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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