Tuesday, 5 May 2015
Last updated 4 hours ago
Aug 10 2011 | 12:22pm ET
Less than one-third of the way through August, it's already clear that some hedge funds will be chalking the month up as a lost one.
Paulson & Co.'s troubles are already well-known, with the firm's flagship hedge fund down more than 25% on the year after losing another 10% last week. But the New York-based firm, which managed nearly $40 billion before the sell-off, will survive. For other funds, August will be more than a lost month: It will be their last.
"There have been a number of blowups in the past week, particularly small hedge funds in the volatility options arbitrage space," Evan Rapoport of HedgeCo Networks told Reuters.
Many larger hedge funds may be facing double-digit losses on the month. Pershing Square Capital Management and Greenlight Capital have seen some of their largest holdings, among them the financial stocks taking a historic beating this month, hard hit.
Other top hedge funds are also down, although not catastrophically. SAC Capital Advisors, for one, is down 4% this month, while the Standard & Poor's 500 Index has dropped more than 9%. SAC remains up 6% on the year.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…