November sees more hedge fund losses
BOSTON (Reuters) - Some of the biggest names in hedge funds lost money in November, including Dan Loeb and Kenneth Griffin, but John Paulson was among the few who made money for their investors.
Hedge fund investors around the world lost money for the sixth straight month as many in the industry reported steepening declines, investors said yesterday.
Dan Loeb, an activist investor known for his sharply worded letters to poorly performing companies, told investors that his Third Point Offshore fund lost 28.24 percent in the first 11 months of the year after the fund slipped 2.6 percent in November.
James Pallotta's Raptor Global Fund lost 1.51 percent last month, leaving the fund off 17.36 percent for the year.
Martin Hughes' Tosca Fund Ltd fell 5.15 percent and is now down 67.54 percent for the year. And Kenneth Griffin's Citadel Investment Group, which boasts one of the industry's longest winning records, lost roughly 13 percent last month, swelling its year-to-date losses to about 47 percent, investors said.
The numbers came as investors suffered through more sharp stock market gains and losses that left many managers ill-prepared, if they were long or short, investors said. Funds also felt the impact of frozen credit markets.