The June edition of Absolute Return magazine is reporting that investors are bailing on Pirate Capital. The fund's assets, which started the year at $1.03 billion drooped to $761 million on May 1, up slightly from $739 million in April which was the lowest asset base since July 2005. That's down from its peak of nearly $1.9 million in the summer of 2006.
AR reported that most of the decline came from the firm's flagship Jolly Roger Fund offshore fund, where assets declined from $775 million at the beginning of 2007 to $514 million as of May 1. The Jolly Roger onshore fund was up 10.4% as of April 30. The offshore fund was up only 1.69% over the same period.
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