Phil Falcone's Harbinger Lost 10% Last Month

philip falcone harbinger

Phil Falcone, the billionaire hedge fund manager of Harbinger, is believed to have lost 10% last month for investors.

According to Bloomberg:

Harbinger lost about 10 per cent last month in a pool of hard-to-sell assets that it’s divesting for clients, according to two investors.

The so-called side pocket, with about $2 billion in assets, has slumped 14 per cent this year.

The losses were apparently thanks to:

  • battery and pet-food maker Spectrum Brands Holdings Inc. in Atlanta
  • Reston, Virginia-based wireless- network operator TerreStar Corp

The TerreStar investment and losses are interesting because Falcone’s owning TerreStar ties into his plans to launch a new wireless network, which didn’t look too likely to be successful.

Some of his other losses were likely in financials, where tons of hedge fund managers lost money recently. See who else >>

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