Sunday, 5 July 2015
Last updated 30 min ago
Nov 5 2008 | 3:07am ET
Toronto-based Salida Capital Corp.’s flagship hedge fund lost more than one-third of its value last month, as the value of its private equity investments collapsed.
The firm’s Multi Strategy Hedge Fund, which has fallen 63% this year to just C$76 million (US$65.7 million), blamed the declines on renegotiated mergers, which forced it to write down the value of its p.e. portfolio by more than 40%. One-fifth of the fund’s assets are in private equity.
“The current market environment has been one of the most painful we have seen,” CEO Courtenay Wolfe, chief investment officer Danny Guy and fund manager Brad White wrote to investors. They appealed for patience before clients head for the door, noting its double-digit gains in recent years.
May 27 2015 | 2:15pm ET
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