Tuesday, 30 August 2016
Last updated 13 hours ago
May 9 2011 | 1:03pm ET
A disastrous four days erased a strong start to April for Quantitative Investment Management and wiped out the commodity trading advisers' gains for the year.
The Charlottesville, Va.-based firm's flagship Quantitative Global Program roared out to a 3% jump in the first six days of April. But "profits were wiped out swiftly in four days of trading as the program was poorly positioned for a global de-risking following news that the severity of the Japanese nuclear crisis had been raised to the maximum level."
The $5.1 billion fund would up down 2.42% on the month, leaving it with a 1.35% loss through four months. The three-times levered version of the fund did, as expected, three times worse, dropping 7.1% to leave it down 3.8% on the year.
But that was modest compared to the beating taken by QIM's stock fund, the $468 million Tactical Aggressive Fund, which in the space of 30 days went from being the firm's best performer to its worst. The fund lost 10.97% in April, just shy of its maximum monthly drawdown, 11.49% last January, and is now down 3.97% on the year.