“This is the third time since our inception in 2006 that we have a monthly loss larger than 20%; the other two being October 2008 during the global financial crisis and June 2013 during the taper tantrum,” Quantedge wrote. “While our long-time investors will not find the loss surprising, many of our newer investors who have not gone through past drawdowns with us may find this month’s returns disconcerting.”
SINGAPORE (Apr 15): In December, Singapore’s Quantedge Capital Pte was celebrating one of its best-ever years. Now, it’s just rounded off its worst month in history, showing how quickly the coronavirus has upended hedge funds.
In a commentary sent to clients this month, the fund, which in 2019 grew by 70.5% to hit assets under management of over US$2 billion ($2.8 billion), said early estimates showed it lost 28.8% in March. As global equities, bonds, currencies and commodities markets fell, so too did the fund’s value.
