Thursday, 21 August 2014
Last updated 1 hour ago
Feb 15 2008 | 8:00am ET
Hedge funds had a rough start to the New Year, as volatile global equity markets put a few big-name funds in the red. Among their unfortunate ranks, FINalternatives has learned, is New York-based Atticus Capital, which dropped 12.5% in January.
Atticus was hurt by its bets on Freeport-McMoRan Copper & Gold and ConocoPhillips.
Copper producer Freeport-McRohan and refiner ConocoPhilips dropped 15% and 20%, respectively, in January. In addition, a source with knowledge of the situation said Atticus was also hurt by its holdings in Sears and Bidu, which provides Chinese language Internet search services.
All told, the losses cost Atticus investors some $3 billion.
Atticus, headed by Timothy Barakett, manages more than $21 billion and runs a concentrated portfolio of some 15 names. The firm’s Atticus Global Advisors Fund gained 25% last year.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note