Saturday, 23 May 2015
Last updated 17 hours ago
Mar 14 2014 | 10:13am ET
New York-based event-driven hedge fund Maglan Capital added 5.8% in February, bringing its year-to-date gains to 10.12%.
The fund continued its strong showing from 2013, when it generated a 59% return.
In their most recent letter to investors, Maglan founders David Tawil and Steven Azarbad said the February gains were spread throughout their core long portfolio.
“In addition,” they wrote, “...our investments in gold through the gold-miners, which were put on principally as a hedge against any pullback that might result from 2013’s run-up in equities, contributed to additional appreciation of the portfolio. Lastly, a new position in February, taken in the equity of a consumer-retail chain executing on an operational turnaround, [hhgregg] that was treated to an overly-harsh sell-off in January, had a 35%+ rebound last month.”
Maglan Capital focuses on all parts of the distressed cycle, investing in liquid instruments across the capital structure of companies approaching or experiencing financial distress, bankruptcy or restructuring.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…