Tiger seed Sabretooth in liquidation
By Lawrence Delevingne
Tue May 8, 2012
Once an industry darling, Erez Kalir and Craig Perry's macro firm abruptly shuts following losses and management issues.
Sabretooth Capital Management, the fast-rising macro fund
seeded by Julian Robertson's Tiger Management in 2009, is
shutting down following losses and portfolio management
disagreements between co-founders Erez Kalir and Craig
|| Erez Kalir
(Photo: Gabrielle Revere)
"We have taken the painful decision to dissolve the fund,"
Kalir and Perry wrote in a brief email to investors on April
27. "We are deeply grateful for the opportunity that each of
you has given us to be your partner...We are gravely
disappointed to leave you with this result on the back of a
down year, but trust that by returning capital now, we are
honoring the firm's founding principle of stewardship in the
best way we can."
Sabretooth's flagship Master Fund fell 20.9% in 2011, mostly
attributable to bearish bets on European financial institutions
using expensive credit default swaps and other instruments. The
fund did not bounce...
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