Friday, 24 October 2014
Last updated 13 hours ago
Nov 15 2011 | 10:53am ET
"It was a rough quarter," Lone Pine Capital founder Stephen Mandel told investors in his quarterly letter to investors. Indeed, for the $16 billion hedge fund, it was rough, indeed.
The firm's Lone Dragon Pine fund lost 25.1% on the quarter as its other funds also dipped. Lone Cascade lost 14.3%, Lone Cypress 9.8% and Lone Kauri 8% during three months in which the Standard & Poor's 500 Index lost almost 14%, CNBC reports.
According to Mandel, it wasn't so much a "rough quarter," but a rough last week of the quarter. The funds' performance was "quite respectable until the last week of September," when the global stock sell-off burned Lone Pine.
Year-to-date, Dragon Pine is down 25.3%, Casade 9.2%, Cypress 4.2% and Kauri 3.8%.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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