Hedge Fund News From HedgeCo.Net

Hot Hedge Fund Loses 21% After Bet on Volatility Goes Wrong

(Bloomberg) In December, Shahraab Ahmad shared with his hedge fund clients the principle that helped him trounce peers for two turbulent decades: steer clear of the crowd.He’d turned $50 million into an operation with more than $700 million over three years and delivered market-beating returns, earning a reputation as one of the hottest hands in the business. Until last month. The 41-year-old veteran, who started at JPMorgan Chase & Co.’s pioneering credit-derivatives business in 1999, was caught out by a market turn that gave him what could be the biggest drubbing of his career. Ahmad’s London-based Decca Fund lost 21 percent, or $147 million, in the month of February, following its wrong-way bet on volatility.

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