Russell Abrams, the hedge fund manager of Titan Capital, can explain why one of his funds is down an insane 74% this year.
It was the pressure (of 1) being blackmailed for topless photos of his wife by 2 of his former employees that was also brought on by 2) the incessant barking of his two dogs and 3) getting kicked out of his apartment), he wrote in a letter of explanation for the terrible returns, according to Forbes.
“[T]he pressure got to me and the team around me was not helping me,” according to a document filed in Manhattan’s New York state court. “I made several trading decisions that although each appeared to provide good risk reward profile, cumulatively assumed significant risk.”
It was *not* fraud, Abrams argues, contrary to the belief held by one of its investors, Tradex, which sued Abrams for fraud on November 30th.
On Wednesday Tradex filed a complaint stating that since June, its total investment in the Class M Shares of the Titan Global Return Fund have “lost approximately $2.6 million in value, or 74%.”
To be fair, Abrams didn’t lose it all in one shot. His returns got progressively worse every month. Watch the decline:
- March: a 12% decline, because of “overexposure to the market moving higher on extremely low volatility,” said Abrams
- July: down another 16%
- September: down another 53%
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