Nephila Down 5% After Japan Earthquake

May 6 2011 | 12:27pm ET

Catastrophe risk hedge fund Nephila Capital took a big hit in March in the wake of the Japanese earthquake and tsunami—but not as big a hit as might have been expected.

The firm's Catastrophe fund lost 4.9% in March, MarketWatch reports, putting it down 5.5% on the year. The hedge fund lost 1.5% in February due in part to the smaller earthquake that devastated Christchurch, New Zealand, that month, and fell almost 16% following Hurricane Katrina in 2005.

Cat-bonds took big losses after the Japanese tragedy on March 11, which is believed to have killed more than 25,000 people and led to a crisis at a nuclear power plant in northern Japan. Nephila had 59% exposure to cat bonds about a year ago.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…