ESL Investments | Hedge Fund Notes
The following piece on ESL Investments, LP is being published as part of our Hedge Fund Tracker Tool, our daily effort to track hedge funds in the industry.
Resource #1: (10.27.08) Based on the size of holdings as per a June 30th 13F filing with the Securities and Exchange Commission, The New York Post reports that Eddie Lampert's hedge fund ESL Investments has seen its holdings in eight of its largest investments (including AutoZone, AutoNation, Citi, Home Depot and Sears Holding) fall an average of $193m in each trading day in the last 26, which translates into a paper loss of $30m an hour (allowing for a 6.5 hour trading day) over the period.
In the meantime, Bloomberg reports that, according to Morgan Stanley analyst Huw van Steenis, US hedge fund managers may lose up to 15% of assets to withdrawals by the year-end, while their European counterparts could see withdrawals up at 25%.
The news agency also quotes Citadel Investment Group founder Kenneth Griffin, who said: 'I have never seen a market as full of panic as I've seen in the last seven or eight weeks'.
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