Hedge funds hit by June sell-off even as many still boast 2013 gains

Hedge funds hit by June sell-off even as many still boast 2013 gains

(Reuters) – Sharp market sell-offs in June tripped up many veterans in the $2.25 trillion hedge fund industry with big name managers including Daniel Loeb, Barry Rosenstein, David Einhorn and Leon Cooperman nursing losses for the month.

Many funds were caught off guard by the deep market sell-off triggered by Fed Chairman Ben Bernanke’s comments that the central bank may consider tapering its easy money policies, including billions a month in bond purchases, by year-end.

The losses took a bite out of solid year-to-date gains among many hedge funds that had been fueled by a strong stock market rally at the start of the year coupled with bets that Japan’s economy will finally recover.

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