Sunday, 26 April 2015
Last updated 1 day ago
Mar 20 2008 | 1:10am ET
March is proving tough for John Meriwether’s $1.2 billion Relative Value Fund, which has reportedly lost almost one-quarter of its value since the beginning of the year.
The Long-Term Capital Management founder’s relative value hedge fund has reportedly dropped 24% since January, hurt by bond managers—including Peloton Partners and Carlyle Capital Corp.—unloading securities to meet margin calls, according to Bloomberg News.
At the beginning of this month, Greenwich, Conn.-based JWM Partners told its investors that its Relative Value Fund was down 9.19% in the first two months of the year. At that time, the performance was the fund’s worst since its 1999 launch.
Despite the bad news, in a note to investors in January, Meriwether told investors he sees better things ahead.
“While we are clearly disappointed by our recent performance, we remain optimistic about the current opportunity set,” he wrote in the January note.
JWM Partners manages six hedge funds in total.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…