ValueAct Capital’s Master Fund fell in the high-single digits during the first quarter, although its returns moved by more than 100 basis points in a single day 19 different times. That amounts to about one-third of the quarter’s total trading days.
Jeffrey Ubben’s fund has since fallen even more during the current quarter, roughly in line with the Japanese and U.S. markets and with high volatility again.
Read hedge fund letters here
ValueAct Capital uses AI
In ValueAct’s first-quarter letter to investors, which was obtained by Hedge Fund Alpha, the firm said it used artificial intelligence to write the letter. Additionally, it described the letter as the “third heavy rewrite.”
“This says a lot about the times we are living...
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