It's almost impossible to imagine, but Clarium Capital Management's 2010 may be even worse than its disastrous 2009.
The now-San Francisco based hedge fund—Clarium quit New York after less than two years to return to its Bay Area roots this summer—is down some 23% this year, it told clients. The fund took a particular beating last month, dropping 7.8% while the average hedge fund lost between 1% and 1.5%, according to industry indices.
What's more, the firm, which managed $7 billion less than two years ago, now has just $681 million in assets under management, Bloomberg News reports.
Barring the greatest December rally in market history, Clarium, which is run by PayPal co-founder Peter Thiel, will suffer its second-straight annual double-digit loss. The fund lost 25% last year and 5% in 2008.