York explains May losses
June 29, 2010
Suzy Kenly Waite
Jamie Dinan’s investments in General Motors, Xerox and eye-care company Alcon contributed to a negative month in May for the $1.2 billion York Select fund, while a stake in Chrysler provided profits.
York Capital Management’s investments in General Motors, Alcon and Xerox contributed to the York Select Fund’s negative May performance, according to a recent investor letter. The $1.2 billion fund’s private equity position in Chrysler, meanwhile, produced positive returns. York Select, a concentrated event-driven strategy, dropped 5.70% in May, but remains up 1.23% for the year.
"In May, the equity and credit markets dramatically shifted their focus from corporate earnings growth to the unfolding European fiscal crisis and the potential impact on the global recovery,” read the letter. “These macro economic concerns triggered significant market selling and investor de-risking activities overshadowing positive company-specific developments.”
York manages $13.8 billion firmwide. Chief investment officer Daniel Schwartz and...
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