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(Bloomberg) -- Lansdowne Partners is shutting its main hedge fund in a shift away from short-selling after being hit by some of its worst-ever losses.
The London-based investment firm is closing the $2.8 billion Lansdowne Developed Markets Fund, according to a person with knowledge of the matter. Investors could withdraw their money or move it into the Lansdowne Developed Markets Long Only Fund or a new LDM Opportunities Fund, which will invest in early-stage companies, said the person, who asked not to be identified because the information is private.
The firm will continue to bet against companies in some of its other funds.
A spokesman for Lansdowne Partners declined to comment.
The move marks a dramatic retreat by one of the world’s most famous equity long/short hedge funds, and comes after poor performance in both rising and falling markets. The firm’s main hedge fund is run by Peter Davies and Jonathon Regis, and tumbled 13% in March’s rout, the biggest monthly decline since it started trading almost two decades ago. It was down 23.3% in the first half of the year, according to a letter to investors seen by Bloomberg.
Years of poor returns have led to outflows from the firm, with its assets dropping to $9.8 billion in June from a peak of nearly $22 billion.
The firm has told investors that it’s become harder to make money with short bets against companies, and it’s finding more opportunities in long bets and investment in early-stage companies, the person said.
Lansdowne was already managing more money in its long-only funds than in other strategies. At the start of March, only about 45% of the firm’s assets were in long-short money pools.
The news of Lansdowne’s fund closure was reported earlier by Institutional Investor.
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©2020 Bloomberg L.P.
Nolupus, trust you've done you research before going in and did factor for both scenarios. I have enjoyed your posts looking from a different perspective. Do you think we will have success in any of the 3 trials?
If it goes to 10/15p from here then for me it is what it is now.
Sharenews and what if it does show clear efficacy. What will SNG be worth?
We will know soon and if it is good news will you be man enough to say you was wrong or will just got crawl into your hole and never return?
Thanks Frag and Davey
Hi probably asking a stupid question but here goes.
Already purchased but looking to purchase more. If I did will these still be applicable for like for like shares of the Stemprinter split?
Thanks and gla
https://www.sharesmagazine.co.uk/video/richard-marsden-ceo-of-synairgen-sng
Just found this, not sure if posted before.
Thank you for all the below posts. I really like this share and has been one of my better ones during the pandemic. It just seems to me that around 2.50p is the ceiling at the moment but if we get past this.....
Just trying to work out why this will go back to 1p, now sure which RNS has the negative news.
Tia
Is there a link to the RNS please? Cant find it.
Gla
MACD chart looking good. Hopefully a good week ahead!
Just invested and hopefully this will rise soon based on current prices.
Gla
Would prefer to say one is running in the derby and the other the gold cup. Both needed at present and hopefully both will do well.