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Bain Capital shuts down Absolute Return Capital hedge fund after three years of losses

Wednesday, October 07, 2015

Komfie Manalo, Opalesque Asia:

Boston-Massachusetts-based Bain Capital is shutting down its $2.2bn Absolute Return Capital hedge fund, which invests in fixed income, equity and commodity markets, after three consecutive years of losses, various media reported.

According to Bloomberg, the fund, which is managed by Jonathan Goodman and Jeff Woolbert, also manages some $552m of internal money. It fell 13% through July, its worst year since its inception in 2004, and posted an annualized losses of 8% since 2012, while the U.S. stocks jumped at an average of 18% and hedge funds gained 6.1% per year during the same period.

Bain said in a letter to investors released on Tuesday that the environment for global macro fundamentals-based trading strategies was challenging and that the lack of certainty on recovery had made them decide to return capital.

Bain Capital, co-founded by former U.S. presidential candidate Mitt Romney, oversees about $75bn in private equity, venture capital, credit and hedge fund assets.

The tough market conditions also forced other hedge funds to shutter down. Armored Wolf, the global macro hedge fund run by former Pimco Managing Director John Brynjolfsson, will be closing down in the coming months and become a small family office, reported ......................

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