Former BlueCrest Capital Management trader Mohit Khurana’s hedge fund, Southern Ridges Macro, has cut back on risk after incurring significant losses in the recent global market turmoil, according to a report by Bloomberg.
The report cites an investor update as revealing that Khurana’s fund lost approximately 3% over the three trading days ending 5 August, wiping out most of its earlier gains for 2024, leaving it with a YTD gain of just 1.2%. Since launching in 2019, the fund’s previous maximum drawdown – a measure of portfolio performance from high-point to low-point – was 1.7%.
Southern Ridges which was founded with investments from backers including BlueCrest founder Michael Platt, has never posted an annual loss. In light of the recent market stress, the firm has told clients that it has reduced portfolio positions and is closely monitoring risk levels.
Khurana launched Southern Ridges with around $800n after six years at BlueCrest, the London-based firm that now manages money exclusively for Platt and his partners. By early last year, Southern Ridges was managing approximately $2.3bn in assets.
