Troubles at Andor Capital have been known for some time, and many have been gaming the company’s positions. The guess has been that the firm’s partners would split, and given the company’s poor show in recent years, that would mean unwinding a raft of sizable tech positions — good for fast-footed funds.
Anyway, it was all confirmed today in a piece in the WSJ. No surprises, really, although the release sent to investors was a little puzzling. Part-way through the WSJ paraphrases it as, “The firm said that with Mr. James’s slated departure, it will focus on managing various technology hedge funds.”
Not to play gee-whiz innocent, but wasn’t that what Andor was supposed to be doing in the first place?
Update [7/15/2004]: Ah, a piece in today’s paper makes it clear. Andor is dropping out of managing health care-related hedge funds to focus on its “bread and butter” technology funds. While I don’t buy that was the entire cause of Andor’s troubles — the real cause was an errant bearish call in tech last year — it does show how difficult health care is for non-specialists.