Kingdon’s credit fund gains from short book, while flagship stagnates

By Suzy Kenly Waite

Fri Jul 30, 2010

Mark Kingdon’s firm, which managed $4.43 billion as of July 1, is flat in its large long/short equity strategy, while its credit fund is up.

Kingdon Capital Management has had mixed results in its funds this year. While the firm’s $4.3 billion global long/short equity strategy is down slightly, its $133 million credit fund has gained 5.6% through June.

"After a sharp recovery from the financial crisis, both the economy and credit markets are pausing to catch their breath," Michael Pohly, portfolio manager for Kingdon Credit, wrote in a July 21 investor letter. "The slowdown is part of the normal inventory cycle that follows around the second year of a recovery, but it is exacerbated by the efforts of consumers and governments to de-lever their balance sheets."

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