Thursday, 29 September 2016
Last updated 5 hours ago
Aug 3 2010 | 12:48pm ET
A year that began with such promise for Harbinger Capital Management has turned very, very sour very, very fast. The New York-based hedge fund was down more than 10% through the middle of last month, making its flagship among the 20 worst-performing hedge funds of the year, according to HSBC Private Bank.
Most of the losses for Harbinger Capital Partners Offshore Fund I were suffered over the last six weeks; the fund was still up 4.2% through June 15. Now, however, it is down 10.7% through July 15, and its assets under management have slumped from $6.7 billion to $3.8 billion.
Nor are the losses limited to the $10 billion firm’s flagship. Harbinger’s $2 billion side-pocket of illiquid assets is down about 14% this year.