Mangrove Partners Down In 2019 On Its Investments In Commodities, Value Stocks
Mangrove Partners finished 2019 down -9.4% despite a return of +5.1% in the month of December, according to a hedge fund letter to investors update seen by ValueWalk. The firm blamed the disappointing returns on costs from hedging, coal investments, disappointing energy longs and a lack of exposure to growth stocks.
Mangrove's Nathaniel August said in his fourth-quarter letter that they are now working on finding new shorts and are evaluating a number of new ideas that appear promising. December's gains came mostly from gains in the long portfolio, although losses in the fund's . . .
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