Fortress Reports Third Quarter 2012 Results And Announces Dividend Of $0.05 Per Share
Net returns for the nine months ended September 30, 2012 for the Fortress Macro Funds, Fortress Asia Macro Funds and Fortress Partners Funds were 11.1%, 10.7% and 6.9%, respectively. Positive year-to-date performance has brought nearly all main Fortress Macro Fund and Fortress Asia Macro Fund capital above respective high water marks and thus eligible to generate incentive income. As of September 30, 2012, approximately 96% of capital in the main Fortress Macro Funds exceeded respective high water marks and 100% of Fortress Asia Macro Fund capital exceeded its respective high water marks. In aggregate, approximately $2.4 billion of capital is now above respective high water marks, a $1.3 billion increase from the end of the second quarter.
Liquid Hedge Fund AUM finished the third quarter flat at $4.4 billion. In the third quarter, we raised a total of $167 million of capital, directly adding to AUM, and paid out $379 million of redemptions. NAV appreciation of $193 million also added to AUM during the period.
Subsequent to quarter end, the Liquid Hedge Funds have raised over $400 million of additional capital, which will be added to AUM in the fourth quarter of 2012. As of September 30, 2012, there were $0.3 billion of Liquid Hedge Fund redemption notices outstanding, of which $0.1 billion will be paid primarily within one quarter and $0.2 billion will be paid primarily in the first quarter of 2013.
“Double digit year-to-date returns in our Fortress Macro Funds and Fortress Asia Macro Funds have brought nearly all of our capital above respective incentive thresholds,” said Mike Novogratz, Fortress Principal and co-CIO of Macro Funds. “With over $2 billion of capital now eligible for incentive income, we are positioned very well for a strong financial close to 2012 and for next year. Our trading philosophy continues to align well with market opportunities and we remain optimistic that we can continue to deliver positive returns for our investors.”
Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
