Monday, 29 August 2016
Last updated 18 min ago
Sep 14 2011 | 1:23pm ET
Add Maverick Capital Management to the list of August's hedge fund victims—and add it near the top of that list.
The New York-based firm, like many hedge funds, was hard hit by the market swoon at the beginning of August. But unlike many of its peers, it failed to recoup any of its losses, with its flagship ending the month down as much as it had been near the beginning.
That fund lost 11% last month, leaving it down between 10% and 12.3% on the year, Reuters reports. Another, more aggressive, Maverick fund lost 23% on the month.
Among the culprits for the Maverick bloodbath are Chinese Internet company Youku.com, which Maverick owns about 8% of and which is down 41% this year, Citigroup, down 43%, and First Solar, down 34%.