Horizon’s Croupier Fund Down 41%

Apr 23 2008 | 2:00am ET

Horizon Asset Management’s hedge funds have suffered significant reverses in the early going of 2008. 

The firm’s $70 million Croupier Fund plummeted 41.1% in the first quarter, nearly wiping out last year’s 45.2% return, the fund told investors in a note.

Two other Horizon hedge funds, Polestar and Protostar, are also in the red year-to-date.

Just one of Horizon’s five hedge funds, which manage a total of $500 million, is in positive ground this year, with its Credit Opportunities Fund up 2.35% in the first quarter.

Horizon told Reuters that, despite the poor performance, it is not facing a major run on assets.

All told, the first quarter was bad for Horizon’s whole money management division, which saw its assets fall by a fifth to $18 billion in the first quarter.

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