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What began as a $6 million endeavor in 1996 is coming to a (partial) close. Atticus Capital is shuttering two of its three hedge funds and is returning $3 billion to shareholders. The move is strictly a personal one, according to CEO Timothy Barakett in a letter to investors. Atticus is slicing its flagship fund and a smaller one, but is keeping its European Fund, which has $1.2 billion under management.
Prevailing market conditions led Barakett to begin liquidating many of the Atticus Global portfolio's holdings, an effort he expects to be complete by the end of September. Investors can expect to receive around 95% of their money in early October, with the rest being disbursed after the fund's final audit later in the year.
The flagship fund lost 25% in 2008 and was down 6% in 2009, despite a rising tide for the hedge fund sector. Historically, Atticus has taken aggressive positions, without a lot of hedging. And for a while, it worked. Over close to 15 years, Atticus Global averaged 19% growth a year after fees, easily beating the S&P 500's 3.9% for the same period.
Barakett continued that it's "time to reassess [his] future" and plans to pursue philanthropic interests and open a family office.
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