT LLC | 0298090 | TOPANGA PRIVATE OPPORTUNITIES LP | P127608 |
BLACKSTONE | BLACKSTONE TACTICAL OPPORTUNITIES ASSOCIATES L.L.C. | 0441330 | BLACKSTONE TACTICAL OPPORTUNITIES FUND HA LP | P127477 |
BREVAN HOWARD | PENSO ADVISORS LLC | 0425111 | PENSO FUND PLATFORM SPC SEGREGATED PORTFOLIO NCA 10 2017 | P128308 |
BREVAN HOWARD | PENSO ADVISORS LLC | 0425111 | PENSO FUND PLATFORM SPC SEGREGATED PORTFOLIO NCA 11 2017 | P128309 |
BREVAN HOWARD | PENSO ADVISORS LLC | 0425111 | PENSO FUND PLATFORM SPC SEGREGATED PORTFOLIO NCA 12 2017 | P128310 |
CANYON | CANYON CAPITAL ADVISORS LLC | 0338562 | CANYON BALANCED FUND CAYMAN LP | P128018 |
CANYON | CANYON CAPITAL ADVISORS LLC | 0338562 | CANYON DISTRESSED OPPORTUNITY FUND II LTD | P128020 |
CANYON | CANYON CAPITAL ADVISORS LLC | 0338562 | CANYON VALUE REALIZATION FUND CAYMAN LP THE | P128019 |
CERBERUS | CERBERUS CAPITAL MANAGEMENT II LP | 0379243 | CERBERUS 17 RM FEEDER FUND LTD | P127862 |
CREDIT SUISSE | CREDIT SUISSE ASSET MANAGEMENT LLC | 0232207 | ACCESS COMMODITY FUND LP | P128434 |
FORTRESS | FORTRESS CREDIT ADVISORS LLC | 0450199 | FORTRESS CREDIT ASSET BASED INCOME FUND | P127826 |
GOLDENTREE | GOLDENTREE ASSET MANAGEMENT LP | 0359029 | GOLDENTREE 2017 K SC LP | P128143 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 0330835 | GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND | P128044 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 0330835 | INSIGHT VENTURE PARTNERS X ACCESS FOREIGN INCOME BLOCKER LLC | P128315 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 0330835 | INSIGHT VENTURE PARTNERS X ACCESS LP | P128314 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 0330835 | INSIGHT VENTURE PARTNERS X ACCESS OFFSHORE FOREIGN INCOME BLOCKER LTD | P128317 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 0330835 | INSIGHT VENTURE PARTNERS X ACCESS OFFSHORE LP | P128316 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 0330835 | VINTAGE VII B LP | P128084 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 0330835 | VINTAGE VII B OFFSHORE HOLDINGS LP | P128086 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 0330835 | VINTAGE VII B OFFSHORE LP | P128085 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 0330835 | VINTAGE VII B2 OFFSHORE CORPORATE HOLDINGS LP | P128089 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 0330835 | VINTAGE VII B2 OFFSHORE HOLDINGS LP | P128088 |
GOLDMAN SACHS | GOLDMAN SACHS ASSET MANAGEMENT LP | 0330835 | VINTAGE VII B2 OFFSHORE LP | P128087 |
GOLDMAN SACHS | GOLDMAN SACHS HEDGE FUND STRATEGIES LLC | 0279121 | HEDGE FUND SELECT: HOLOCENE LLC | P128372 |
GOLDMAN SACHS | GOLDMAN SACHS HEDGE FUND STRATEGIES LLC | 0279121 | HEDGE FUND SELECT: HOLOCENE LTD | P128408 |
GOLDMAN SACHS | GOLDMAN SACHS HEDGE FUND STRATEGIES LLC | 0279121 | MULTI FACTOR OPPORTUNITIES INST LTD | P128199 |
HIGHFIELDS | HIGHVISTA STRATEGIES LLC | 0360866 | HIGHVISTA HFS PARTNERS OFFSHORE SPC PORTFOLLIO C | P128438 |
J.P. MORGAN | HIGHBRIDGE CAPITAL MANAGEMENT LLC | 0348643 | 1992 CO INVEST LP | P127822 |
J.P. MORGAN | HIGHBRIDGE CAPITAL MANAGEMENT LLC | 0348643 | 1992 CO INVEST OFFSHORE LP | P127823 |
J.P. MORGAN | HIGHBRIDGE CAPITAL MANAGEMENT LLC | 0348643 | 1992 MASTER FUND CO INVEST SPC | P127824 |
J.P. MORGAN | JP MORGAN PRIVATE INVESTMENTS INC | 0296200 | BREP ASIA PRIVATE INVESTORS LLC | P128290 |
J.P. MORGAN | JP MORGAN PRIVATE INVESTMENTS INC | 0296200 | BREP ASIA PRIVATE INVESTORS OFFSHORE LP | P128291 |
J.P. MORGAN | JP MORGAN PRIVATE INVESTMENTS INC | 0296200 | LC ASIA 3 PRIVATE INVESTORS LLC | P128375 |
J.P. MORGAN | JP MORGAN PRIVATE INVESTMENTS INC | 0296200 | LC ASIA 3 PRIVATE INVESTORS OFFSHORE LP | P128376 |
MAN GROUP | AHL PARTNERS LLP | 0466390 | AHL MEDIUM FREQUENCY EQUITY MASTER LIMITED | P128441 |
MAN GROUP | AHL PARTNERS LLP | 0466390 | AHL TRADE IDEAS MASTER LIMITED | P128442 |
MAN GROUP | AHL PARTNERS LLP | 0466390 | ENHANCED MOMENTUM SEGREGATED PORTFOLIO A | P127789 |
MAN GROUP | AHL PARTNERS LLP | 0466390 | MAN AHL CSS RESTRICTED SPC | P127788 |
MAN GROUP | FRM INVESTMENT MANAGEMENT USA LLC | 0429691 | GRAHAM TTCB MAC CAYMAN FUND LIMITED | P128393 |
MAN GROUP | FRM INVESTMENT MANAGEMENT USA LLC | 0429691 | MAN FRM ALPHA PROTECT LIMITED | P128417 |
MARSHALL WACE | MARSHALL WACE LLP | 0338513 | MARSHALL WACE COMMON CONTRACTUAL FUND MWCCF WORLD TOPS 13030 FUND | P127392 |
PAULSON | PAULSON & CO INC | 0408490 | PAULSON ESP SEGREGATED PORTFOLIO COMPANY 1 ENTRUST XK MAY 17 SP | P127445 |
PIMCO | ALLIANZ GLOBAL INVESTORS US LLC | 0423330 | ALLIANZGI CONVERTIBLE & INCOME 2024 TARGET TERM FUND | P128242 |
PIMCO | ALLIANZ GLOBAL INVESTORS US LLC | 0423330 | ALLIANZGI REAL ESTATE DEBT FUND | P128280 |
PIMCO | PACIFIC INVESTMENT MANAGEMENT CO LLC | 0002988 | PHFS I MACRO RV OFFSHORE FUND LP | P128094 |
PIMCO | PACIFIC INVESTMENT MANAGEMENT CO LLC | 0002988 | PHFS IV EM MACRO OFFSHORE FUND LP | P127829 |
PIMCO | PACIFIC INVESTMENT MANAGEMENT CO LLC | 0002988 | PHFS V MORTGAGE RV OFFSHORE FUND LP | P127828 |
PIMCO | PACIFIC INVESTMENT MANAGEMENT CO LLC | 0002988 | PIMCO CAYMAN CROSSOVER CORPORATE CREDIT SEGREGATED PORTFOLIO | P128009 |
PIMCO | PACIFIC INVESTMENT MANAGEMENT CO LLC | 0002988 | PIMCO CAYMAN HIGH QUALITY LOW DURATION SEGREGATED PORTFOLIO | P127530 |
PIMCO | PACIFIC INVESTMENT MANAGEMENT CO LLC | 0002988 | PIMCO SEVEN POINT FUND LP | P128095 |
PIMCO | PACIFIC INVESTMENT MANAGEMENT CO LLC | 0002988 | SP RISK PREMIA PORTFOLIO LP | P128188 |
PINE RIVER | PINE RIVER CAPITAL MANAGEMENT LP | 0317668 | PINE RIVER GARRISON FUND LLC | P128091 |
PINE RIVER | PINE RIVER DOMESTIC MANAGEMENT LP | 0372707 | PINE RIVER GARRISON FUND LLC | P128091 |
WELLINGTON | WELLINGTON FUNDS US LLC | 0503169 | WELLINGTON SECURITIZED OPPORTUNITIES LTD | P127507 |
WELLINGTON | WELLINGTON FUNDS US LLC | 0503169 | WELLINGTON SELECT QUALITY EQUITY LP | P127506 |
WINTON | WINTON FUND MANAGEMENT LIMITED | 0477573 | CAVENDISH SYSTEMATIC FUND | P127380 |
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.
Methodology
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.
Image Source: Ben Dunkley on the FreeImages website.
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