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September 11, 2019  

Performance Woes Prompt Sanoor to Close

Add Sanoor Capital to the list of equity managers that have called it quits due to poor performance.

The Greenwich, Conn., firm, led by former Discovery Capital analyst Jasjit Rekhi, recently finished winding down its Sanoor Capital Master Fund. It began trading in May 2016 with backing from hedge fund seeder HS Group. At its peak, the fund had about $350 million under management.

Sanoor was in positive territory this year through June. But last year the global-equity vehicle lost 22%, compared to a 9.8% drop for the MSCI All Country World Index. Since inception, the fund was roughly flat.

Rekhi previously spent about 10 years as an equity analyst at Discovery, a global-macro fund manager led by Rob Citrone. Prior to that, Rekhi managed currency portfolios as a proprietary trader at Goldman Sachs.

Sanoor’s staff also included chief operating officer Amrita Dodani, formerly of Tremblant Capital; senior analyst Nitin Kumar, who joined from Nomura; senior analyst Smittipon Srethapramote, previously at Morgan Stanley; head trader David Laub, who came from Millennium Management; and investor-relations head Chris Farrell, who also previously worked at Discovery.

In June, Farrell joined Hong Kong startup PanView Capital as head of marketing. HS Group is backing PanView via a $1.8 billion seed-capital fund it finished marketing last year.

Sanoor is the only HS seed to shut down since the Hong Kong firm began investing in 2014.

Equity hedge funds have performed relatively well so far this year, with the HFRI Equity Hedge (Total) Index rising 7.7% through August after dropping 7.1% last year. Still, a wave of fund liquidations that began in 2017 continues to roil the industry. Other equity-fund managers that have called it quits in recent months include Alianthus Capital, Hoplite Capital, Kavi Asset Management and SC Fundamental.