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Tontine Partners - Global macro hedge fund

2008-11-11

Count of distinct funds: 2
Capital base: $10 bn (Total across all funds?)
Loss: 78% for Tontine Capital; ? for Tontine Partners

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stories: cnbc.com, dealbreaker.com, stockpickr.com

David Faber at CNBC is reporting that Tontine Partners ("Tontine") is liquidating two of its funds, Tontine Capital and Tontine Partners, over the next year and a half.

Of two funds being liquidated, Tontine Capital is down nearly 78%; we have not been able to determine this figure for Tontine Partners.

Interestingly (oddly) enough, Tontine is not liquidating Tontine 25 (down almost 54% YTD) or Tontine Financial (down 83% YTD).

Original ailing/watch listing: 2008-10-15

Stockpickr reports that Tontine Partners may be in trouble having expected losses on the year of some 65%. According to the article on this "global macro hedge fund":

The fund, founded by former Smith Barney analyst Jeffrey Gendell, has been known for its concentrated portfolio and large sector bets.

In 2003 and 2005, the fund returned in excess of 100%.

Now there are substantial rumors that Tontine Partners is under complete liquidation, returning money back to its investors and closing its doors for good

If you hear anything about Tontine and whether or not they are going to close up shop and return funds back to investors, please let us know!.

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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.