The $17bn trade-gone-wrong fund says nope, not us... "Greatly exaggerated"
I posted yesterday on the short-cover story re Catalyst Funds' Hedged Futures Strategy Fund
Ryan followed up later with a post also:
Bloomberg with a story now, with the fund saying its trading is not the reason for recent swings in U.S. stocks
- The Huntington, New York-based multi-strategy investment firm exited short positions in S&P 500 calls as markets turned against them over the last few weeks
- But the trading was too little to move the market, according to Jerry Szilagyi, chief executive officer and co-founder of Catalyst.
- "Our exposure was greatly exaggerated, and our impact on the market was greatly exaggerated," said Szilagyi by phone. "Comments that we were forced to short cover are not correct. We haven't been forced to do anything."