Hedge Funds

Event-driven X Fund to wind down


Thomas Kratky is planning to close his tiny event-driven program, X Fund, at the end of the year.

Kratky, who according to fund materials once ran Lehman Brothers' fund-of-funds business, launched X Fund in January 2005. But with fund assets of just $3.1 million as of the end of October, Kratky may not have been able to sustain the business.

The fund's performance has been relatively flat this year. In October, the Greenwich, Conn., fund gained 1.9% to put it up a total of 3.3% for the year.

Fund documents describe X Fund as an event-driven fund with a