Hedge Fund Rangeley Capital Up 50% In Second Quarter

Jul 23 2009 | 2:24am ET

Rangeley Capital certainly had a quarter for the ages.

The two-and-a-half-year-old event-driven hedge fund soared 50.8% in the second quarter, the firm said in its first-half update to investors. And it needed to: Rangeley erased its first-quarter losses, and finished the first six months of the year up 15.7%, well above the average hedge fund, according to several hedge fund indices.

New Canaan, Conn.-based Rangeley was founded by former Mangan & McColl Partners analyst Christopher DeMuth, and launched its hedge fund in January 2007.

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