US hedge fund manager Boaz Weinstein’s main investment strategy has suffered losses this year, extending a run of lacklustre returns for two of his key funds as bets on credit markets fail to come good.
The $1.9bn flagship fund of Weinstein’s firm Saba Capital, which tries to make money through bets on dislocations in the credit market, was down about 6.5 per cent this year as of November 21, according to performance numbers seen by the Financial Times.
Weinstein is best known for spotting and trading against a JPMorgan credit derivatives trader known as “the London Whale” in 2012. The US bank suffered billions of dollars in losses as it tried to close out large positions in the market, while Weinstein’s firm made big gains.
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