Tuesday, 5 May 2015
Last updated 3 min ago
Oct 25 2011 | 8:55am ET
Harbinger Capital Management's flagship hedge fund plummeted by double-digits last month, wiping out its year-to-date gains and sparking more grumbling from investors.
New York-based Harbinger's Fund II lost 16.76% in September, Reuters reports. That leaves the fund down about 12% on the year.
The loss came as something of a surprise, given Harbinger's 5% jump in August. The hedge fund's disclosure of its performance to clients was somewhat late in coming, triggering some unhappiness from investors.
Harbinger founder Philip Falcone "waited until the end of the quarter to account for all the problems they are facing with LightSquared and that is clearly reflected in these numbers," one investor told Reuters. LightSquared, the privately-held wireless company championed by Falcone that accounts for a substantial chunk of the firm's assets, has seen its bond price fall by almost half as new questions about the company's system and possible interference with global positioning systems arose.
August's boost came not from LightSquared, but from Harbinger's bets against mortgage insurers.
Another Harbinger fund, Special Situations, lost 9.65% last month.
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…