Jason Karp’s Tourbillon Capital Partners has gotten off to a rocky start to the year with the Tourbillon Global Master Fund returning -1.1% net during the first quarter. The Long Alpha funds (domestic and offshore) had a +5.2% and +5.5% net return respectively and while this return beat that of the Master Fund, the Long Alpha funds underperformed their SPX/MSCI World blend benchmark return of 6.2%. Karp tries to explain why Tourbillon underperformed within the pages of his first-quarter letter to investors, a copy of which has been reviewed by ValueWalk. The funds have adopted a conservative positioning considering the…
Jason Karp’s Tourbillon Capital: FAANGs Are Not Investments; Bubbles Everywhere
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