Friday, 1 August 2014
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Dec 16 2011 | 4:37pm ET
Kingdon Capital Management is having the wrong kind of déjà vu.
The New York-based hedge fund is facing a 2011 almost as bad, if not as bad or worse, than that it suffered in 2008. Kingdon is down 18.15% through the first 11 months of this year, the firm told investors on Tuesday, perilously close to the 22.8% drop suffered three years ago.
Kingdon fell 2.4% last month after it missed "the sharp month-end rally," founder Mark Kingdon said. The firm's losses have been fairly steady over the year, with its financial bets taking the biggest toll.
The firm's assets have fallen about $1 billion this year, to $3.7 billion, The Wall Street Journal reports.
Kingdon also said that two of the firm's technology portfolio managers would leave the firm. Kenneth Hahn and Paul Sohn will pursue other interests, he wrote.