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Autonomy Capital - global macro

2008-11-06

Count of distinct funds: 2
Capital base: $1.7B ($1.2B in largest fund)
Loss: 40% down in main fund (thru 10/08)

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stories: bloomberg.com

Autonomy slams the door shut -- for quite a while:

Most of the pending redemption requests are scheduled to be paid in the second quarter of 2009, Autonomy said. The firm will present a restructuring plan in the coming weeks, its client letter said. Jonathan Gasthalter, a spokesman for Autonomy, declined to comment.

Some more background is provided by the Bloomberg article:

Gibbins started Autonomy in 2003 after working for nine years at Lehman, where he was a European government debt trader. He previously had worked at JPMorgan Chase & Co. Autonomy returned 17.1 percent in 2004, 22.9 percent in 2005, 15.3 percent in 2006 and 36.4 percent last year, according to the letter.

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Important: This fund is on our list of hedge funds that are apparently ailing or which we think are worth watching for any other reason. Ailing funds haven't shut down, but they've suffered significant value declines and/or temporarily halted redemptions. Funds on watch may not even have unusual declines, but may be posted if it is felt there may be risk of developing a more serious condition eventually.