Balestra Capital and Lahde Capital Management have both reported spectacular June performance as a shared investment thesis on the demise of the subprime mortgage market paid big dividends on the month.
Balestra Capital Partners, a global macro fund founded by Jim Melcher, netted 20.98% in June to total 36.15% for the year to date. Lahde Capitals U.S. Residential Real Estate Hedge fund, which began trading in November 2006, netted 48.4% in June, boosting its year-to-date gain to 85.78%.
Balestra, of New York, manages about $225 million. Lahde, formed by Andrew Lahde and based in Santa Monica, Calif., runs about