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‘Goldman fund loses nearly $1 bn in 10 months’

This article was posted on Nov 4, 2008 and is filed under Market Outlook

A Goldman Sachs hedge fund that launched in January with over $6 billion under management lost close to $1 billion by September, according to the ‘Financial Times’. The fund, known as Goldman Sachs Investment Partners, has told investors it lost $989 million by September, the newspaper said on Monday. Most of the fund’s losses stemmed.. from investments in commodities, basic materials, metals, mining, energy and agriculture, the ‘FT’ said. Losses from investments in convertible bonds — debt instruments that can convert into equity — also contributed to poor returns, the newspaper said.

Goldman Sachs spokesmen could not be reached for comment.

The average hedge fund has lost roughly 19 per cent so far this year, according to data from Hedge Fund Research

source: Economictimes

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