John W. Henry & Co. Remains Mired In Red Ink

Apr 20 2007 | 11:07am ET

Winter has officially come to an end, but things are still frigid at John W. Henry & Co. The firm’s futures programs were frostbit yet again last month, with all posting losses. The Global Diversified Portfolio and Financial and Metals Portfolio once again “led” the pack, picking up where they left off in February, by dropping 12.87% and 12.56%, respectively. Since the leaves began falling in November, JWH has shed some $700 million in assets under management, leaving it with just $1.3 billion.

JWH’s trendfollowing programs were hurt by the drop in global equity markets in February, which increased volatility in financial markets around the world, according to Kenneth Webster, president and COO. “Our programs suffered losses in the currency, metal and agricultural markets at the beginning of the month as sharp reversals, which carried over from February, led to the exiting of positions,” Webster penned in his monthly investor letter.

JWH’s energy portfolio posted mixed performance, with limited gains in crude oil offset by losses in natural gas bets, accroding to Webster, who remains upbeat about the the firm’s overall fortunes, saying, “This turmoil has the potential to be a positive development for JWH’s style of trading. Short-term market dislocations can be a harbinger of major shift in trends.”


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