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.