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RAB Special Sits hurt by "regrettable" Rock loss
Wed, 07 Jan, 2009
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RAB Special Sits hurt by "regrettable" Rock loss
Thu, 21 Aug 2008, 16:17:00
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Name
Value
Percent
Change
RAB Special Situations
19.00p
+0.00%
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Big losses after its bet on Northern Rock went badly awry, sent net assets at hedge fund <b>RAB Special Situations</b> tumbling in the first half of 2008, with the fund also warning that July had been "very negative".<br /><br />Net asset value at end June was down 23% to 121p from the start of 2008, with a further fall in July to just under 105p. The decline since the start of the year is over 33%, RAB said. Even without Northern Rock, NAV was down 29%.<br /><br />Chief executive Philip Richards added that due the widening gap between the share price and asset value it is considering buying back shares. The shares currently sit at a discount of 41%, the largest disparity since it floated in 2005.<br /> <br />"The current market sell-off is more protracted and more intense than that of 2005 and our strategy has now lost money for three straight quarters ever since the credit crunch spread from the debt markets and began to hurt equity valuations," said Richards.<br /><br />"Although this has been a difficult period for the company and economic markets generally, the board, and the investment manager, are optimistic that the portfolio is well positioned to recover from the recent decline, and are confident that the good results of previous periods can be replicated in the future," RAB added.<br /><br /><br />
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