Thursday, 30 June 2016
Last updated 5 hours ago
Sep 11 2008 | 8:33am ET
Metals hedge fund firm RK Capital Management’s funds plummeted a combined 30% last month, turning the firm’s turnaround year into something closer to more of the same.
Falling copper and aluminum prices drove the combined year-to-date return of RK’s five funds to about 2%, Bloomberg News reports. Not all of its funds are so lucky: Its flagship Red Kite Metals fund, which lost about half of its value through November last year, fell about 40% on the month, leaving it down as much as 7% on the year.
“Red Kite experienced difficult trading conditions in August and its trading funds had disappointing performance,” an RK spokesman told Bloomberg. But he added, “All but one of these funds, and the majority of investor assets, are at, or above, their high watermarks.”