Lofty predictions for sizable hedge fund industry support for the Donald Trump presidential campaign have fallen short, as public filings indicated a relatively modest showing from that group for July.
Filings made with the Federal Election Commission suggest that the Trump effort took in little more than $2 million in hedge fund money last month — and that the bulk of it came largely from a single donor, Renaissance Technologies co-chief Robert Mercer.
Sheila Krumholz, executive director of the Center for Responsive Politics, which tracks campaign donations and spending, said that while the absolute amounts of money hedge funds are giving to Trump may appear low, the trend for him is positive. "We can see that it has gone from a pittance — a mere thousands of dollars — to millions, but it's impossible for us to say at this point what the final figure is for July," said Krumholz. "It's possible we'll see, if not a sea change, then a big leap forward for Trump."
Spokespeople for the Trump campaign did not immediately respond to an e-mailed request for comment.
The pro-Trump Great America PAC, the pro-Hillary Clinton Priorities USA PAC and other monthly filers were supposed to log their latest fundraising and spending records no later than midnight on Sunday morning. [However, even by Monday afternoon, the picture remained incomplete: other important filers, including the Trump Victory PAC, are on a quarterly schedule, and because some entities may have made paper filings not yet updated online, additional details have yet to surface.]
In an interview with Fortune a few weeks ago, Anthony Scaramucci, the fund-of-funds manager who is also an outspoken Trump supporter, predicted that some 20 percent of the estimated $70 million the Trump campaign had taken in in July was from hedge funds — a haul that would have amounted to about $14 million.
Scaramucci himself recently donated $100,000 to the PAC Trump Victory and at least an additional $90,200 to the Republican National Committee, as well as to the Trump campaign and Paul Ryan's congressional campaign, among other entities, according to FEC records. He doesn't appear to have given additional donations in July, and declined to elaborate on his comments to Fortune.
But the participation of other hedge fund executives has been muted.