Comment: Chris Sullivan
The hedge fund industry has always had a bit of a schizophrenic relationship with the media, particularly here in the US
29/06/2011
Stamford board puts Mount Lucas on watch
The $160m Stamford Police Pension Board (SPPB) could be set to redeem its $3.5m investment in global macro hedge fund Mount Lucas Management after a decline in the fund’s net asset value (Nav), HFMWeek has learned.
SPPB trustee John Deegan explained that it was SPPB protocol to take action when any investment drops 20% or more in Nav. “Mount Lucas is approaching that level and as such we are discussing it,” he told HFMWeek. “We hope they rebound as they have in the past but first and foremost we must protect the assets of the plan.”
Minutes of the fund’s June board meeting reveal that Deegan spoke to a representative at the fund, whose returns were also down 16.5% since February, but “was not happy with the results he received from them and gave a warning of pending redemption”.
The fund has meanwhile redeemed $2m from Hildene Capital as a way of “harvesting profits” from the fund, which is up 22% on the year.
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