If case you’re wondering how billionaire hedge fund manager Phil Falcone is doing following those SEC civil fraud charges in June and the whole Lightsquared debacle, the New York Post’s Kaja Whitehouse has his Harbinger Capital Management’s performance numbers. From the Post:
Falcone’s flagship fund posted returns of 10.6 per cent in July and a whopping 28 per cent gain in June, The Post has learned.
However, the fund is still down 5.8% YTD, the report said.
According to the Post, a reason for Falcone’s summer spike is his bet on his publicly traded holding company Harbinger Group Inc.
Harbinger Group’s stock has done really well this summer. On June 1 the stock closed at $4.69 a share and on Aug. 15 it closed at $8.86 a share .
Falcone is the CEO/Chairman of Harbinger Group and his fund owned just over an 83% stake for the second quarter ended June 30, 2012, according to data compiled by Bloomberg.
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