Comac Capital’s Macro Fund Said to Drop 8 Percent on Swiss Franc

(Bloomberg) — Comac Capital lost about 8 percent after the Swiss National Bank’s surprise decision to abandon the franc’s cap against the euro roiled markets worldwide, according to people with knowledge of the situation.

Comac, a $1.2 billion London-based macro hedge fund run by Colm O’Shea, lost money on foreign-exchange trades as the franc surged as much as 41 percent versus the euro on Thursday, according to two people, who asked not to be identified because the matter is private.

The fund had already fallen 0.5 percent as of Jan. 9, according to an investor update. The fund has been little changed since 2012, when it declined about 9 percent. It has returned about 7.9 percent since its inception in 2006.

Anthony Payne, a spokesman for the firm, declined to immediately comment.

–With assistance from Will Wainewright in London.

To contact the reporters on this story: Lindsay Fortado in London at [e-mail]; Mark Cudmore in London at [e-mail] To contact the editors responsible for this story: Simone Meier at [e-mail]; Edward Evans at [e-mail] Edward Evans