Dalton Melchior Japan Fund - Japan Equity

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2008-09-01

Count of distinct funds: 1
Capital base: ~$1B (as of 2006)
Loss: ~40% value loss YOY

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stories: co.uk

We have been on the fence about this Dalton Strategic Partnership fund, but are listing it due to extreme AUM contraction and loss of NAV:

Assets had fallen to around £20 million from a high of above £500 million in 2006, and the fund had lost 39.05% over the year to date versus a benchmark loss of just 4.7%, and following several years of double-digit losses.

Interestingly, it seems the firm was trying to run a long/short strategy, but it failed:

‘It has proved substantially harder than we had anticipated to run a Japanese long/short mandate,’ said Jones. ‘Two Japanese hedge funds began to seem like one too many.

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Important: This fund is on our list of hedge funds that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective. The "imploded" list contains hedge funds (or other unregulated and autonomous speculative investment funds) which have gone through some sort of permanent adverse change. This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid mark-downs in net asset value; or abnormal "bail-out" by corporate parents or peers in order to avoid write-downs and provide liquidity. The funds are of any type and sector.