Reuters – The Turtle Fund, an $80 million Swiss-based hedge fund trading volatility, has stopped trading and will let investors exit after sharp losses, following a disagreement between the fund’s managers. In a note to investors, seen by Reuters, the fund said it lost 8.7 percent in September and 14 percent in October — its worst-ever monthly performance.
That took year-to-date returns, which had been in positive territory, to around a 13 percent loss.
On October 10 alone, there was a 14-percent loss, which the note said was caused by a "disagreement within the team concerning the hedging strategy."
"Our third partner … by virtue of his majority stake in the company revoked our trading authority and liquidated all existing positions at the … worst possible moment, arguing to protect his clients from further losses," it said.