Mulvaney Hurt In August By ‘Flight From Risk’

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.”


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...