Friday, 1 July 2016
Last updated 32 min ago
Jun 6 2011 | 3:08pm ET
Add Ping Capital Management to the list of usually sure-footed hedge funds to take a big step back in May.
The New York-based firm, headed by former SAC Capital Advisors trader Ping Jiang, saw its Exceptional Value Fund drop 5.6% last month, Dealbreaker.com reports. The $155 million fund is still up 7.64% on the year.
May was the second losing month for Ping in 2011; the fund had previously returned 7.11% in January, lost 0.59% in February, rose 3.86% in March and added 2.3% in April.
Exceptional Value rose 105% last year and 193% in 2009. The firm launched its second hedge fund, an emerging markets macro fund, in January; it returned 4.8% in the first three months of the year.