Maverick Capital LP
Maverick Capital LP | Hedge Fund Notes
The following piece on Maverick Capital Group, LP is being published as part of our Hedge Fund Tracker Tool, our daily effort to track hedge funds in the industry.
Resource #1: (11.13.08) Hedge funds’ monthly ‘Dear Investor’ letters are quickly becoming case studies in self-pity, self-flagellation and flourishes of apology. The latest missive circulating in cyberspace comes from Maverick Capital, and it’s a dandy.
Maverick managing partner Lee Ainslie told investors in an Oct. 9 letter that he couldn’t find words to describe the firm’s “disappointment, embarrassment and shock” over its horrible results in the third quarter, which spanned every sector and region in which it invested in.
Most notably, the Maverick Levered Fund finished the third quarter down 40.6% (down 34.5% year-to-date) followed by the Neutral Levered Fund’s 27.5% loss last quarter (down 3.3% YTD). The firm’s other hedge fund losses include Maverick Fund Class C 5 yr. (down 22.4% in the quarter, down 16.9% YTD) and Maverick Neutral (14.4% in the quarter, flat YTD).
“Virtually all of the losses of the past quarter were suffered in the month of September,” wrote Ainslie. “This performance was driven by a number of factors—hedge funds deleveraging, short regulations changing, equity markets imploding, prime brokers faltering, hedge funds failing and volatility spiking to name a few.” Source
Resource #2: Maverick Capital Management 13F Holdings Analysis
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