Withdrawals en masse slammed Hong Kong’s DragonBack hedge fund this year, according to Reuters. It’s now down 85%.Dragon’s two funds currently manage only $45 million, down a massive 85% from a peak AUM (assets under management) of $600 million.
“The AUM gods giveth and they taketh away,” the fund’s manager, Robert Lance, told Reuters.
“You have to stay philosophical and practical about these things.”
DragonBack’s multi-strat fund dropped 5.84% in 2009 and has fallen another 3.52% YTD. But DragonBack’s other fund, VolAsia (up 4.92% in 2009) is up 0.5% YTD.
The returns are just bad enough to have caused a mass exodus from the fund, particularly from fund of funds, an industry that on whole suffered badly from the credit crisis.
80-five per cent is awful but somehow still doesn’t top Ebullio’s record-breaking 96% losses.
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