Shumway equity fund stung by long positions
By Lawrence Delevingne
Fri Aug 13, 2010
Bets on financial, health care and other stocks caused losses in the second quarter, even as exposure was reduced
Like other equity strategies, Shumway Capital Partners
equity-focused SCP Atlantic Fund was stung both by down markets
in May and June and then again in July, when reduced exposure
limited gains as the Dow Jones Industrial
Average’s surged 7%.
The fund, which manages $1.5 billion of the
firm’s $8.5 billion, is down 5.8% through July,
after producing positive returns from February through April.
The fund fell 3.7% in May and 3.1% in June, rebounding only
0.17% in July.
Long positions in the financial, health care, technology,
consumer goods, and communications stocks resulted in losses,
which were too much to be counterbalanced by short positions
and lower exposure...
ISSN: 2151-1845 / CDC10004H
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