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BARAKETT BROS. LOSE HEDGE MAGIC

By
Kaja Whitehouse
Published Oct. 17, 2008, 8:39 a.m. ET

The hedge-fund world’s high-flying Barakett brothers aren’t having a good year.

Trouble first came for Tim Barakett, a top manager of Atticus Capital.

The $14 billion hedge-fund firm was recently forced to squelch rumors it was liquidating after its two main hedge funds were hit with large losses.

Now it appears Bret Barakett is also suffering performance woes.

The second of the two hedge-fund brothers runs Tremblant Capital Group, a NY-based hedge fund launched in 2001 to buy and short stocks.

But volatile markets – particularly in August and September – squashed Tremblant’s otherwise solid record, which previously boasted just one year of down returns in two of its three funds.

Through the end of September, Tremblant’s main fund was down 27.9 percent for the year after losing 19 percent in September alone, according to data from investors.

The smaller fund, Tremblant Concentrated, is down 40.1 percent following a steep 27 percent drop in September, investors told The Post.

And Tremblant-Trident, the only Tremblant fund not managed by Barakett, is off 22.3 percent this year, after falling nearly 10 percent last month.

The funds got slammed on losing stock bets after markets fell in August and September, according to a person familiar with the situation.

Assets across all three have dropped from a peak of $4.5 billion last year to just $2.1 billion, The Post has learned.

A spokesman for Tremblant declined to comment.

To be sure, the Barakett brothers aren’t alone. Hedge funds are suffering their worst performances in years, forcing even the superstars to post embarrassing results.

Ken Griffin’s biggest hedge fund, for example, fell as much as 30 percent this year, while Dan Loeb’s Third Point Offshore is off 21.3 percent.

Fund liquidations are expected to reach record levels by year end.

The $32 billion asset manager Highland Capital Management is the latest to throw in the towel, saying it will shutter two of its five hedge funds with combined assets of $1.5 billion as a result of poor performance.