Highbridge Funds Fall Double-Digits In Oct.

Nov 6 2008 | 10:28am ET

Highbridge Capital Management, the giant JPMorgan Chase-owned hedge fund, is not having a good year.

At least three of the firm’s funds posted double-digit losses during a disastrous October, according to e-mails to investors obtained by Wall Street blog Dealbreaker.com. The firm’s Convertible Arbitrage Fund plummeted 23.75% last month, leaving it down 37.33% on the year. Also posting big losses are the Asia Opportunities Fund, which lost 14.79% in October (down 32.44% YTD) and Highbridge Capital Corp.’s New Issue Restricted share classes, which fell 12.77% on the month (down 25.34% YTD).

The firm’s losses are due—as the catastrophic drawdown in its convertible arbitrage fund indicate—in no small part to big declines in convertible bond holdings. Highbridge said in at least one e-mail that its October letters will be posted on its Web site shortly.

Not all Highbridge investors are suffering this year. The Statistical Opportunities Fund’s Class A & C actually adding 2.51% in October, and is up 10.61% on the year.

ATTN READERS: If you should get the actual letter from Highbridge or any other fund that you'd like to share with our readers, please email us at hedgefundtips@finalternatives.com. All identities will be kept in strict confidence--we take the Judith Miller approach to protecting our sources.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of