Prism fund drops 28.5% in first quarter

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Delta Partners’ flagship hedge fund has suffered its largest quarterly loss this year since its 1999 inception as the fund’s long and short positions both failed to perform. The onshore version of the strategy, Prism Partners, dropped an estimated 28.5% in the first three months of the year, while the larger Prism Offshore Fund lost an estimated 24.2%.

Prism Partners, the $197 million Boston, Mass.-based equity long/short fund managed by Charles Jobson, lost 9.9% in March amid an indiscriminate sell-off in stocks, according to a letter to investors. The fund’s long-term performance is still impressive, boasting an annualized return