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Eifuku Master Fund - Value equity

2005-01

Count of distinct funds: 1
Capital base: $300 million
Loss: $300 million

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stories: turtletrader.com

An excerpt (from the WSJ, via story #1 above):

Eifuku Master Fund, run by a former Lehman Brothers Tokyo-based trader, took huge bets with borrowed money on a limited number of trades that went wrong. Investors in the fund, now facing a loss of their money, may include many wealthy individuals in the U.S., according to hedge-fund managers in both Tokyo and New York. The swift reversal in the fund, which was up 76% in 2002, shows just how volatile hedge funds can be.

This cached prudentbear article (why is it gone?) from 2003 notes earlier losses at the fund in 2003 in the form of a letter from the fund's management. Seems like Eifuku should have quit while it was (less) behind.

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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.