New York Post- A pair of hedge funds that are getting battered by the choppy markets of the past few months are serving as a stark reminder that the pain inflicted on the once white-hot hedge-fundsector isn’t only confined to those with subprime-bond exposure.<\/p>\n
Drake Capital Management’s $3.91 billion flagship Global Opportunities fund dropped an eye-popping 10.5 percent in October after sailing through last year with astronomical gains. The fund is down 9.91 percent for the year, according to HSBC.<\/p>\n
That stands in sharp contrast to last year, when the fund garnered widespread accolades as it racked up a 41 percent gain on bets on currencies, commodities and emerging markets equities.<\/p>\n
Classified in the hedge-fund community as a global bond fund, Drake’s flagship fund in reality is described by hedge fund investors as a classic macro fund, making bets across most liquid asset classes.<\/p>\n