Current news for this fund:
Turnberry Capital Management - distressed debt
Count of distinct funds: 1
Turnberry Capital apparently was down some 20% for 2007 and as much as 26% for the first quarter of 2008.
Turnberry Capital's website describes the fund's strategy as:
Turnberry's objective is to achieve high absolute returns by investing in, principally, debt securities of companies that have liquidity problems due to loss of capital markets access. The best opportunities arise after a cataclysmic event in the capital markets or a specific industry. Turnberry's strength is identifying companies suffering liquidity problems, but that have the assets, cash flows and motivated managements which allow them to execute transactions ( renegotiation of debt, securities exchanges, asset sales or equity infusions) to solve liquidity problems. Turnberry's portfolio is diversified across 25-40 positions with an individual issuer limit of 15% and an industry limit of 20% of assets. Cash pay debt securities represent 50-80 % of the portfolio, defaulted debt securities 5-25%, and equity 0-20%.
If anyone has further details regarding Turnberry Capital's size (Peak funds under management), returns or could provide us with the letter Turnberry sent 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.