New York (HedgeCo.net) – After getting caught on the wrong side of the selloff in China, Robert Citrone’s Discovery Capital Management bounced back with gain of 5.88% on July and that moved the fund in to positive territory on the year. Through the first six months of the year, the fund was down 4.4% and that was after suffering a loss of 3.2% in 2014.
A recent Forbes article highlighted Citrone’s past performance, pointing out that the only down year he had experienced prior to 2014 was during the financial crisis in 2008 when the fund was down 33%.
An article in The Wall Street Journal last month reported that two of Citrone’s biggest holdings were Alibaba and Baidu. Both of these stocks are down in the neighborhood of 25% for the year and even when the Shanghai Composite Index was rocketing higher in the first five months of the year, BABA and BIDU were experiencing double-digit percentage losses.