Caxton Associates is unwinding Caxton Healthcare Trading and as of September 1 began distributing the portfolio's $400 million in assets to investors.
The fund, managed by Ken Rader, has been a lackluster performer at best. Since its December 31, 2004 inception, Caxton Healthcare has gained a mere 1.46%. Through September 1, the fund was down 0.10% this year.
Some 40% of Caxton Healthcare Trading's assets are allocated to biotech companies, a healthcare subsector that has had a less-than-spectacular year. New York-based Caxton, which was founded by Bruce Kovner, manages roughly $13 billion in total assets.