- Carlson Capital's stock-picking fund, Black Diamond Thematic, lost more than 20% in January, according an investor document seen by Business Insider.
- The fund lost roughly 60% of its assets last year when one of the firm's two portfolio managers, Matthew Barkoff, resigned. The fund was up 18% last year.
- The firm's flagship multi-strategy funds roughly broke even last month. A source familiar with the firm says the firm's flagship Double Black Diamond fund has no allocation to the Thematic fund.
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Carlson Capital's stock-picking fund Black Diamond Thematic lost more than 20% in January, an investor document showed.
The fund — which had more than $1 billion in assets in 2017 but saw AUM drop at the beginning of last year following the departure of one of its portfolio managers— more than doubled the average hedge fund's performance last year, returning 18%.
The Dallas-based manager, which runs $6.4 billion, declined to comment on why the fund plunged so much in a month or how much money that fund was running. A source familiar with the firm told Business Insider that the firm's flagship fund, Double Black Diamond, has no allocation to the Thematic fund.
The two multi-strategy funds run by the firm — the aforementioned Double Black Diamond and Black Diamond — returned 0.33% and -0.09%, respectively, for the month.
The stock-picking fund posted a positive performance last year, though still trailed the overall stock market. Thematic lost 1% and 22% in 2018 and 2017, respectively.
Carlson isn't the only fund that saw a major drop in the first month of 2020.
Bloomberg reported that David Einhorn's Greenlight Capital lost more than 7% in January thanks to the manager's bet against Elon Musk and Tesla.
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