Hedge Funds

DKR Nexus fund to shut following poor returns


The managers of the Bermuda-based DKR Nexus fund, a macro strategy run by industry veteran Darren Davy, have notified investors they are closing the fund and plan to give back most of their capital by the end of May.

The announcement followed a spate of redemptions and a lengthy stretch of losses for Nexus, which has an estimated $379 million in assets remaining. Sources say the firm had far more down months than positive ones and, indeed, had produced an annualized return since inception of -5.81%. The fund finished 2004 down 8.15% and so far is down 6.35%