Tuesday, January 31, 2023

Sculptor hedge funds decline in Q3


  • Jimmy Levin says client assets protected amid volatility
  • CIO currently in dispute with founder Dan Och
  • Assets dip to $36.1bn in Q3

Sculptor Capital Management posted more losses in its main products during Q3, but CIO Jimmy Levin said outperformance versus market benchmarks protected client capital.

The publicly-traded New York firm, previously known as Och-Ziff, reported its quarterly results on Tuesday.

  • The Sculptor Credit Opportunities flagship lost 1.1% in Q3, putting it down 3.9% YTD after a 17% gain in 2021.
  • Its multi-strategy product lost 1.2% and is down 14.2% for the year. It gained 5% last year.
  • The customised credit platform made 0.4% but is down 3.6% after a 17.2% gain last year.

AuM fell $747m to $36.1bn, blamed on “a combination of FX impact on our European CLOs, negative fund performance in multi-strategy and opportunistic credit, net outflows in multi-strategy, and distributions in our real estate funds,” according to a statement.

“We continue to believe this market environment is ripe with attractive investment opportunities that we can capitalize on given our opportunistic investment approach and flexible capital base, generating attractive returns for both clients and shareholders,” said Levin.

The results come amid an escalating battle between current CIO Levin and its founder, Dan Och.

See the results here.