New York Times- As many hedge funds were nursing deep losses and bracing for a possible wave of redemptions this week, members of the Connecticut Hedge Fund Association were popping open champagne bottles. What’s to cheer about? Securing first place in the fourth annual Hedge Fund Regatta, that’s what. One of the association’s two boats ranked No. 1 in this year’s contest, organized by the Manhattan Sailing Club to benefit the New York Harbor Sailing Foundation, which runs a free sailing program for teenagers. For a video of the winning team spraying Moet & Chandon, see below.

Monday’s championship round came as many hedge funds were coming off of a brutal week. Among the hardest hit were funds that use computerized trading strategies, many of which tried to sell the same securities at once, triggering big declines. So the sailing race likely came as a welcome distraction.

Teams from Lime Capital, a small hedge fund, and Griswold, a brokerage firm, won the regatta’s two preliminary rounds. But, as hedge fund investors know all too well these days, past performance is no guarantee of anything, whether you are on the markets or on the Hudson River.

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