York explains May losses
By Suzy Kenly Waite
Tue Jun 29, 2010
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
York manages $13.8 billion firmwide. Chief investment officer
Daniel Schwartz and...
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