Wednesday, 25 November 2015
Last updated 8 hours 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…