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.


In Depth

GSAM’s Papagiannis on Liquid Alternatives

May 25 2016 | 5:07pm ET

The popularity of liquid alternatives strategies has blossomed in recent years,...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...