Novus tracks more than a hundred hedge funds considered to be multi-strategy and diversified. While this lack of commitment to a single strategy might sound a little disjointed, it certainly takes away the manager's excuse that a declining asset class or contrary interest rate trends or an unanticipated swing in forex markets are to blame for a bad quarter. So we salute the brave fund managers who chart this course -- particularly the nine who added more than a full percentage point of alpha with their nimbleness.
At the top of the league table is Samuel Martini's OCO Capital Partners, with a gaudy 4,176 bps of annualized alpha to its credit. OCO's largest holdings, according to SEC filings, are retirement home operator Athene Holding, subprime lender Curo Group and mortgage lender Mr Cooper Group. Athene, at $13 billion in market cap, is an order of magnitude larger than the other two.