Tuesday, 25 October 2016
Last updated 2 hours ago
Jan 9 2008 | 8:44am ET
In the annals of Bear Stearns’ long and storied history, 2007 will not be a high point.
It posted its first-ever quarterly loss, suffered enormous losses thanks to the credit crisis and took a reputational punch to the gut with the embarrassing collapse of two hedge funds linked to the subprime slide.
But not all of its hedge funds will look back at last year with a grimace, or from the grave. At least two of its more than dozen hedge funds posted respectable, if not spectacular, returns. Its $1.7 billion Emerging Markets Macro Fund returned 25.56% last year, after a 2.95% December surge, according to a letter sent to investors Tuesday, Reuters reports. Of course, emerging markets funds were among the best-performing of all hedge funds last year.
Bear’s $200 million Europe Long/Short Fund added 1.05% last month, bringing its full-year return to 18.29%.
However, the December numbers are preliminary, the letter warned.