Rock’s hedge fund falters after hard year

Another small fund goes kerplooey (at $42M, this is below our $100M listing cutoff):

One of the first-ever property hedge funds could be wound up after a year of torrid performance.

...

The fund produced a cumulative return of 17.3% in its first year to 30 June 2007, but has lost almost half of its value since then.

It was set up with the aim of providing an absolute return, and targeted a return of 15% a year.