just goes to show that even when making a smart bet a fund could go under. thats great that they made that bet in 2007 but in the market,what matters is what you are doing today.
Harbinger Capital imposes limits on withdrawals - FT
FT reports Harbinger Capital, the activist US hedge fund headed by Philip Falcone that shot to fame in 2007 with a lucrative bet against subprime mortgages, joined the list of funds restricting withdrawals for investors a day before the end of last year, according to two investors. Harbinger's main fund rose almost 43% in the first six months of last year but lost all its profits and ended the year down 27.1%. After redemptions and losses, the fund now manages about $6 bln, one investor said, down from a peak of almost $20 bln last summer. Investors seeking to redeem their funds will have 37% of their money withheld in a special vehicle by Harbinger until hard-to-trade underlying assets can be sold. Another 2% of the fund is stuck at failed bank Lehman
Harbinger Capital imposes limits on withdrawals - FT
FT reports Harbinger Capital, the activist US hedge fund headed by Philip Falcone that shot to fame in 2007 with a lucrative bet against subprime mortgages, joined the list of funds restricting withdrawals for investors a day before the end of last year, according to two investors. Harbinger's main fund rose almost 43% in the first six months of last year but lost all its profits and ended the year down 27.1%. After redemptions and losses, the fund now manages about $6 bln, one investor said, down from a peak of almost $20 bln last summer. Investors seeking to redeem their funds will have 37% of their money withheld in a special vehicle by Harbinger until hard-to-trade underlying assets can be sold. Another 2% of the fund is stuck at failed bank Lehman
