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Alternative Market Briefing

Jabre’s Global Balanced fund loses 27% in 2011

Friday, January 13, 2012

Benedicte Gravrand, Opalesque Geneva: One of the hedge funds run by Jabre Capital Partners, a firm in Geneva which manages around $3bn in AuM, lost around a quarter if its capital in 2011, reports Swiss daily Le Temps. The money apparently went in trading losses but also in redemptions.

The fund, JabCap Global Balanced, now manages around $628m, says Bloomberg, and NAV dived from $183 on 31st December 2010 to $133 on 30th December 2011. This was confirmed by Investment Europe, which said that former top-performing Jabcap Balanced Fund had posted -26.88% for 2011.

Philippe Jabre’s Cayman domiciled-fund gained 20% in 2007, 2% in 2008, 45% in 2009 and almost 4% in 2010. Some commentators said its 2011 losses were caused by wrong bets – much of which in Japan – amplified by derivatives. "We should have seen the economic slowdown in H2 and should have covered our investments, rather than risk it with futures," a Jabre associate told Le Temps.

Jabre bought long Japanese stocks on news of the 2011 Japan earthquake, and then suffered when the Nikkei Stock Average tumbled 13%. Then he sold his shares in late March, just before a rebound in Japanese stocks, costing his firm about $300m, ......................

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