Hedge Funds

Caxton hands back more capital

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In an effort to boost returns, Bruce Kovner's Caxton Associates will return 10% to 20% of the assets of its flagship Caxton Global Investments to investors at the end of the year. The New York fund racked up an impressive 26.5% in 2002, but netted just 6.32% in over the first nine months of this year. In a letter sent to investors last month, Prime Management, the fund's administrator, wrote: "Caxton only wants the amount of capital it can deploy successfully." The fund contained $9 billion of capital as of the beginning of the year.