Senrigan Capital, the Hong Kong hedge fund founded by former Citadel Investment Group trader Nick Taylor, managed to lose almost twice a much money in the first half as it lost all of last year.
The Asia-focused event-driven shop plummeted 6.7% last month. That decline, at a stroke, nearly doubled its year-to-date loss to almost 15%.
Senrigan lost 8.7% last year.
The performance losses have hit Senrigan's asset base. The firm managed more than US$1 billion at the beginning of the year, but has lost about a quarter of that and is down to roughly US$754 million, Reuters reports.
Senrigan's slide is likely causing consternation at the Blackstone Group, which seeded the firm and which has invested US$150 million in it. What's more, last month Blackstone committed a further US$50 million to co-invest with Senrigan.