Fir Tree suffers “disappointing and frustrating” first half

By Simone Foxman

Wed Aug 6, 2014

Affirms commitment to Hippocratic oath of investing.

The now-$13 billion Fir Tree Partners has hit a snag in 2014. Its flagship Fir Tree Value Fund, which controlled $8.9 billion in assets as of June 30, gained 0.6% in the second quarter, pushing returns to just 0.1% for the first half of the year, according to a recent letter to investors. The Absolute Return Multi-Strategy Index rose 4.19% in the first half.

Such performance hasn’t been good enough for Fir Tree’s management. Founded in 1994 by private equity veteran Jeffrey Tannenbaum, Fir Tree maintains a relatively concentrated portfolio of securities picked using fundamental analysis. In the letter, the firm bemoaned the lack of volatility in...

ISSN: 2151-1845 / CDC10004H

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