James Dinan’s stream of positive returns was pulled much lower in the last two months as flagship strategies slid into the red zone. York Capital Management, with AUM worth $15.5 billion, follows event driven and primarly distressed debt strategies in its several hedge funds. We have mentioned earlier that York Select Fund was down 1.7 percent in June. It appears that York Capital Management has lost across all regions and all substrategies in last month.
York Capital Total Return Fund
York Total Return, that manages $1.4 billion, suffered a loss of 1.3 percent in June. The fund is up 1.5 percent for the quarter and has managed a +5.8 percent gain over the first half of the year. York Total Return invests in other funds of York Capital, the largest allocations are in York Multi Strategy, York European and York Credit Opportunities. With respect to strategy/asset class, Total Return has highest exposure in distressed debt and equity driven special situations. Roughly half of the fund’s assets are invested in financial companies, whereas consumer discretionary is second largest sector.
The top five holdings of York Total Return are in Lehman Brothers, Sprint Nextel Corporation (NYSE:S), Kaupthing Bnak, Ageas SA (OTCMKTS:AGESY) (EBR:AGS) and Hertz Global Holdings, Inc. (NYSE:HTZ).
York Multi Strategy Fund that has $4.8 billion under management was down 1.7 percent in June, trimming the quarterly returns to +1.56 percent. The fund is up 5 percent YTD. York Capital’s debt focused fund, York Credit Opportunities also lost 1.3 percent over the same period, however the same fund has netted a 7.3 percent gain for the year. The fund managers $4.7 billion. York Credit invests in event driven distressed debt opportunities across the globe.
Detracting Returns Across Regions For York Capital
York Capital also lost in its Europe and Asia focused funds, the York European Opportunities Fund was down 0.2 percent. The European fund has managed to gain 2 percent in Q2 and is up 4.7 percent in the first half of the year. York European manages $1.8 billion. Dinan’s Asia funds took the largest losses, York Asian Opportunities incurred a 3.6 percent loss in June, cutting the quarterly performance to -1.3 percent. The Asian Opportunities is up 5.3 percent for the year, the fund manages $480 million.
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