Friday, 22 May 2015
Last updated 6 hours 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…