Andor, Coatue, Discovery Battered By March 'Perfect Storm'

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.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

A Hard Look At Your ‘Soft’ Hedge Fund Marketing Information

Dec 8 2016 | 9:03pm ET

Conventional wisdom holds that due diligence examines quantitative as well as qualitative...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR