Horizon Asset Management Down More Than 20 Percent in Q1 2008
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The turbulent markets have exacted a toll on another extremely large family of funds, as Horizon Asset Management slid more than 20% in the first quarter of 2008.
Horizon Asset Management is no small fish - they manage approximately $18 billion dollars.
Their hedge funds have taken a particularly harsh beating, with their "Croupier Fund" dropping 41.1% in Q1 2008. The fund, like many others that have been obliterated in 2008, actually posted a strong year in 2007, climbing over 45%. The fund quickly turned south in 2008 and has given up all of its 2007 gains and more.
The "Croupier Fund" is named after casino employees who collect money from people that are gambling. The fund name is apt as this fund invests in companies that make money from transactions, such as the CME Group. The house is definitely losing in 2008 though, as the fund has taken a beating.
Horizon Asset Management has remained bullish on its holdings, figuring that the underlying businesses of these companies are strong, and that eventually the stock prices will reflect this.
Horizon also said that they are not worried about widespread investor redemptions, as they tend to court "long-term" investors who will be able to look past this momentary volatility.
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Filed under:
Hedge Fund News |
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