Hedge Funds

Whitney Tilson’s T2 gets “clobbered”

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T2 Partners is down 22.1% for the year through August.

 
 Whitney Tilson (Photo: Bloomberg)

Whitney Tilson and Glenn Tongue are equity bargain hunters, an investment technique that, as they put it, can be like “catching falling knives.” This year, they’ve gotten cut.

The T2 Accredited Fund, Tilson and Tongue’s long/short equity vehicle, fell 13.7% in August, leaving it down 22.1% for the year, according to a letter sent to investors September 1. “On the long side, our portfolio got clobbered across the board,” Tilson wrote.

Aware of the cringing investors likely did while reading the letter, Tilson defended T2’s value investments. “So, then, you might