Flamand's Edoma Down In First Quarter

May 14 2012 | 1:24pm ET

Goldman Sachs' former top proprietary trader is still in a "frustrating" fight to find his footing at his hedge fund.

Pierre-Henri Flamand told investors last week that his Edoma Capital lost 0.85% in the first quarter. The year-and-a-half old hedge fund has yet to make a dime for investors—it's down 3.1% since its inception in November 2010.

Flamand raised US$2 billion for the fund, one of the most hotly-anticipated in recent years. But early returns have not repaid investor confidence, even as other hedge funds have enjoyed positive returns in the first quarter as the broader markets rallied.

Edoma acknowledged it missed out on that rally during what it called a "frustrating" period, characterized by momentum-driven trading.

"It is important to realize the high likelihood of this trend continuing, and to focus on the few stocks in Europe and elsewhere that have the requisite global growth and liquidity characteristics that asset allocators are favoring right now," the firm wrote.

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