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Hedge fund Raging Capital gains 2.8% in 2014 'after frustrating year’

Wednesday, January 14, 2015

Komfie Manalo, Opalesque Asia:

2014 was a "frustrating year that could have gone much better," said William C. Martin, chairman & chief investment officer at Raging Capital Management, as his Raging Capital Master Fund, Ltd. gained 2.8% last year (-1.2% in December).

By comparison, the S&P 500 Total Return Index gained 4.9% during the fourth quarter. The HFR Hedge Fund Index generated a gain of 0.2% for the same period. For the full year ended December 31, 2014, the S&P 500 TR increased 13.7% and the HFR gained 1.4%.

Martin said in his report to investors, "To put it in plain language, it was a frustrating year that could have gone much better. Our fundamental analysis on both the long and short sides was strong; unfortunately, my timing and sizing around certain portfolio management decisions were less than stellar. The good news is that this year made us better and stronger investors, and I don’t believe that the bulk of our missteps (specifically on the long side) will lead to permanent losses."

Martin expressed optimism in 2015 and added that this year reminded him that his firm’s strength is picking stocks, on both the long and short sides. He described his team as deep with strong fundamental work with a good batting average.

"We also are willing to take concentrated bets, and over time our hit rate on those has been excellent. From time to time, though, we do swing and miss. In so......................

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