Thursday, 18 December 2014
Last updated 47 min 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.”
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.