Icahn Hedge Funds Post First Loss

Nov 13 2007 | 7:41am ET

It wasn’t exactly Bill Miller’s storied streak, but Carl Icahn’s three-year run of positive quarterly returns has come to an end.

Icahn Capital Management posted $133.7 million in losses, amounting to a 1.5% decline, according to a regulatory filing last week. The majority of the losses were in investments in homebuilder WCI Communities and aircraft maker Lear Corp.

ICM’s returns were “impacted by volatile market conditions as well as equity positions related to consumer, real estate and financial sectors that represented losses for the quarter,” the firm wrote.

Icahn manages more than $7 billion and had enjoyed average annualized returns of 25.8% until this past quarter. In spite of the third quarter’s slip, the funds are still up 19.8% through October.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Artivest Announces Funding Round Led by KKR & Co.

May 4 2015 | 9:56am ET

Artivest, a startup that provides individual investors with access to private equity...

Guest Contributor

Starting a ‘40 Act Fund Family? Don’t Forget Your Board

Apr 30 2015 | 7:18am ET

The convergence of the hedge fund and mutual fund worlds continues unabated, as...

 

Editor's Note