Nathaniel August's Mangrove Partners was down 0.5% in May and 6.8% in April, bringing its quarter-to-date return for the second quarter to -7.2% and its year-to-date return for the first five months of the year to -35%. At the end of May, the fund's gross exposure was 194%, while its net exposure was 7%.
Q2 2020 hedge fund letters, conferences and more
Losses in shipping drove May performance
In his May letter to investors, which was reviewed by ValueWalk, August said losses in the fund's private shipping investments drove the May performance. The losses outweighed the modest positive performance in...
