Michael Hintze’s Main Fund Faces at Least 30% Drop in Quarter
- The billionaire manages the Directional Opportunities Fund
- Majority of the losses for the fund were sustained in March
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A $3 billion hedge fund overseen by Michael Hintze suffered its worst-ever start to a year after structured-credit wagers soured with the broader market.
Preliminary estimates for CQS’s flagship Directional Opportunities Fund, personally managed by Hintze, show that the fund was heading for a decline of at least 30% in the first three months of the year, according to people familiar with the figures. The majority of the losses were sustained in March. DOF, as the fund is known, had lost just 2.5% through February, investor documents show.