Tuesday, 21 October 2014
Last updated 1 hour ago
Oct 2 2012 | 1:48pm ET
Sweden's Wiborg Kapitalförvaltning is closing its 10-year-old Consepio hedge fund.
Wiborg becomes the latest hedge fund to throw in the towel in the face of tough markets. The fund has returned an average of 6.14% annually since its debut in February 2002 and has "recently disappointed investors and portfolio managers alike."
"In the current environment, where markets are influenced more by money flows driven by government and central bankers' actions rather than by underlying fundamentals of economic conditions or company performance, it has become difficult to realize profits on ‘value' and ‘hyped' investments within a time frame acceptable to our unit holders and ourselves as portfolio managers," Wiborg wrote to investors. "We do not see this environment changing in the near future. In light of this, we have arrived at the painful decision to wind down Consepio and return the money to our investors."
In an interview with Norway's E24, Wiborg founder Ragnhild Wiborg denied that the decision to close was the result of pressure from investors.
Consepio manages about 332 million Swedish krona (US$50.5 million).
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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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