Friday, 27 March 2015
Last updated 3 hours ago
Oct 16 2008 | 2:40am ET
The latest hedge fund flagship to find itself taking on water in stormy seas is Citadel Investment Group’s Kensington Global Strategies Fund.
The $10 billion fund is down by as much as 30% this year, according to media reports, with its varied portfolio losing money almost across the board. The fund’s holdings in convertible bonds, equities, corporate debt, structured credit, energy, reinsurance and mortgages were all battered in September, Citadel told investors in a letter this week. Only the fund’s macro bets turned a profit last month.
Barring a major rally in the fourth quarter, Kensington will post by far its worst-ever year. To date, its only negative year was 1994, when it finished down 4%; through September, it was down about 23%. Last year, the fund returned 30%.
“Regretfully, I did not foresee the financial disaster that was to unfold in September,” Citadel chief Kenneth Griffin explained in the letter.
“In the weeks to come, I expect we will continue to see significant volatility in our earnings as the world manages through the unfolding crisis.”
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…