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Trident European Fund (JO Hambro) - European equity long-short strategy

2008-11-19

Count of distinct funds: 1
Capital base: $240M
Loss: down 25% in Oct; 39% on the year

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stories: bloomberg.com

The Porsche/Volkswagen fiasco was the straw that broke this fund's back:

The $240 million Trident European Fund dropped 25 percent in October, its worst month since starting a decade ago, mainly after a bet on a drop in Volkswagen shares went awry, said the people, who declined to be identified because the firm doesn't disclose returns. The fund has slumped 39 percent this year after posting average returns of 8.4 percent annually since its inception.

Poor performance, dollar gains sapping European investment returns and investors moving assets from medium-sized companies all contributed to the fund's closure, Suzy Neubert, a spokeswoman for JO Hambro in London, said in an e-mailed statement.

Check out the Bloomberg article for more. It notes that EuroHedge's index of Long-Short European equity hedge funds (the fund class of Trident) dropped 1.7 percent in October, suggesting that the Hambro fund did indeed stand out from the crowd-- in a bad way.

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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.