$5 Billion Hedge Fund SPO Shutters: "We Find It Exceedingly Difficult To Deploy Capital" [zero hedge]
VictoryShares Protect America ETF (SHLD)
US:NASDAQ Investor Relations:
searsholdings.com/invest
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Source: zero hedge
While growth stocks are suffering one of their worst bouts in recent history, the recent rebound in "value" has come too late to help one venerable asset manager.According to Bloomberg, the Mill Valley, CA-based SPO Partners, a $5 billion hedge fund that’s managed money for almost five decades, is closing. The company which lists the billionaire Bass family among its numerous clients, will return a quarter of its assets next month and most of the rest early next year. SPO said clients had asked to pull about 7% of its assets, or $344 million, by the end of the year. It returned about $3.3 billion to investors over the past six years after investments matured.The challenges, and the reason for the fund's shuttering are the same as those faced by so many other value investors: "Today, we are finding it exceedingly difficult to deploy capital with an acceptable margin of safety," wrote Eli Weinberg, SPO co-managing partner, in a letter to investors seen by Bloomberg."Businesses we admire
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