Friday, 27 November 2015
Last updated 1 day ago
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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…