Saturday, 5 September 2015
Last updated 15 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…