Oct
13
As Some Hedge Funds Sink, the Challenge Buoys Others
By
Michael Novogratz, the well-known Wall Street trader who ran Fortress Investment Group’s flagship macro fund, which is closing. CreditRick Wilking/Reuters
It has been a bad stretch for hedge funds that make bold bets on big economic trends. Two prominent multibillion-dollar macro hedge funds have shut down in the last week after double-digit losses.
The Bain Capital Absolute Return Capital fund blamed a “challenging environment” for its shutdown. And Michael Novogratz, the well-known Wall Street trader who ran Fortress Investment Group’s flagship macro fund, which is also closing, went further, stating that the environment was “not conducive to achieving our best results.”…
As Some Hedge Funds Sink, the Challenge Buoys Others
