Another sort-of attempt to sort-of bring sort-of hedge funds to the sort-of masses has fallen flat on its face. Denver-based Geronimo Funds LLC will, effective Sep. 30, pull the plug on:
...each of the Geronimo Multi-Strategy Fund, Geronimo Sector Opportunity Fund, and the Geronimo Option & Income Fund and cease operations of the Funds following notice from Geronimo Financial Asset Management LLC, the Funds’ investment adviser, that it no longer plans to continue managing the Funds.
The $1000-minimum mutual funds were intended to track various Hedge Fund Research investable indexes and, it seems, made a lousy job of it; according to the fact sheet for the Geronimo Multi-Strategy Fund, it managed a return of 3.8 percent in 2006, compared with the 8.8 percent turned in by the HFRX Equal-Weighted Strategies index. The same fund lost around 5.5 percent last month, most of that before the Aug. 21 decision that the funds would cease “pursuing their respective investment objectives.” Mortal wounds after the jump.
Geronimo Funds: Supplement to Prospectus Aug. 21 2007
