Junk fund manager Marc Lasry no longer finds it necessary to report his asset levels to Lipper or Morningstar. His performance has been so dreadful, so cataclysmic, losing 40% of its assets since October on a -13.5% 2015 return or worse than 98% of his peer group, I am sure he’s closing the whole kit and kaboodle up, in order to go spend his billion dollar personal fortune in peace, without the distraction of having to lose the retirement funds of overzealous old folk in search of yield.
The Avenue Credit Strategies Fund has lost about 40 percent of its $1.2 billion in assets since the end of October. The fund currently has about $650 million to $700 million in assets, with about 15 percent in cash holdings and less than 5 percent in illiquid investments, according to people familiar with the situation. Avenue Capital was not immediately available to comment.
Research chiefs for Morningstar and Lipper said on Monday they had not received daily asset under management figures from the Avenue Credit Strategies Fund (ACSBX.O) since about mid-December. The fund is not required to report the figures, but not doing so is “very unusual,” said Jeff Tjornehoj, head of Americas research for Lipper, a Thomson Reuters unit.
People familiar with the situation said outflows from the Avenue Capital fund had become a distraction after an unrelated junk bond fund in early December imploded. Junk bond investors already were on edge, pulling $3.6 billion from high-yield funds in November, according to Morningstar data.
Like the Third Avenue fuckery, the market might view this as somewhat worrisome. Where there’s smoke, there’s a whole fucking village burning down.
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I think that guy managed my 401k.. Explains a lot
SJB for the win. It may be moving slow, but it’s moving in the right direction. I add on any dip.
So the money he gives back goes where? What do the filthy rich need these days in return for heir (whoops Freudian slip) their hard earned fiat currency?
They don’t need anything. But they can buy anything and I think that’s the point.
They need. You’re are correct, they also buy. These Richie Riches want to stuff their principle into something to make income or capitol gains. “Junk bond investors already were on edge, pulling $3.6 billion from high-yield funds in November, according to Morningstar data.” Have they already placed it somewhere or are they waiting. If so, I just don’t understand what they are waiting for.
How does the world of Investing work at this milli/billi level?
Master Fly, can you provide any insight or suggest a book?