U.S. hedge funds that focus broadly on technology investments are bracing for heavy losses this year as gloomier economic data sparked a fresh selloff this week, shrinking hopes of clawing back any significant ground in coming months.
Other prominent fund managers, including some who got their start with the recently deceased Julian Robertson, credited with helping pioneer making money when stocks fall, are also in the red. Coatue Management lost 17% in the first eight months of the year while Maverick Capital is off 27% through August.“I’ve been through 9 bear markets and they absolutely suck,” said Anthony Scaramucci, managing partner of investment firm SkyBridge Capital and founder of the three-day SALT conference.
For many of these funds this year’s losses come after a string of strong returns fueled by a decade long bull market, investors and fund managers said.Citadel reported that its Wellington fund returned 3.74% in August, bringing its year to date returns to 25.75%. DE Shaw, in its Composite fund, reported a 20% gain to investors. Representatives for the firms declined to comment.
Nederland Laatste Nieuws, Nederland Headlines
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