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Hedge fund star Narula’s main fund off 10.4 percent in second-quarter

Reuters – Deepak Narula’s main hedge fund, of one last year’s best performers, fell 10.4 percent in the second quarter, its deepest quarterly loss ever, pummeled by fears that interest rates would rise, Narula said in a letter to investors.

The Metacapital Mortgage Opportunities Master Fund fell 2.85 percent in June following declines of 7.26 percent in May and 0.52 percent in April, the fund manager wrote in the letter, dated July 25 and seen by Reuters.

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