New York (HedgeCo.net) – This has not been a good month for alternative asset managers, at least not in terms of their own earnings performance. On Thursday, Fortress Investment Group joined a growing list of alternative investment firms that have posted disappointing earnings results. The company beat earnings estimates and revenue estimates, but shares fell as investors digested the earnings report.

One issue was the company’s liquid hedge funds posted a $6 million pre-tax loss which was attributed to poor performance in the flagship macro fund. Michael Novogratz manages the macro fund which lost 6.2% in the second quarter and was down 9.9% YTD through the end of last week.

Earlier this week, Carlyle Group LP issued earnings that were down 38% on a year over year basis and earlier this month, Blackstone Group reported earnings for the second quarter that were down 62%.

Rick Pendergraft
Research Analyst
HedgeCoVest