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“The Coronavirus could serve as a catalyst for disappointing global growth as well as specifically disrupt certain supply chains and consumer businesses,” the firm noted in a January 28 Lyxor/Sandler U.S. Andrew had positioned his funds defensively, writing to investors on January 16 that “we remain concerned about valuations and downside risks the market seems to be ignoring.”Īndrew was soon reducing market exposure even further, in part because of a rapidly spreading virus in China.

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His Sandler Plus fund gained just 2.75% in 2019, according to an investor letter, compared to a gain of nearly 14% by the average stock focused fund.

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In contrast to his younger brother, Andrew’s caution meant he missed out on the full market surge of recent years. Self-described as risk averse, Andrew is more low-key, avoiding the hedge fund speaking circuit in favor of tending to a 17,000 gallon basement aquarium. He routinely appears at gatherings of Wall Street’s elite, such as the Milken Institute’s annual confab in Beverly Hills and Allen & Co’s Sun Valley conference, and sometimes mounts public campaigns against companies. Ricky, a cycling enthusiast who alternates between athletic apparel and power neckties, is comfortable in the spotlight. Until recently the brothers, now in their early 50s, worked a few blocks apart in midtown Manhattan offices.

Andrew joined the family firm while Ricky set up his own fund.

The Sandler brothers followed their late father, Harvey, into investment management in the 1990s. Representatives for Andrew and Ricky declined to comment and would not make them available for interview. To be sure, when markets recover, investors who held or added to their stock holdings may generate large gains, but the timing of such a payoff is uncertain. The elder Sandler brother was one of the best performing hedge fund managers in the world for the first quarter, according to a ranking by HSBC. The coronavirus killed off the longest-running bull market in equities, meaning most hedge funds are nursing losses, with the average stock-focused fund down about 9.5% in March and 13% lower for the first quarter, according to data tracker HFR.Ī small number of hedge fund managers who positioned in time for the fallout have profited, few more than Andrew Sandler. It’s a scenario playing out across Wall Street. Their different outlooks - time to buy or stay cautious - have meant double-digit losses for Ricky’s $7.6 billion Eminence Capital LP and double-digit gains for Andrew’s nearly $2 billion unit of Sandler Capital Management. But for Ricky and Andrew Sandler, their diverging views have broader implications: both run multi-billion dollar stock-focused hedge funds. The depth and duration of COVID-19’s economic impact is a subject of debate among families the world over.

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“I think he’s wrong,” Andrew posted immediately after the TV appearance. Every new headline, every new hysteria is making people more nervous and it’s actually very, very positive,” he said, recommending that viewers borrow against their mortgages to buy stocks.Īndrew Sandler, holed up with family, dogs and pet fish on New York’s Long Island, couldn’t resist a shot at his little brother on Facebook. “People are totally missing what is happening here. BOSTON, April 17 (Reuters) - After a calamitous two week plunge in stocks as the coronavirus spread globally, Ricky Sandler called into a midday CNBC show on March 16 with a brash, bullish prediction.

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