Waterstone Fund Loses In Supervalu Short Bet In July

Waterstone Market Neutral Fund got thrashed in July. The equity fund focused on short positions was down -5.29% in the month, the largest decline since September 2008. The fund’s year to date performance has been trimmed to -12.6%. Waterstone loses in Supervalu short bets Waterstone incurred the largest underperformance in SUPERVALU INC. (NYSE:SVU), whose shares surged 19% in July in response to Q2 earnings. The fund believes that Supervalu is marred by several shortcomings, including higher prices compared to peers, worn-out stores and a struggling balance sheet. Waterstone points out that Supervalu continues to tout an adjusted EBITDA number which likely…