Sunday, 21 September 2014
Last updated 2 days ago
Jan 22 2009 | 12:26am ET
Even top-performing hedge funds are having trouble holding onto their assets. New York- and London-based manager Christofferson, Robb & Co.’s CRC Income Products Short Only Fund, like many short-selling hedge funds, soared last year, returning 109%. Nor was the fund’s success a one-off; it returned 64.7% in 2007. Still, investors pulled more than 75% of the fund’s assets, according to Bloomberg News.
Brad Golding, who manages the short fund, told investors that the fund managed just $35 million at the end of the year, down from $145 million on Oct. 31. Four investors completely redeemed their investments in the short fund, including Christofferson, Robb’s own CRC Global Structured Credit Fund. Though that fund’s investment in the short vehicle saved it from losses last year, it needed to redeem its investment to meet its own redemption requests, firm CEO Richard Robb told Bloomberg.
The short fund profited handsomely by investing in bank trust preferred securities, betting against firms “levered to credit or rates,” the letter said. But the fund is refocusing on buying stocks whose value has been battered, and the firm has renamed it the CRC Financials Opportunity Fund to reflect the change.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.