Clarium Falls 18% In Oct., Wipes Out YTD Gains

Nov 6 2008 | 11:43am ET

Just four months ago, Clarium Capital Management was on pace to post triple-digit returns this year. Now, the San Francisco hedge fund may just be happy to finish the year in positive ground.

The $5.2 billion firm, managed by PayPal co-founder Peter Thiel, lost 18% in October, wiping out what was left of its year-to-date gains and leaving it down about 3% on the year, Bloomberg News reports.

Through June, the highly-levered Clarium was up 58%. But then the market turmoil began to take its toll in a big way, and the fund has declined every month since. Last month’s drop was the worst in the fund’s six-year history.

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