Bulldog’s Foxhound Biggest Nasdaq Loser
Not everyone has recovered from Nasdaq’s plunge early in the week.
The Bulldog Capital Management hedge fund group said Friday its $200-million Foxhound Fund “lost most of its value” in the gyrating markets earlier this week.
The fund, which borrowed money to bet on both rising and falling shares, was the biggest publicly known casualty of this week’s roller-coaster equity market. On Monday and Tuesday, the Nasdaq composite index dived 9%, though it later recovered most of the loss.
“This was our high-octane fund, and navigating in the recent market turbulence was extremely difficult,” said Ronald Pollack, chairman and chief investment officer of Bulldog, which had about $800 million in assets a week ago.
The Clearwater, Fla.-based fund group is still in operation, said Brandon Marion, president of Bulldog. He said none of its other funds had similar losses.
In 1999, Foxhound returned 332.6% after fees.
The riskiness of hedge-fund investing was underscored in late March when Tiger Management, the once-highflying firm headed by Julian H. Robertson Jr., said it would close its flagship fund and cease operations.
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