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Goldman fund lost nearly $1bn in 10 months
 
  Hedgeweb - TUE, NOV 04 2008
Funds & Investment Goldman Sachs Investment Partners (GSIP) has lost close to $1bn since its launch in January. GSIP was hailed in January as one of the biggest hedge fund launches, raising more than $6bn, has told investors that it had lost $989m by September.

More than half of GSIP's losses in the third quarter was from its investments in commodities, basic materials, metals, mining, energy and agriculture.

But like many multi-strategy funds diversified across equity, credit markets and convertible bonds, GSIP was hit hard by losses on convertible bonds. It said returns from the convertible asset class had been ??abysmal?. The HEDGEweb convertible arbitrage index is down by 13.29 per cent for the year to the end of September.

 
 
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