New Commodity Pools July 2017

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).

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New Commodity Pool Launches June July 2017

groupNameCPO.NameCPO.IDPool.NamePool.ID
AQRAQR CAPITAL MANAGEMENT LLC0285701AQR EMERGING EQUITIES FUND II LPP128294
BLACKROCKBLACKROCK ADVISORS LLC0272844BLACKROCK GA DISCIPLINED VOLATILITY EQUITY FUNDP127479
BLACKROCKBLACKROCK ADVISORS LLC0272844BLACKROCK GA ENHANCED EQUITY FUNDP127481
BLACKROCKBLACKROCK ADVISORS LLC0272844BLACKROCK LIFEPATHSMART BETA 2060 FUNDP127816
BLACKROCKBLACKROCK ADVISORS LLC0272844CAYMAN GA DISCIPLINED VOLATILITY EQUITY FUND LTDP127480
BLACKROCKBLACKROCK ADVISORS LLC0272844CAYMAN GA ENHANCED EQUITY FUND LTDP127482
BLACKROCKBLACKROCK FINANCIAL MANAGEMENT INC0272739CARDIUM FUND LTDP128277
BLACKROCKBLACKROCK FINANCIAL MANAGEMENT INC0272739GLOBAL RENEWABLE POWER FUND II D OFFSHORE SPLITTER LPP127661
BLACKROCKBLACKROCK FINANCIAL MANAGEMENT INC0272739HEATHCOTE FUND LTDP128276
BLACKROCKBLACKROCK FINANCIAL MANAGEMENT INC0272739WAVERTREE MULTI STRATEGIES FUND LTDP127854
BLACKROCKBLACKROCK FUND ADVISORS0229147BLACKROCK LIFEPATH DYNAMIC 2060 FUND OF BLACKROCK FUNDS IIIP127817
BLACKROCKBLACKROCK FUND ADVISORS0229147ISHARES EDGE HIGH YIELD DEFENSIVE BOND ETFP128388
BLACKROCKBLACKROCK FUND ADVISORS0229147ISHARES EDGE INVESTMENT GRADE ENHANCED BOND ETFP128389
BLACKROCKBLACKROCK FUND ADVISORS0229147ISHARES ESG 1 5 YEAR USD CORPORATE BOND ETFP128406
BLACKROCKBLACKROCK FUND ADVISORS0229147ISHARES ESG USD CORPORATE BOND ETFP128407
BLACKROCKBLACKROCK FUND ADVISORS0229147ISHARES MSCI EMERGING MARKETS EX CHINA ETFP128278
BLACKROCKBLACKROCK FUND ADVISORS0229147ISHARES RUSSELL 2500 ETFP127904
BLACKROCKBLACKROCK INSTITUTIONAL TRUST COMPANY NA0279188FIXED INCOME FUNDAMENTAL TRADING FUND FIFTEENP127925
BLACKROCKBLACKROCK INSTITUTIONAL TRUST COMPANY NA0279188FIXED INCOME FUNDAMENTAL TRADING FUND SIXTEENP128394
BLACKROCKBLACKROCK INSTITUTIONAL TRUST COMPANY NA0279188SHORT TERM INVESTMENT FUND G1P127825
BLACKROCKBLACKROCK INVESTMENT MANAGEMENT LLC0298090TOPANGA PRIVATE OPPORTUNITIES LPP127608
BLACKSTONEBLACKSTONE TACTICAL OPPORTUNITIES ASSOCIATES L.L.C.0441330BLACKSTONE TACTICAL OPPORTUNITIES FUND HA LPP127477
BREVAN HOWARDPENSO ADVISORS LLC0425111PENSO FUND PLATFORM SPC SEGREGATED PORTFOLIO NCA 10 2017P128308
BREVAN HOWARDPENSO ADVISORS LLC0425111PENSO FUND PLATFORM SPC SEGREGATED PORTFOLIO NCA 11 2017P128309
BREVAN HOWARDPENSO ADVISORS LLC0425111PENSO FUND PLATFORM SPC SEGREGATED PORTFOLIO NCA 12 2017P128310
CANYONCANYON CAPITAL ADVISORS LLC0338562CANYON BALANCED FUND CAYMAN LPP128018
CANYONCANYON CAPITAL ADVISORS LLC0338562CANYON DISTRESSED OPPORTUNITY FUND II LTDP128020
CANYONCANYON CAPITAL ADVISORS LLC0338562CANYON VALUE REALIZATION FUND CAYMAN LP THEP128019
CERBERUSCERBERUS CAPITAL MANAGEMENT II LP0379243CERBERUS 17 RM FEEDER FUND LTDP127862
CREDIT SUISSECREDIT SUISSE ASSET MANAGEMENT LLC0232207ACCESS COMMODITY FUND LPP128434
FORTRESSFORTRESS CREDIT ADVISORS LLC0450199FORTRESS CREDIT ASSET BASED INCOME FUNDP127826
GOLDENTREEGOLDENTREE ASSET MANAGEMENT LP0359029GOLDENTREE 2017 K SC LPP128143
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP0330835GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUNDP128044
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP0330835INSIGHT VENTURE PARTNERS X ACCESS FOREIGN INCOME BLOCKER LLCP128315
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP0330835INSIGHT VENTURE PARTNERS X ACCESS LPP128314
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP0330835INSIGHT VENTURE PARTNERS X ACCESS OFFSHORE FOREIGN INCOME BLOCKER LTDP128317
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP0330835INSIGHT VENTURE PARTNERS X ACCESS OFFSHORE LPP128316
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP0330835VINTAGE VII B LPP128084
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP0330835VINTAGE VII B OFFSHORE HOLDINGS LPP128086
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP0330835VINTAGE VII B OFFSHORE LPP128085
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP0330835VINTAGE VII B2 OFFSHORE CORPORATE HOLDINGS LPP128089
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP0330835VINTAGE VII B2 OFFSHORE HOLDINGS LPP128088
GOLDMAN SACHSGOLDMAN SACHS ASSET MANAGEMENT LP0330835VINTAGE VII B2 OFFSHORE LPP128087
GOLDMAN SACHSGOLDMAN SACHS HEDGE FUND STRATEGIES LLC0279121HEDGE FUND SELECT: HOLOCENE LLCP128372
GOLDMAN SACHSGOLDMAN SACHS HEDGE FUND STRATEGIES LLC0279121HEDGE FUND SELECT: HOLOCENE LTDP128408
GOLDMAN SACHSGOLDMAN SACHS HEDGE FUND STRATEGIES LLC0279121MULTI FACTOR OPPORTUNITIES INST LTDP128199
HIGHFIELDSHIGHVISTA STRATEGIES LLC0360866HIGHVISTA HFS PARTNERS OFFSHORE SPC PORTFOLLIO CP128438
J.P. MORGANHIGHBRIDGE CAPITAL MANAGEMENT LLC03486431992 CO INVEST LPP127822
J.P. MORGANHIGHBRIDGE CAPITAL MANAGEMENT LLC03486431992 CO INVEST OFFSHORE LPP127823
J.P. MORGANHIGHBRIDGE CAPITAL MANAGEMENT LLC03486431992 MASTER FUND CO INVEST SPCP127824
J.P. MORGANJP MORGAN PRIVATE INVESTMENTS INC0296200BREP ASIA PRIVATE INVESTORS LLCP128290
J.P. MORGANJP MORGAN PRIVATE INVESTMENTS INC0296200BREP ASIA PRIVATE INVESTORS OFFSHORE LPP128291
J.P. MORGANJP MORGAN PRIVATE INVESTMENTS INC0296200LC ASIA 3 PRIVATE INVESTORS LLCP128375
J.P. MORGANJP MORGAN PRIVATE INVESTMENTS INC0296200LC ASIA 3 PRIVATE INVESTORS OFFSHORE LPP128376
MAN GROUPAHL PARTNERS LLP0466390AHL MEDIUM FREQUENCY EQUITY MASTER LIMITEDP128441
MAN GROUPAHL PARTNERS LLP0466390AHL TRADE IDEAS MASTER LIMITEDP128442
MAN GROUPAHL PARTNERS LLP0466390ENHANCED MOMENTUM SEGREGATED PORTFOLIO AP127789
MAN GROUPAHL PARTNERS LLP0466390MAN AHL CSS RESTRICTED SPCP127788
MAN GROUPFRM INVESTMENT MANAGEMENT USA LLC0429691GRAHAM TTCB MAC CAYMAN FUND LIMITEDP128393
MAN GROUPFRM INVESTMENT MANAGEMENT USA LLC0429691MAN FRM ALPHA PROTECT LIMITEDP128417
MARSHALL WACEMARSHALL WACE LLP0338513MARSHALL WACE COMMON CONTRACTUAL FUND MWCCF WORLD TOPS 13030 FUNDP127392
PAULSONPAULSON & CO INC0408490PAULSON ESP SEGREGATED PORTFOLIO COMPANY 1 ENTRUST XK MAY 17 SPP127445
PIMCOALLIANZ GLOBAL INVESTORS US LLC0423330ALLIANZGI CONVERTIBLE & INCOME 2024 TARGET TERM FUNDP128242
PIMCOALLIANZ GLOBAL INVESTORS US LLC0423330ALLIANZGI REAL ESTATE DEBT FUNDP128280
PIMCOPACIFIC INVESTMENT MANAGEMENT CO LLC0002988PHFS I MACRO RV OFFSHORE FUND LPP128094
PIMCOPACIFIC INVESTMENT MANAGEMENT CO LLC0002988PHFS IV EM MACRO OFFSHORE FUND LPP127829
PIMCOPACIFIC INVESTMENT MANAGEMENT CO LLC0002988PHFS V MORTGAGE RV OFFSHORE FUND LPP127828
PIMCOPACIFIC INVESTMENT MANAGEMENT CO LLC0002988PIMCO CAYMAN CROSSOVER CORPORATE CREDIT SEGREGATED PORTFOLIOP128009
PIMCOPACIFIC INVESTMENT MANAGEMENT CO LLC0002988PIMCO CAYMAN HIGH QUALITY LOW DURATION SEGREGATED PORTFOLIOP127530
PIMCOPACIFIC INVESTMENT MANAGEMENT CO LLC0002988PIMCO SEVEN POINT FUND LPP128095
PIMCOPACIFIC INVESTMENT MANAGEMENT CO LLC0002988SP RISK PREMIA PORTFOLIO LPP128188
PINE RIVERPINE RIVER CAPITAL MANAGEMENT LP0317668PINE RIVER GARRISON FUND LLCP128091
PINE RIVERPINE RIVER DOMESTIC MANAGEMENT LP0372707PINE RIVER GARRISON FUND LLCP128091
WELLINGTONWELLINGTON FUNDS US LLC0503169WELLINGTON SECURITIZED OPPORTUNITIES LTDP127507
WELLINGTONWELLINGTON FUNDS US LLC0503169WELLINGTON SELECT QUALITY EQUITY LPP127506
WINTONWINTON FUND MANAGEMENT LIMITED0477573CAVENDISH SYSTEMATIC FUNDP127380
groupName: Name of affiliate group to which the CPO belongs
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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