Tough year for activist hedge funds; Icahn struggling

We've noted that activist hedge fund managers are struggling this year. The best example is Carl Icahn. The New York Post reports his hedge funds are suffering their first losses since starting up in 2004. They're currently down roughly 6 percent for the year. Of course, a lot of hedge funds are suffering right now. Shares of Icahn Enterprises, which will report earnings this week, are down nearly 50 percent this year. His biggest loss has been on his Motorola investment, which is down nearly 30 percent since February. Yahoo has been a big loser as well. Icahn got a seat on the board, but has lost nearly $300 million on his investment. Some financial firms have really stuck it to him. Guaranty Financial Group's shares are down about 70 percent since Icahn began his agitating. And homebuilder WCI Communities has filed for bankruptcy, which could wipe out most of his stake.  

For more:
- here's the New York Post article

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