Hedge Fund News From HedgeCo.Net


Fund at Covenant Capital rebounds as market sags

Charlotte Business Journal – In early 2008, Jim Morgan and his partners at Covenant Capital sent a gloomy letter to their investors.

After a couple of disappointing years, the letter said, the hedge-fund firm was preparing to close. It told investors how they could retrieve their funds.

While a handful of investors took their money, a number asked Morgan, now chief executive of Krispy Kreme Doughnuts Inc., and his team to continue.

They did. And Covenant went on to have one of its best years in 2008, even as the market was collapsing.

Covenant’s fund finished 2008 up 12%, while the S&P 500 ended the year down 38% and the Dow Jones Industrial Average dropped 34%.

With less than $10 million in assets, the firm is now reopening the fund to new investors as well as accepting additional capital from existing investors.

Read Complete Article

Related Posts Plugin for WordPress, Blogger...

About the HedgeCo News Team

The Hedge Fund News Team stays on top of breaking news in the Hedge Fund industry on an hourly basis. Signup to HedgeCo.Net to recieve Daily or Weekly news updates from our team.
This entry was posted in Syndicated and tagged , , , , , , , , , , , , , , , . Bookmark the permalink.

Comments are closed.