Tuesday, 7 July 2015
Last updated 12 hours ago
Jul 23 2010 | 1:51pm ET
Harbinger Capital Management’s illiquid assets lost a whopping 10% last month.
The hedge fund’s $2 billion side-pocket is down 14% this year, Bloomberg News reports. The assets, which Harbinger segregated two years ago, lost almost three times as much in June as they lost through the first 11 months of last year, when they fell by 3.6%. At the time they were segregated, the assets in the side pocket made up 35% of the fund’s assets.
Harbinger has returned only about 10% of the side pocket, which it warned could take as long as two years to liquidate. But, almost two years in, Harbinger has not made a second payment to investors, as it planned to do earlier this year.
All told, Harbinger lost 4.8% last month and is down 9.3% on the year.
May 27 2015 | 2:15pm ET
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