Goldman Sachs' flagship Global Alpha hedge fund sank 22.7% in August, the worst month in its 12 years of operation, the Wall Street Journal reported Friday, citing a letter from the fund to investors.
Global Alpha, run by University of Chicago alumni Mark Carhart and Ray Iwanowski, struggled with bets on the Australian dollar, Norwegian stocks and Japanese government bonds. The fund is down 33.4% for the year and off 37% over the last 12 months, the Journal said.
There was no indication in the letter of how Goldman Sachs' fund was performing in September, the paper reported.