Difficult Period Even for Market Wizards- Comac Capital’s Colm O’Shea

Comac Capital’s founder Colm O”Shea was featured in Hedge Fund wizards by Schwager. The last several years has been tough for trend followers and even hedge fund Market Wizards.

Read below

The UK firm’s decision to cut 1/3 of its staff is said to be part of a “strategic” plan to stop losing money.

London-based hedge-fund Comac Capital LLP laid off a third of its employees, its executives said, after almost two years of investment losses that led some investors to pull money from the firm. Comac managed $4.8 billion at the end of September 2012, according to a person familiar with the firm. It now manages about $2.2 billion, the executives said on Friday. Comac expanded quickly after a strong performance in 2008 but has struggled of late. The firm lost 9% last year, when rival firms were flat, on average, according to research firm HFR. This year, it was down almost 5% through early September. The firm laid off 18 employees in August, said Chief Executive Hopewell Wood. The layoffs were a “strategic decision” to bring the firm’s investment team back to the smaller size that had previously been successful, Ms. Wood said.
“I don’t think our performance is where I expect it to be, and it’s not where I expect it to be in the future,” Comac founder Colm O’Shea said on Friday. He said that in the context of his more than 20-year career as an investor, he didn’t view the firm’s losses this year as “very material.”

Be Sociable, Share!

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>