On the one hand, things are not going so well at Sol Kumin's Folger Hill hedge fund, if one is evaluating how things are going by profits versus losses, people asking for their money back, etc.
Folger Hill Asset Management has suffered through investor redemptions and losses that have cut the hedge fund firm's assets by nearly one-third from its 2015 peak, people familiar with the situation told Reuters...through mid-August, its main fund was down about 5 percent, having recovered from more severe losses earlier in the year, said the sources. They were not authorized to publicly disclose performance information, which is closely guarded in the secretive $3 trillion hedge fund industry. Recent declines have occurred after a 3.2 percent drop in 2015. As of mid-August, Folger Hill's assets had fallen to about $750 million from its post-funding peak as some investors who were able to redeem their funds lost patience.
On the other, a knack for picking winners when it comes to ponies suggests Kumin will still be able to put food on the table regardless of how his other investments pan out.
Kumin, 41, is a horseracing fan who named his fund after a place in Nantucket for sentimental reasons. He located Folger Hill's offices in New York and Boston, where he owns a townhouse in the exclusive Beacon Hill neighborhood. One of the horses he has an ownership stake in, Wavell Avenue, won the Breeders' Cup Filly and Mare Sprint last year. Another, Exaggerator, won the Preakness Stakes and placed second at the Kentucky Derby this year.
No word yet if he's tried his hand at the dog track.