Saba Capital, the hedge fund run by legendary credit trader Boaz Weinstein, is on track for another down year so far.
The fund is down 2.9% through the end of June, Bloomberg News reports citing an investor letter.
According to the report, Saba’s assets under management have fallen to $US2.6 billion due to redemptions. At one time, Weinstein managed $US5.5 billion.
Before founding Saba in 2009, Weinstein was the co-head of credit trading at Deutsche Bank. In 2011, he made headlines for being the trader who took the other side of JPMorgan’s disastrous “London Whale” trade.
The fund had losing years in 2012 and 2013.