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

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Moore Capital PM Fired After Raucous Hamptons Party

Jul 7 2016 | 10:47pm ET

A portfolio manager for Louis Bacon’s $15 billion hedge fund Moore Capital Management...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...