罗伯特我主教的黑斑羚激增n Second Half

We have already chronicled that many hedge funds with ties to Julian Robertson Jr. lost money last year, while few outperformed the equity markets.

然而，一个击败所有老虎后代的一个基金是Robert Bishop的Impala基金，由他的新迦南康涅狄格州的公司管理，Impala资产管理.

The long-short equity fund finished the year up 25.1 percent after enjoying a huge surge in the second half of the year. Bishop’s new Impala Resource Master Fund, which began trading on August 1, returned 18 percent through the end of the year.

A major reason for Impala’s success: Unlike most of the Tiger crowd, Bishop does not emphasize technology and Internet companies. He has always gravitated toward economically sensitive industries such as airlines, energy, commodities, homebuilders, and forest products companies.

Earlier in his career Bishop was a paper and packaging analyst at Salomon Brothers from 1986 through 1992, where he was an亚博赞助欧冠All-America Research Teammember. When he served as an analyst and managing director at Tiger, from 1992 through 1995, he specialized in cyclical stocks. As a principal at Maverick Capital, from 1998 to 2002, he oversaw the Dallas firm’s investments in basic industries, including manufacturing, commodities, transportation, energy, and other cyclical industries. And in his short stint as chief investment officer at Soros Fund Management, Bishop expanded the firm’s orientation toward cyclicals.

Bishop, who launched Impala in 2004 and now manages $2.4 billion, learned that it is not as important to find the very best companies in a particular sector as it is to catch the inflection point in a cycle when conditions are moving from bad to average. This is when most stocks within these economically sensitive groups rapidly move up.

And right now Bishop believes he has caught an inflection point in commodities. After the Impala Fund gained 8 percent in the third quarter, Bishop told clients in a letter dated October 31: “We continue to believe that we are in the early innings of a nice commodity cycle. We have maintained that we weren’t sure whether this was a cyclical move or a secular move (2 years or longer). We are becoming more confident that it could well be a secular move as new supply additions over the next three years for a slew of commodities are minimal, while demand from emerging markets is improving.”

Bishop告诉客户，该公司在中国，巴西，印度，印度尼西亚，俄罗斯等方面看到了强大的新兴市场增长，强调新兴市场占全球材料需求的60％至75％，如铜，钢铁和原油等材料的需求油。

当然，·普查在第四季度获得了另外7.2％的普查，而Impala资源基金在第四季度飙升了16％，其中10月和11月仅有18％以上。

The funds no doubt benefited from the market’s post-election rally in cyclicals, which petered out a bit in the final two weeks of the year before resuming this year.

该基金在年底管理了21450万美元，该公司在较早的函中描述为一个高辛烷值投资组合，将大大净净迅速，并将分配给商品和相关公司。

At the end of the third quarter, two stocks accounted for about 30 percent of the entire firm’s total U.S. equity longs.

在公司在9月期间提高近三分之一的公司后，Teck Resources占美国长期的16.7％。Teck was also the largest long of the Impala Resource Master Fund and the only stock among this fund’s top five holdings as of November 30 that also ranked among the firm’s top ten holdings in the third quarter, the most recent period for which firms must disclose their U.S. equity holdings.

NVR accounted for 14 percent of the firm’s assets although it did not rank among the Resource fund’s top five holdings (the Impala Fund’s December statistical report, also obtained byΑ, does not identify specific holdings).

Shares of Teck, a Canadian metals and mining company, rose 11 percent in the fourth quarter and 52 percent in the second half of the year. They also surged more than 400 percent for the year.

NVR, a homebuilder and mortgage company, gained less than 2 percent in the final quarter but fell more than 6 percent in the second half of the year.

Rio Tinto, the British-Australian metals and mining company and the firm’s third-largest long, rose 15 percent in the final quarter and 23 percent in the second half.

Trucking giant Swift Transportation Co., the firm’s fourth-largest long, was down slightly in the fourth quarter but up more than 50 percent in the second half of the year.

工程与施工巨头氟公司，第五大，第四季度增长了2％以上，下半年6.6％。

Meanwhile, Freeport-McMoRan, the Resource fund’s second-largest long, jumped 21 percent in the fourth quarter alone. Oil giant Hess Corp., the fund’s third-largest long, jumped 16 percent in the third quarter. First Quantum Minerals, a Canadian mineral producer, rose 23 percent, while United States Steel Corp. surged 75 percent in the final quarter. U.S. Steel is also the firm’s 11th-largest long.

Bishop是否可以维持这些收益将在很大程度上取决于这是否真的是那些罕见的拐点之一和商品周期的早期局。