Hedge fund firm Discovery Capital Management had a disappointing March.
The Wall Street Journal reported that the flagship fund in Connecticut-based Discovery lost 9.3% last month.
Bets involving stocks made up for 85% of the firm’s losses in March. Most of Discovery's losses in its equities portfolio stemmed from its bets that certain stocks would rise, and its bet that emerging markets would fall added to the month’s losses.
Founded in 1999 by Robert Citrone, who is also the part-owner of NFL football team Pittsburgh Steelers, Discovery manages about $15 billion in assets.