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GO Capital Global Opportunities Fund - Event, European equities

2008-03-12

Count of distinct funds: 1
Capital base: $881M (EUR 570M)
Loss: 15% or so on the year

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stories: bloomberg.com, blogspot.com

GO Capital Global Opportunities is yet another fund forced by the turmoil to block redemptions. We're not sure if this is in response to or a cause of the fund's distress, but the Bloomberg article points out that a number of European shares the fund had major stakes in dropped precipitously on the exchange.

On the fund's performance, the article notes:

The fund, which targeted returns of 15 percent a year, is down 7.7 percent through the end of February, according to net asset value figures on its Web site. It gained 2.1 percent last month, reversing a 9.5 percent drop in January. The fund rose 3.3 percent in 2007, 22.4 percent in 2006 and 69 percent in 2005.

That would mean the fund is down about 15% this year. In fact, based on the above record, this fund doesn't seem very "hedged" at all. But what do we know?

GO is Amsterdam-based and was founded by Frans van Schaik in 2000. He says:

the fund is not leveraged and not facing margin calls. The fund, which bets both on rising and falling prices, has assets of about 570 million euros ($881 million).

If this is true, van Schaik may not be an imminent implosion. However, unless the equity markets come back (and this appears unlikely), share holders of GO may continue to exit, making it infeasible to continue the fund.

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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.