One year ago
>> Multistrategy fund Arcadia Capital Advisors began liquidating its positions and searching for new
capital after the end of its capital contract with MD
Sass-Macquarie Financial Strategies. "I'm talking to other
players that might come and join us, so we might continue,"
founder Richard Rofe said at the time, giving a deadline of
April 1, 2012, to secure new capital or shut down.
Rofe departed in March, according to his LinkedIn profile, and said in a telephone
conversation this week that the firm is now being run by MD
Sass. A representative for MD Sass, however, said the fund is
no longer alive.
Regardless, Rofe has since taken an entirely new
tack: In March, he became president and CEO of SeaMax America, the importer of a seaplane
manufactured in Brazil. "We plan to reintroduce the only SLSA
[amphibious seaplane] that you can actually buy and fly!" he
wrote on the website. It wasn't the first large career shift
for Rofe, who previously co-founded a chicken product brand
called "Wow Wings."
See also: Liquidations to yield asymmetric returns when
properly handicapped - Octavian in liquidation
>> Absolute Return
highlighted three funds up more than 20% for the year through
the end of November 2011: The QIM Tactical Aggressive Fund, the Fort Global Diversified fund and the Chichester Commodities Fund
QIM has continued to roll, gaining 8.71% this year
through the end of October, and Fort has also pushed forth, up
4.45%. Chichester, though, has hit a wall: Its commodities
strategy is down 9.22% this year, almost twice as bad as the
5.53% drop for the Absolute Return Commodities Index.
Five years ago
>> John Burbank's then-$3.5 billion Passport Capital launched a $25 million energy hedge
fund expanding on a component of its flagship global equity
The new fund, the Passport Energy Strategy, turned in a month of
good performance before plunging in 2008, dropping 48.33% in
what was admittedly not an easy year for energy funds (see full
performance here). Now-managing $70 million, it had three
subsequent positive years before falling steeply again this
year; it is down 17.52% through the end of October.
Burbank's flagship fund (performance data here), which had a miserable 2011 that some investors blamed on over-hedging, has done
much better in 2012. It gained 9.3% through the end of October,
compared with a 5.28% rise for the Absolute Return Global Equity Index. That fund
manages $1.3 billion, while the firm overall manages $3.3
billion, slightly down from five years ago.
Katrina Dean Allen, an external spokesman for
Passport, declined to comment.
See also: Passport liquidates materials fund - Passport shakes up team