The average hedge fund was up over 5% in May, but Peter Thiel’s Clarium Capital underperformed. The fund fell 1.4% last month
Clarium is down 1.7% on the year. According to the latest report, Clarium is long foreign debt to the tune of 35%, short equities to the tune of 29% and long commodities to the tune of 7.7%. My best guess is that he has huge gains in an oil position and large losses in non commodity and tech related names – most likely banks via short positions.
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.