Smooth Sailing For Steelhead’s Navigator Fund

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.