Few hedge fund firms need a turnaround like Clarium Capital Management. But the New York-based firm, headed by PayPal founder Peter Thiel, found little relief in March.
Clarium lost 4.6% last month, wiping out the small year-to-date gain it earned in the first two months of the year. The fund, which lost more than 25% last year, is down 4% this year, according to the New York Post.
Clarium also lost ground in 2008, falling 4.5%. That’s not too bad, considering the average hedge fund lost double-digits that year, but the firm had been up 58% in the first half of that year.
Clarium also extended its losing streak in another area: assets under management. The firm saw another $300 million disappear in the first quarter, leaving it with just over $1 billion. Less than two years ago, Clarium managed $7 billion.