Billionaire Michael Hintze’s hedge fund is down 42.5% this year, with recent gains failing to make up for a slump during the market turmoil in March.
The CQS Directional Opportunities Fund, which manages about $1.8 billion, was up 1.3% in August for a third straight month of gains, according to letters to investors seen by Bloomberg. But that wasn’t enough to make much of a dent in the fund’s 48% loss it suffered in the four months through May.
