OSS battles the market’s lingering trauma
By Suzy Kenly Waite
Mon Aug 23, 2010
Michael Steinhardt protégé Oscar Schafer lost took hits from positions in Live Nation and Wyndham Worldwide.
Oscar Schafer’s OSS Capital Management has had a
rough 2010. Its flagship long/short OSS II fund, which manages
$500 million, is down 5.1% this year through July, with most
losses having occurred in the second quarter. "This was another
quarter where 'macro’ concerns dominated the
markets," Oscar Schafer wrote in an investor letter dated
Schafer, who served as an analyst and portfolio manager for
Michael Steinhardt in the 1970s and early 1980s, blamed a weak
recovery in the U.S., the sovereign debt crisis in Europe,
tighter policies in China, the oil spill in the Gulf, and
debate over the financial regulatory reform as reasons for poor
performance. Since its 2001 inception, fund’s
annualized returns are 8.8%. Through June, the fund was down
7.7%, but the fund recouped some of its losses by posting
returns of 2.82% in...
ISSN: 2151-1845 / CDC10004H
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