Argonaut Slides Over 2 Percent In June, Despite Short Gold Gain

Argonaut Capital is among the strong believers of Japan's easing program, and the fund has bullish positions in equities and shorts in JPY through the past few quarters. Consequently the Argonaut Global Macro Fund was hurt in June as both major trades reversed. The fund declined 2.4% in June and is up 4.7% for the year so far.

David Gerstenhaber, founder of Argonaut and former Tiger cub, has maintained a short in gold for the past few months, which was among the few positions that...