Discovery Capital Down Double Digits

Apr 24 2014 | 1:56pm ET

Discovery Capital Management’s March difficulties didn’t end with that month.

The South Norwalk, Conn.-based hedge fund’s losses extended into the first half of April, leaving the fund down 12% this year, Bloomberg News reports.

Discovery fell 9.3% last month, wiping out the $15 billion firm’s gains year-to-date. Founder Robert Citrone, a Tiger Management alumnus, blamed a “perfect storm” in March for the difficulties.

Unfortunately for Citrone, the squall has extended into this month: Discovery fell a further 4.9% through April 17.

Discovery returned 28% last year.


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