[credit provider=”Courtesy of Bloomberg” url=”http://www.bloomberg.com/news/2011-05-10/scene-last-night-at-robin-hood-bundchen-lady-gaga-einhorn-cohen-och.html”]
Hedge fund manager Lee Ainslie is down 10% year to date after a disastrous August, according to Reuters.The manager of ~$10 billion Maverick Capital was crushed by investments in Youku.com (down 41% YTD), First Solar (down 34%), and Citigroup (down 43%) in his flagship fund, which lost 11% in August.
A smaller, levered version of the fund lost 23% .
According to Katya Wachtel at Reuters:
Maverick’s flagship fund tumbled 11 per cent last month, and is now down about 10 per cent for the year, the two people familiar with the numbers said.
Ainslie owns 7.7% of The Chinese internet company Youku.
This means Ainslie, a prominent manager, might be facing some big competition now from managers with stronger returns in August and this year. He’s not alone. Many hedge fund portfolios lost a lot of money recently.