Wednesday, 28 September 2016
Last updated 9 hours ago
Oct 7 2008 | 1:50am ET
Tontine Associates has told investors that more than half of their investments have been wiped out amid the market turmoil.
The $10 billion Greenwich, Conn.-based firm said it expects its year-to-date loss to be 65% once all of the numbers have been crunched for Sept. 30. The firm, led by Jeffrey Gendell, who enjoyed triple-digit returns in 2003 and 2005, has been betting on a global economic boom.
Tontine boasts a concentrated portfolio, especially heavily invested in energy and infrastructure companies. Many of those names, including Cleveland-Cliffs, Goodyear and U.S. Steel, have seen their stock prices plummet in recent months.