Why $1.5 Billion Nevsky Capital Is Shutting Down: The Full Letter
As noted moments ago, the iconic $1.5 billion Nevsky Capital is calling it quits. What is surprising, is that unlike some "one hit wonder" hedge fund wannabe, Nevsky is actually a brand name in the hedge fund community, as demonstrated by the following performance charts.
And yet, despite its sterling performance, the fund is liquidating for all intents and purposes and returning outside money. Here is the full reason why, from the December letter to clients:
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Why have Nevsky Capital decided to cease managing the Nevsky Fund?