Wednesday, 1 October 2014
Last updated 9 hours ago
Sep 18 2007 | 11:56am ET
The last two months have brought bad news for Mulvaney Capital Management. The firm’s Global Diversified program, a long-term systematic trend following program, lost 19.4% last month after dropping 16.89% in July, bringing its year-to-date decline to 34.41%.
Global Diversified, which invests in the major financial and commodity futures markets worldwide, last month bet long and wrong in stock indices, currencies and metals, according to Mulvaney’s latest investor letter. It also lost money shorting interest rates.
The program, which boated assets of $201 million at the end of June to public databases, ended August with just over half of that amount at $125 million.
“We sustained heavy losses in the financial sector as the 'flight from risk' gathered momentum,” the firm said. “By nature our long term strategy can usually be expected to drawdown at major turning points - the question now is whether a significantly higher volatility environment will offer a range of opportunity comparable to previous market crises.”
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...