Monday, 3 August 2015
Last updated 43 min ago
Sep 9 2011 | 12:42pm ET
August may have been the worst month for hedge funds in almost three years, but Boaz Weinstein isn’t complaining. The former Deutsche Bank trader's Saba Capital Management stayed above the carnage last month as both of its funds posted gains.
Saba's flagship added 2.5% last month, Fortune magazine reports. That puts the fund up 7.3% on the year, in line to continue its run besting Weinstein's projected 12% to 15% returns. The fund has managed an annualized return of 12.5% since its launch two years ago.
But that fund's performance was peanuts compared to Saba's Tail Risk Fund. A "black swan" fund designed to take advantage of the kind of market turmoil and improbable events—such as the U.S. sovereign debt downgrade—seen last month, Tail Risk did just that, soaring 15%. The fund is now up 17% on the year.
New York-based Saba has $4.2 billion in assets under management.
May 27 2015 | 2:15pm ET
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