Chart of the month: Pirate Capital's Jolly Roger Fund


A strong third quarter at Pirate Capital's Jolly Roger Fund drove its year-to-date figure up to 17.17%, more than three times the 4.66% gain in the Absolute Return Event-Driven Index. September's 3.95% gain, which was well over the AR Index rise of 0.63%, kept the fund in the running for recognition at November's Absolute Return Awards in New York.

This is Pirate Capital's flagship fund, but portfolio manager Tom Hudson started an offshore version in 2003. The combined assets of the strategy are $950 million. Hudson focuses on companies with significant hard assets, and has recently