Friday April 28 9:33 AM ET Soros Funds Reorganize, Strategist Out
NEW YORK (Reuters) - The Quantum Fund, the flagship of financier George Soros' hedge fund group,
will be restructured after suffering heavy losses this year and its chief strategist Stanley Druckenmiller will
leave, a spokesman said on Friday.
....
The Quantum Fund and the Quota Fund have been hit hard by losses in
high-technology stocks in the last few months with Quantum losing 21.69
percent in value this year, compared with losses of 20 percent the same
time a year ago. It scored big on a switch into high technology stocks late
last year enabling it to more than recoup earlier losses and ended up 35
percent in 1999.
Quota, which has lost 32 percent so far this year, has posted average annual returns since 1992 of 39 percent. Last year it had gains of 19 percent.