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Billionaire Robert Citrone’s Hedge Funds Hammered In March

Forbes – Robert Citrone, the billionaire hedge fund manager who is known as an emerging markets specialist, had been on a pretty good run in recent years, scoring nice returns and increasing his assets under management to $15 billion. But Citrone, who works out of Norwalk, Ct., had a tough go of it in March.

Citrone’s two main hedge funds fell by some 10% in March, pulling down their investment performance deep into negative territory for the year. His Discovery Global Opportunities Fund is down 7.46% in 2014 and his Discovery Global Macro Fund is down 9.17% this year through the end of March, according to an investor report. The down performance in March is a swift reversal for Citrone, who last year was one of the top-performing hedge fund managers, knocking out net returns in the 27% range. Still, Citrone’s funds are known for going through volatile periods.

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