The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat
Thursday, 19 January 2017
Last updated 36 min ago
Apr 18 2012 | 11:19am ET
After ending 2011 up 20.7%, Varus Capital Management is off to a disappointing start in 2012, down 6.0% year to date.
The Varus Fund, a long-short equity strategy focusing on German mid- and large caps and their European competitors, has posted three consecutive losses so far in 2012, most recently shedding 3.55% in March.
In its monthly letter to investors, Varus blamed the losses on a failure to “get it right in buying our best risk/reward investments at lower prices given an environment of falling earnings.”
It characterized the first-quarter market rally as being “purely based on market manipulation by the ECB and pricing out tail risk and recession…as opposed to reacting to any real positives like positive earnings growth or change in fundamentals.”
The Varus Fund’s total return since inception stands at 38.6%.