Tue, Jun 28, 2016
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. Blackstone buys minority stake in New York-based credit hedge fund Marathon[more]

    Benedicte Gravrand, Opalesque Geneva: Blackstone Strategic Capital Holdings Fund, a vehicle managed by Blackstone Alternative Asset Management (BAAM), has acquired a passive, minority interest in Marathon Asset Management, for an undisclosed sum. Based in New York,

  2. Investing - Soros, Druckenmiller among hedgies profiting in market plunge, Hedge funds were most bullish on bonds since 2004 before Brexit, Surprise Brexit vote unleashes scramble for dollars, High-yield hit on Brexit but no panic selling, Scientist turned hedge fund founder lured to pound, euro, Hedge fund avoids commodities, posts big gains[more]

    Soros, Druckenmiller among hedgies profiting in market plunge From HITC.com: Bullish positions in gold and volatility and well-timed short bets on China and emerging markets, among other areas, were some of the trades that benefited hedge funds on Friday as markets digested Britons' s

  3. Manager Profile - A 26-year old hedge fund manager called Brexit — here's what he thinks about the historic vote[more]

    From Businessinsider.com: Taylor Mann is not your typical fund manager. The twenty-six year old Texas A&M graduate manages Pine Capital in Larue, Texas (population 160), where he resides with his three-year old daughter. Also atypical compared with many of the largest funds out there, Mann makes

  4. People - Mariner Investment’s co-CIO Williams to leave $5.5bn firm, IOOF hires new alternatives portfolio manager[more]

    Mariner Investment’s co-CIO Williams to leave $5.5bn firm From Bloomberg.com: Basil Williams, co-chief investment officer of Mariner Investment Group, is leaving the $5.5 billion hedge-fund firm after negotiations to renew his contract failed. Williams will stay in his role until t

  5. Hedge Fund Due Diligence Exchange offers complete due diligence reports at $1500[more]

    Matthias Knab, Opalesque: HFDDX is offering complete alternative investment due diligence reports at $1500 US. Industry professionals can simply go to www.hfddx.com and indicate their interest in sponsoring one or more DD Reports for $1500 each.