Wednesday, 20 August 2014
Last updated 1 hour ago
Oct 31 2008 | 12:20pm ET
Steelhead Partners’ Navigator Fund, a $450 million long/short hedge fund, suffered its biggest drawdown last month, but it’s still outshining many of its competitors in an otherwise gloomy market.
The fund lost 22.65% last month, halving its year-to-date returns. But it is still up 20.62% on the year, while the rest of the industry is not doing so well, down anywhere from 10.24% to 13.2%, depending on the index. Unfortunately for investors fleeing those funds, Navigator, which began trading in January 1997, is closed to new money.
Steelhead also manages the Pathfinder Fund, a convertible arbitrage vehicle, which has not fared as well as its predecessor. The $56.5 million fund dropped 7.96% last month, leaving it down 3.58% year-to-date.
The firm was co-founded by Michael Johnston, a former co-manager of corporate bonds and equities for Loews Corporation, and Brian Klein, an ex-executive director in the equities division at Goldman Sachs.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note