- Tourbillon Upper case is a $3.4 billion New York hedge fund led by Jason Karp.
- Karp has been foreshadowing of “frothy speculation,” in the markets and has been preaching patience.
- The firm’s flagship ready money is down more than 10% for the year to November 17.
Tourbillon Funds, a $3.4 billion hedge fund firm led by Jason Karp, is torment.
The firm’s flagship Global Master fund is down 3.5% for the first 17 days of November, releasing performance for the year to November 17 to a loss of 10.6%, according to a note to investors taken by Business Insider. Its long-only fund was up about 10% through October, Obligation Insider previously reported.
In an October letter to investors, Karp admonished patience, saying the fund saw “a number of warning signs that view to the middle innings of frothy speculation.” Those comments echo earlier messages, which have discussed the challenges of managing money in the current bull merchandise.
In the October letter, Karp added that despite this, there are investment times for those willing to look “ugly” for some period of time.
Tourbillon currently conducts about $3.4 billion firmwide, including long-only investments.
In the forefront launching Tourbillon, Karp was a portfolio manager at Steve Cohen’s SAC Superb and a co-chief investment officer at Carlson Capital.