Saturday, 29 August 2015
Last updated 14 hours ago
Apr 4 2014 | 10:21am ET
March proved quite the lion for several prominent hedge funds, mauling them and leaving them battered and bloodied and nursing first-quarter losses.
Andor Capital Management, Discovery Capital Management and Coatue Management all suffered major drops in March, a month that saw the average hedge fund fall fractionally.
Technology-focused Andor was hardest hit, plummeting 18% last month, The Wall Street Journal reports. Thanks to strong performance earlier in the quarter, the $1 billion Rye Brook, N.Y.-based firm is down only 5% through 2014's first three months.
Discovery's flagship dropped 9.3% in March and is off 7.1% through the month. Both of the $15 billion firm's funds were down in the first quarter, and are now reducing risk after what founder Robert Citrone called a "perfect storm" in March.
Citrone's fellow Tiger Management alumnus, Philippe Laffont, didn't weather that storm much better. Laffont's Coatue sank 8.7% last month and is down 7.4% on the year. Coatue manages $1 billion.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…