Hedge Funds Performance

Tom Hudson’s Doubloon Capital gains 15.64% through August

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Pirate-themed Pieces of Eight fund is claiming its booty.

 
 Tom Hudson
Pirate Capital founder Tom Hudson’s resurgence is underway. Launched January 1, his Doubloon Capital’s flagship Pieces of Eight fund is up 15.64% through August.

The Wilton, Conn. manager targets distressed companies, including bankruptcies, investing a majority of its portfolio in high-yield corporate debt and preferred equities. As of the end of August, Pieces of Eight was comprised of roughly 22% common equity, 40% preferred equity, and 38% corporate debt, according to investor materials.

According to Doubloon’s August newsletter, examples of positions include real estate investment trust First Industrial (“very attractive yields for today’s high yield