Fri, Jul 28, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Eric Sprott’s flagship hedge fund drops 50% on weak gold prices

Thursday, December 12, 2013

Komfie Manalo, Opalesque Asia:

Canadian hedge fund manager Eric Sprott’s flagship hedge fund lost more than 50% so far this year; and I appears to be headed towards its third consecutive year of losses on weak gold prices.

Compounding Sprott’s woes are redemption requests from investors. that saw the once $3bn His hedge fund firm Sprott Inc., which had $3bn in 2008, now has about $350m in assets, according to The Journal. Sprott's mutual-fund, private-equity and wealth-management arms now collectively manage about $7bn, down from $10bn last fall.

The report adds that the poor performance of the hedge fund was brought by Sprott’s strong belief that precious metals, particularly gold, would rebound and provide good returns for the firm in the long term.

However, gold prices fell by some 25% since last year and is set to register its first annual drop in value after posting 12 years of consistent gains. The yellow metal closed $1,257 a troy ounce on Wednesday. Another precious metal that Sprott favors, silver, shed 33% and settled Wednesday at $20.36 an ounce, says the paper.

Sprott Inc. announced that Eric Sprott, who founded the firm in 1981, would no longer be involved in investment decisions.

In another report, ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Launches - Bitcoin hedge fund launches ethereum-subscribed ICO investment vehicle, Jersey players institutionalize first regulated crypto-currency hedge fund[more]

    Bitcoin hedge fund launches ethereum-subscribed ICO investment vehicle From Coindesk.com: The operators of a regulated, Jersey-based bitcoin hedge fund have officially closed a new $5 million fund aimed at investing in cryptocurrency tokens and initial coin offerings (ICOs). Backed by fun

  2. SWFs - China Wealth fund backs TPG lender as part of U.S. property push[more]

    From Bloomberg.com: China Investment Corp., the sovereign wealth fund that controls $814 billion in assets, is betting on U.S. real estate by investing in a commercial real estate lender formed by the money management firm TPG. In conjunction with last week's initial public offering of TPG RE Financ

  3. Months to minutes: Enigma launch aims to boost crypto hedge fund creation[more]

    From Coindesk.com: What if starting a hedge fund was as easy as downloading an API? A startup incubated at MIT Media Lab is today revealing a product designed with this ease-of-use in mind. Called Catalyst, the first product offering by blockchain startup Enigma aims to trigger nothing short of an e

  4. North America - Hedge funds disclose their Puerto Rico debt holdings, US dominates new money portion of Greece's debt sale[more]

    Hedge funds disclose their Puerto Rico debt holdings From Reuters.com: A group of hedge funds that hold about $3 billion of Puerto Rico sales-tax-backed debt released a court filing late on Tuesday that revealed how much of the total amount each fund manages. Decagon Holdings LLC,

  5. $25 million cryptocurrency fund launches to capitalize on the "internet of the future"[more]

    From Coindesk.com: General Crypto, a $25 million cryptocurrency hedge fund, has launched to provide high net worth investors with liquid exposure to the cryptocurrency market and digital assets that they believe could run the technological infrastructure of the future. Since the start of 2017, the t