Wednesday, 28 September 2016
Last updated 9 hours ago
Nov 30 2007 | 11:03am ET
A pair of high-profile New York hedge funds is singing the blues as big losses over the past two months have wiped out their year-to-date gains.
JPMorgan Chase’s Highbridge Capital Management saw its Event Driven Relative Value Fund plunge 12.78% in the first two weeks of November, the New York Post reports, citing figures from HSBC. The $748 million fund was reportedly burned by widening spreads resulting from collapsed leveraged buyouts, and is now down 6.74% year-to-date. The fund had weathered this summer’s credit crunch, and was up 10% in late October.
Meanwhile, Drake Capital Management is smarting after a 10.5% drop in its flagship Global Opportunities Fund last month. The $3.91 billion macro fund, which returned 41% last year, is now down 9.91% this year.