Stark Investments, the St. Francis, Wis., multistrategy firm, has suffered a 50% drop in assets during the past year, largely from a redemption run that began in mid-2008. Assets dropped to $3 billion, from $6 billion last year, making it one of the biggest losers by percentage in AR’s biannual Billion Dollar Club survey. Stark managed $14.45 billion in mid-2008 and has been losing assets ever since. The flagship offshore fund, Shepherd Investments International, lost 22.48% in 2008, gained 12.18% in 2009 and 12.59% in 2010. The fund was up 4.85% this year through February, regaining its high-water mark. Shepherd Investments began trading in July 1995 and has produced a net annualized return of 10.60%.
