Mulvaney Cools Off In August

Sep 15 2008 | 7:53am ET

After a hot start to the year, Mulvaney Capital Management’s Global Diversified Fund is finding the summer downright chilly.

The fund, which was down 18.78% in July, lost another 6.73% in August, cutting its year-to-date gains to 14.22%.

The firm said August’s drawdown was a byproduct of the “combined impact of a strengthening dollar and mounting global recession fears.” Mulvaney’s losses in energy, precious metals, livestock and grains were partially offset by its gains in cocoa, which rallied on West African crop disease concerns.

The fund managed US$89 million as of the end of August.

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