Hedge Fund Okumus Capital Shuts Down ~ market folly

Friday, January 16, 2009

Hedge Fund Okumus Capital Shuts Down

One of the funds we had planned on covering in our hedge fund portfolio tracking series has unfortunately shut down. Okumus Capital, the $990 million group of hedge funds founded by Ahmet Okumus in 1997 has confirmed it is shutting down its funds, as reported by FinAlternatives. Okumus' Opportunity fund had seen 35% gains net per year since inception, but came upon rough waters this year, being down 42.8% as of October. Ahmet was the largest investors in the funds, as he was over 20% of firm assets. His deep value, security analysis stock picking style had gained him much notoriety due to his solid performance and he was featured in Jack Schwager's book Market Wizards.

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