Yacht Enthusiast Devaney's Fund Sinks In June

Aug 2 2007 | 10:35am ET

Selling his 142-foot yacht may be just the beginning for hedge fund manager John Devaney, as his funds booked a 30% drop in June and are bracing for an even bigger loss in July.

Key Biscayne, Fla.-based United Capital Markets Asset Management’s Horizon ABS Fund restricted redemptions early last month because it “didn’t want to be a forced seller in this market,” a spokesman said at the time. But after a 5% drop in April and May and June’s 30.4% tumble, the once-$620 million fund is now down to about $460 million, Hedge Fund Alert reports.

UCM—like the pair of collapsed, and now bankrupt, Bear Stearns credit hedge fund—is heavily invested in asset-backed and sub-prime mortgaged-backed securities. The losses are reportedly the result of several disastrous trades Devaney made based on the ABX index.

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