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Hedge funds are snapping up economically sensitive stocks, betting on a rebound after recent selloffs driven by tariff-related recession fears in the US market, according to a report by Bloomberg citing data from the prime brokerage unit at Goldman Sachs.

Last week, hedge funds aggressively bought shares of banks, energy producers, and other cyclical companies at the fastest pace since December. These sectors had been among the hardest hit, with one key index falling nearly 10% from its recent highs amid President Donald Trump’s shifting tariff policies and concerns over U.S. economic growth.

“This year’s weakness in cyclicals was seen by some as an opportunity to buy the dip and re-enter at a better price,” said Jonathan Caplis, CEO of PivotalPath, who noted that fund managers view US financials and traditional energy stocks as less exposed to tariff risks than other sectors.

Signs of a rebound in cyclical stocks are emerging. The KBW Bank Index posted an eight-session winning streak – its longest since 2016 – before retreating on Wednesday as fresh tariff concerns resurfaced. A Citigroup index tracking cyclical stocks against defensive sectors like utilities and healthcare has also clawed back nearly half its recent losses.

If cyclicals continue to recover, it could indicate that investors see the economic impact of tariffs as less severe than initially feared.

Some investors are watching the relationship between cyclicals and defensive stocks, which traditionally act as safe havens during economic uncertainty. Bank of America strategist Jill Carey Hall noted that last week, the bank’s clients were larger net buyers of cyclicals than defensive stocks, signalling that they aren’t positioning for an imminent recession.

However, not everyone shares this optimism. Some market participants still believe tariffs could trigger a US economic downturn, and that markets have yet to fully price in this risk, despite a 7% drop in the S&P 500 from last month’s record high.

Stuart Kaiser, Citigroup’s head of US equity trading strategy, suggested that part of the rebound in cyclical stocks may be driven by expectations that the Trump administration’s tariff policies will be more targeted and less damaging than initially feared.

Schulte Roth & Zabel (Schulte) and Eisenhandler & Co (Eisenhandler) have formed a strategic partnership to deliver a comprehensive compensation consulting and legal services offering tailored to alternative investment managers.

This first-of-its-kind collaboration integrates Eisenhandler’s market-leading compensation consulting and data insights with Schulte’s legal and tax advisory expertise, providing a seamless approach to structuring compensation plans, partnership agreements, succession planning, and other employment-related matters.

Eisenhandler specialises in total rewards consulting and operates MarketLook, a proprietary compensation data platform that aggregates compensation trends across hedge funds, private equity, credit, and real estate investment managers.

Schulte, a law firm focused on alternative investment managers, offers legal and tax guidance on compensation structures, employment agreements, partnership terms, and regulatory compliance.

By combining their expertise, the firms aim to eliminate inefficiencies in the compensation structuring process, ensuring that data-driven recommendations are implemented with a legally and tax-compliant framework from the outset.

The partnership builds on a 15-year working relationship between Schulte and Shelley Eisenhandler, a veteran compensation consultant who launched Eisenhandler & Co in 2023.

According to a press statement, the partnership “removes friction for alternative investment firms when structuring compensation plans, ensuring legal and tax considerations are incorporated early, rather than requiring later revisions”.

Beyond compensation, the collaboration extends to employment law matters, including restrictive covenants, separation agreements, and DEI compliance.

Schulte Roth & Zabel (Schulte) and Eisenhandler & Co (Eisenhandler) have formed a strategic partnership to deliver a comprehensive compensation consulting and legal services offering tailored to alternative investment managers.

This first-of-its-kind collaboration integrates Eisenhandler’s market-leading compensation consulting and data insights with Schulte’s legal and tax advisory expertise, providing a seamless approach to structuring compensation plans, partnership agreements, succession planning, and other employment-related matters.

Eisenhandler specialises in total rewards consulting and operates MarketLook, a proprietary compensation data platform that aggregates compensation trends across hedge funds, private equity, credit, and real estate investment managers.

Schulte, a law firm focused on alternative investment managers, offers legal and tax guidance on compensation structures, employment agreements, partnership terms, and regulatory compliance.

By combining their expertise, the firms aim to eliminate inefficiencies in the compensation structuring process, ensuring that data-driven recommendations are implemented with a legally and tax-compliant framework from the outset.

The partnership builds on a 15-year working relationship between Schulte and Shelley Eisenhandler, a veteran compensation consultant who launched Eisenhandler & Co in 2023.

According to a press statement, the partnership “removes friction for alternative investment firms when structuring compensation plans, ensuring legal and tax considerations are incorporated early, rather than requiring later revisions”.

Beyond compensation, the collaboration extends to employment law matters, including restrictive covenants, separation agreements, and DEI compliance.

by Daniil Shapiro, CFA, Director, Product Development, Cerulli Associates

 

Further integrating alternatives into retail investor portfolios means placing the assets in convenient structures alongside public market exposures.

Pleasant Lake Partners, the hedge fund led by Jonathan Lennon, has secured a capital commitment from Millennium Management, marking a significant expansion of its investment mandate, according to a report by Bloomberg.

The report cites unnamed sources familiar with the matter as revealing that Millennium has allocated at least $2bn in gross market value – including leverage – through a separately managed account (SMA). Sources indicate the funds will be deployed in a new strategy aimed at incubating investment talent.

Pleasant Lake Partners currently manages over $4bn in assets, excluding Millennium’s commitment. The firm invests across public and private markets, with a focus on consumer, telecommunications, media, and technology sectors.

In addition to hedge fund strategies, Pleasant Lake Partners is launching a private equity initiative designed to support companies seeking partnerships with investment firms that prioritise long-term holding periods.

The hedge fund has made high-profile investments, including a stake in L’Occitane, supporting its buyout by chairman Reinold Geiger last July. That deal was backed by Blackstone’s Tactical Opportunities group and Goldman Sachs Alternatives.

The firm, affiliated with Fund 1 Investments LLC, also holds positions in Tile Shop Holdings Inc, and BJ’s Restaurants Inc, according to securities filings.

Pleasant Lake Partners, the hedge fund led by Jonathan Lennon, has secured a capital commitment from Millennium Management, marking a significant expansion of its investment mandate, according to a report by Bloomberg.

The report cites unnamed sources familiar with the matter as revealing that Millennium has allocated at least $2bn in gross market value – including leverage – through a separately managed account (SMA). Sources indicate the funds will be deployed in a new strategy aimed at incubating investment talent.

Pleasant Lake Partners currently manages over $4bn in assets, excluding Millennium’s commitment. The firm invests across public and private markets, with a focus on consumer, telecommunications, media, and technology sectors.

In addition to hedge fund strategies, Pleasant Lake Partners is launching a private equity initiative designed to support companies seeking partnerships with investment firms that prioritise long-term holding periods.

The hedge fund has made high-profile investments, including a stake in L’Occitane, supporting its buyout by chairman Reinold Geiger last July. That deal was backed by Blackstone’s Tactical Opportunities group and Goldman Sachs Alternatives.

The firm, affiliated with Fund 1 Investments LLC, also holds positions in Tile Shop Holdings Inc, and BJ’s Restaurants Inc, according to securities filings.

Ray Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund, has been appointed as an advisor to Indonesia’s newly launched $900bn sovereign wealth fund, Danantara, according to a report by Fortune.

The move is part of a broader effort by Indonesian President Prabowo Subianto to bolster investor confidence as he consolidates the country’s state-owned enterprises under a single investment entity.

Dalio joins a high-profile advisory team that includes renowned economist Jeffrey Sachs and former Thai Prime Minister Thaksin Shinawatra. Their appointments come at a critical time for Indonesia, as global investors raise concerns about governance and political interference in Danantara’s operations.

As the founder of Bridgewater Associates, Dalio brings decades of experience in navigating global macroeconomic trends, particularly in emerging markets. His deep ties to China – where he has invested for over 40 years – underscore his expertise in Asian economies, making him a strategic addition to Danantara’s advisory board.

Dalio’s appointment signals an effort to reassure institutional investors, including hedge funds, that Danantara will adhere to global investment best practices. Since the beginning of the year, Indonesia’s financial markets have struggled amid a major selloff, with stocks hitting four-year lows and the central bank intervening to stabilise the rupiah. Investors have been wary of the sovereign wealth fund’s governance structure, as it reports directly to Prabowo, raising fears of political influence in investment decisions.

Dalio’s insights into Asian capital markets come at a time when investors are pivoting away from Southeast Asia and back into China, where equities have staged a strong rebound. His involvement with Danantara could help counteract this trend by positioning Indonesia as a viable investment destination despite recent market volatility.

With Chinese stocks surging in 2024 following years of economic uncertainty, Indonesia faces an uphill battle to attract capital. Danantara, with an initial $20bn investment budget this year across 15-20 projects, aims to revitalise investor interest in Southeast Asia’s largest economy.

For hedge funds and institutional investors watching Southeast Asia, Dalio’s appointment is a crucial development. His macroeconomic insights and risk management expertise, honed through Bridgewater’s flagship Pure Alpha strategy, could shape how Danantara deploys its vast capital pool.

Ray Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund, has been appointed as an advisor to Indonesia’s newly launched $900bn sovereign wealth fund, Danantara, according to a report by Fortune.

The move is part of a broader effort by Indonesian President Prabowo Subianto to bolster investor confidence as he consolidates the country’s state-owned enterprises under a single investment entity.

Dalio joins a high-profile advisory team that includes renowned economist Jeffrey Sachs and former Thai Prime Minister Thaksin Shinawatra. Their appointments come at a critical time for Indonesia, as global investors raise concerns about governance and political interference in Danantara’s operations.

As the founder of Bridgewater Associates, Dalio brings decades of experience in navigating global macroeconomic trends, particularly in emerging markets. His deep ties to China – where he has invested for over 40 years – underscore his expertise in Asian economies, making him a strategic addition to Danantara’s advisory board.

Dalio’s appointment signals an effort to reassure institutional investors, including hedge funds, that Danantara will adhere to global investment best practices. Since the beginning of the year, Indonesia’s financial markets have struggled amid a major selloff, with stocks hitting four-year lows and the central bank intervening to stabilise the rupiah. Investors have been wary of the sovereign wealth fund’s governance structure, as it reports directly to Prabowo, raising fears of political influence in investment decisions.

Dalio’s insights into Asian capital markets come at a time when investors are pivoting away from Southeast Asia and back into China, where equities have staged a strong rebound. His involvement with Danantara could help counteract this trend by positioning Indonesia as a viable investment destination despite recent market volatility.

With Chinese stocks surging in 2024 following years of economic uncertainty, Indonesia faces an uphill battle to attract capital. Danantara, with an initial $20bn investment budget this year across 15-20 projects, aims to revitalise investor interest in Southeast Asia’s largest economy.

For hedge funds and institutional investors watching Southeast Asia, Dalio’s appointment is a crucial development. His macroeconomic insights and risk management expertise, honed through Bridgewater’s flagship Pure Alpha strategy, could shape how Danantara deploys its vast capital pool.

By Aaron Filbeck, CAIA, CFA, CFP®, CIPM, FDP, Managing Director, Global Content Strategy, CAIA Association
and John Bowman, CFA, Chief Executive Officer, CAIA Association

Equity Data Science (EDS), a provider of investment process management software, has strengthened its advisory team with the addition of seasoned industry professionals Perry Boyle, Jay Chandler, Phil Vilhauer, and Vikas Kalra.

The four bring expertise in hedge fund management, investment banking, risk management, and fintech innovation, and all have extensive backgrounds in global finance and technology.

Boyle, CEO of MITS Capital, a defense tech investment bank in Ukraine, previously held leadership roles at Salomon Brothers, Alex. Brown & Sons, and Point72 Asset Management, and was a founding partner of Thomas Weisel Partners.

Chandler, former Senior Managing Director and Head of Equity Syndicate at Evercore, played a key role in building the firm’s equity underwriting business, and also held leadership positions at Merrill Lynch and Bank of America Merrill Lynch, including Head of Global Equity Syndicate.

Vilhauer, former Deputy Head of Global Equities at Citadel and Managing Director and Head of Global Trading at Point72, has deep expertise in global trading, portfolio management, and investment analytics.

Kalra, founder of Reliable Revenue Partners, a fintech and data advisory firm, previously led risk and portfolio analytics teams at MSCI and held senior roles at Cross River, Alkymi, and FXCM.

In a press statement, Greg McCall, Co-Founder and President of EDS, said: “We’re thrilled to welcome Perry, Jay, Phil, and Vikas to our advisory team. Their extensive industry experience will be invaluable as we continue to enhance our platform and drive better investment outcomes for our clients.”

Since its inception in 2012, EDS has supported institutional investors ranging from start-ups to large asset managers and hedge funds. The firm recently launched Nexus, a next-generation risk and portfolio management solution designed to streamline workflows and provide deeper insights for investment teams.

Equity Data Science (EDS), a provider of investment process management software, has strengthened its advisory team with the addition of seasoned industry professionals Perry Boyle, Jay Chandler, Phil Vilhauer, and Vikas Kalra.

The four bring expertise in hedge fund management, investment banking, risk management, and fintech innovation, and all have extensive backgrounds in global finance and technology.

Boyle, CEO of MITS Capital, a defense tech investment bank in Ukraine, previously held leadership roles at Salomon Brothers, Alex. Brown & Sons, and Point72 Asset Management, and was a founding partner of Thomas Weisel Partners.

Chandler, former Senior Managing Director and Head of Equity Syndicate at Evercore, played a key role in building the firm’s equity underwriting business, and also held leadership positions at Merrill Lynch and Bank of America Merrill Lynch, including Head of Global Equity Syndicate.

Vilhauer, former Deputy Head of Global Equities at Citadel and Managing Director and Head of Global Trading at Point72, has deep expertise in global trading, portfolio management, and investment analytics.

Kalra, founder of Reliable Revenue Partners, a fintech and data advisory firm, previously led risk and portfolio analytics teams at MSCI and held senior roles at Cross River, Alkymi, and FXCM.

In a press statement, Greg McCall, Co-Founder and President of EDS, said: “We’re thrilled to welcome Perry, Jay, Phil, and Vikas to our advisory team. Their extensive industry experience will be invaluable as we continue to enhance our platform and drive better investment outcomes for our clients.”

Since its inception in 2012, EDS has supported institutional investors ranging from start-ups to large asset managers and hedge funds. The firm recently launched Nexus, a next-generation risk and portfolio management solution designed to streamline workflows and provide deeper insights for investment teams.

Lazard and Arini Capital Management, the $7.9bn credit-focused hedge fund founded by ex-Credit Suisse star trader Hamza Lemssougue have entered into a strategic partnership to expand direct lending solutions across the EMEA region.

Through the agreement, Arini will gain access to Lazard’s corporate and sponsor advisory network, while Lazard’s clients will be introduced to Arini’s private credit strategies – potentially opening new capital solutions for mid-market borrowers.

The deal marks a notable step for hedge funds deepening their involvement in private credit. Arini’s Europe-focused direct lending fund, set to launch with backing from British Columbia Investment Management Corporation (BCI) and other institutional investors, aims to capitalise on financing gaps in the middle market.

“Arini has deep roots across European and global credit markets where we have been seeing significant convergence between public and private credit,” said Lemssougue in a press statement. “We are excited to partner with Lazard’s sector, country, and product bankers across Europe to provide access to financing opportunities, with the goal of generating strong risk-adjusted returns for our investors.”

Lazard’s move to bolster its private credit capabilities aligns with a broader trend of hedge funds stepping into areas traditionally dominated by banks. The agreement will allow Lazard to enhance its capital solutions offering while providing Arini with a steady pipeline of direct lending opportunities sourced through Lazard’s advisory network.

The deal comes as private credit continues to attract significant institutional capital. The EMEA mid-market lending space is viewed as particularly ripe for expansion, with hedge funds and alternative credit managers stepping in to fill gaps left by traditional lenders amid tighter banking regulations.

“Positioning Arini’s credit investment capabilities alongside Lazard’s origination creates a highly differentiated and scalable approach to pursue European direct lending opportunities, particularly in the core middle market,” said Daniel Garant, EVP & Global Head of Public Markets at BCI.

Under the agreement, Lazard will retain its independence in providing financing advice to clients, while Arini will maintain full autonomy over its investment decisions. The collaboration is expected to provide institutional investors with access to an alternative private credit strategy at a time when the sector is experiencing heightened demand.

Lazard and Arini Capital Management, the $7.9bn credit-focused hedge fund founded by ex-Credit Suisse star trader Hamza Lemssougue have entered into a strategic partnership to expand direct lending solutions across the EMEA region.

Through the agreement, Arini will gain access to Lazard’s corporate and sponsor advisory network, while Lazard’s clients will be introduced to Arini’s private credit strategies – potentially opening new capital solutions for mid-market borrowers.

The deal marks a notable step for hedge funds deepening their involvement in private credit. Arini’s Europe-focused direct lending fund, set to launch with backing from British Columbia Investment Management Corporation (BCI) and other institutional investors, aims to capitalise on financing gaps in the middle market.

“Arini has deep roots across European and global credit markets where we have been seeing significant convergence between public and private credit,” said Lemssougue in a press statement. “We are excited to partner with Lazard’s sector, country, and product bankers across Europe to provide access to financing opportunities, with the goal of generating strong risk-adjusted returns for our investors.”

Lazard’s move to bolster its private credit capabilities aligns with a broader trend of hedge funds stepping into areas traditionally dominated by banks. The agreement will allow Lazard to enhance its capital solutions offering while providing Arini with a steady pipeline of direct lending opportunities sourced through Lazard’s advisory network.

The deal comes as private credit continues to attract significant institutional capital. The EMEA mid-market lending space is viewed as particularly ripe for expansion, with hedge funds and alternative credit managers stepping in to fill gaps left by traditional lenders amid tighter banking regulations.

“Positioning Arini’s credit investment capabilities alongside Lazard’s origination creates a highly differentiated and scalable approach to pursue European direct lending opportunities, particularly in the core middle market,” said Daniel Garant, EVP & Global Head of Public Markets at BCI.

Under the agreement, Lazard will retain its independence in providing financing advice to clients, while Arini will maintain full autonomy over its investment decisions. The collaboration is expected to provide institutional investors with access to an alternative private credit strategy at a time when the sector is experiencing heightened demand.

An unexpected rise in the cost of equity financing is pressuring some hedge funds and asset managers, while presenting a lucrative opportunity for cash-rich investors, according to a report by Bloomberg.

The financing spreads on S&P 500 Index futures – embedded costs that allow investors to gain stock exposure without purchasing shares outright – have surged in recent months. After hitting record highs late last year, these costs remain above historical norms, even as markets have experienced recent turbulence.

Hedge funds often rely on futures to maintain market exposure while preserving capital. Instead of buying stocks outright, they use leverage, paying a financing spread on top of a risk-free interest rate. As more firms have piled into these trades, competition has driven up spreads, increasing financing costs for money managers.

“The dislocation is very large compared to the spread’s historical range, and the S&P 500 is one of the most canonical, most liquid markets in the world,” said Ashwin Thapar, head of multi-asset class investing at DE Shaw Investment Management.

Despite the S&P 500’s recent correction, which typically alleviates funding pressure, spreads have remained elevated. According to JPMorgan, the three-month implied financing spread on S&P 500 futures has fallen from December’s peak of 1.8% to about 0.6%, yet this remains in the top quintile of the past five years. Long-term financing costs remain stubbornly high.

For institutional investors with available capital, such as pension funds and sovereign wealth funds, these elevated financing spreads offer attractive returns. Firms like Janus Henderson are capitalising on this by engaging in cash-and-carry arbitrage – buying S&P 500 stocks while selling futures contracts against them.

“The pickup of equity financing spreads makes this trade extremely attractive right now,” said Natasha Sibley, a manager on Janus Henderson’s multi-strategy team.

Other hedge funds, lacking the same balance sheet capacity, are turning to alternative plays like trading calendar spreads – betting on changes in financing costs over different maturities. Demand has surged for CME’s Adjusted Interest Rate (AIR) Total Return Futures, with open interest in the product exceeding $255 billion this year.

The persistence of high financing costs suggests a structural shift in equity markets. Regulatory constraints on bank balance sheets limit their ability to provide financing, creating a supply-demand mismatch. As a result, hedge funds must navigate an environment where leverage is more expensive, while large institutional investors stand to benefit.

However, some market participants believe this trend may be temporary. Pete Hecht, head of the North America portfolio solutions group at AQR Capital Management, noted that surging demand for S&P 500 products last year fuelled higher financing costs. With stock market exuberance cooling in 2024, spreads could normalise over time.

An unexpected rise in the cost of equity financing is pressuring some hedge funds and asset managers, while presenting a lucrative opportunity for cash-rich investors, according to a report by Bloomberg.

The financing spreads on S&P 500 Index futures – embedded costs that allow investors to gain stock exposure without purchasing shares outright – have surged in recent months. After hitting record highs late last year, these costs remain above historical norms, even as markets have experienced recent turbulence.

Hedge funds often rely on futures to maintain market exposure while preserving capital. Instead of buying stocks outright, they use leverage, paying a financing spread on top of a risk-free interest rate. As more firms have piled into these trades, competition has driven up spreads, increasing financing costs for money managers.

“The dislocation is very large compared to the spread’s historical range, and the S&P 500 is one of the most canonical, most liquid markets in the world,” said Ashwin Thapar, head of multi-asset class investing at DE Shaw Investment Management.

Despite the S&P 500’s recent correction, which typically alleviates funding pressure, spreads have remained elevated. According to JPMorgan, the three-month implied financing spread on S&P 500 futures has fallen from December’s peak of 1.8% to about 0.6%, yet this remains in the top quintile of the past five years. Long-term financing costs remain stubbornly high.

For institutional investors with available capital, such as pension funds and sovereign wealth funds, these elevated financing spreads offer attractive returns. Firms like Janus Henderson are capitalising on this by engaging in cash-and-carry arbitrage – buying S&P 500 stocks while selling futures contracts against them.

“The pickup of equity financing spreads makes this trade extremely attractive right now,” said Natasha Sibley, a manager on Janus Henderson’s multi-strategy team.

Other hedge funds, lacking the same balance sheet capacity, are turning to alternative plays like trading calendar spreads – betting on changes in financing costs over different maturities. Demand has surged for CME’s Adjusted Interest Rate (AIR) Total Return Futures, with open interest in the product exceeding $255 billion this year.

The persistence of high financing costs suggests a structural shift in equity markets. Regulatory constraints on bank balance sheets limit their ability to provide financing, creating a supply-demand mismatch. As a result, hedge funds must navigate an environment where leverage is more expensive, while large institutional investors stand to benefit.

However, some market participants believe this trend may be temporary. Pete Hecht, head of the North America portfolio solutions group at AQR Capital Management, noted that surging demand for S&P 500 products last year fuelled higher financing costs. With stock market exuberance cooling in 2024, spreads could normalise over time.

While many major hedge funds have struggled in March’s turbulent markets, Chris Rokos’ macro hedge fund has bucked the trend, gaining 3.4% up top the end of last week, according to a report by Business Insider, citing an unnamed source familiar with the firm’s performance.

The $20bn fund is also in positive territory for the year, though exact year-to-date returns remain unclear.

Rokos Capital Management, known for its high-conviction, directional macro trades, has a history of delivering strong returns in volatile environments. The firm made nearly $1bn in a single day following Donald Trump’s 2016 election victory and delivered an impressive 31% return in 2023.

March has proven challenging for many hedge funds, as volatility surged to its highest levels this year due to shifting global trade policies and macroeconomic uncertainty. Brevan Howard, a leading macro player and Rokos’ former firm, suffered losses in its Master Fund earlier in the month, bringing its year-to-date drawdown to over 5%, according to Bloomberg reports.

Beyond macro strategies, multi-strategy powerhouses including Citadel, Millennium, Point72, Balyasny, and Schonfeld also faced setbacks in early March, though industry sources indicate some recovery in recent weeks.

While many major hedge funds have struggled in March’s turbulent markets, Chris Rokos’ macro hedge fund has bucked the trend, gaining 3.4% up top the end of last week, according to a report by Business Insider, citing an unnamed source familiar with the firm’s performance.

The $20bn fund is also in positive territory for the year, though exact year-to-date returns remain unclear.

Rokos Capital Management, known for its high-conviction, directional macro trades, has a history of delivering strong returns in volatile environments. The firm made nearly $1bn in a single day following Donald Trump’s 2016 election victory and delivered an impressive 31% return in 2023.

March has proven challenging for many hedge funds, as volatility surged to its highest levels this year due to shifting global trade policies and macroeconomic uncertainty. Brevan Howard, a leading macro player and Rokos’ former firm, suffered losses in its Master Fund earlier in the month, bringing its year-to-date drawdown to over 5%, according to Bloomberg reports.

Beyond macro strategies, multi-strategy powerhouses including Citadel, Millennium, Point72, Balyasny, and Schonfeld also faced setbacks in early March, though industry sources indicate some recovery in recent weeks.