
One of Norway’s richest heirs used parts of the family fortune to build a large fund. All went well, until 2008.
After doing very well for years Thor Johan Furuholmen and Explora European Small & Mid Cap met the wall.
In 2008 the hedge fund was down 65 %, and is ranked at 2322th of 2409 in the Bloombergs database. A total night mare for the fund.
“Everyone had to sell the same stocks. It has been like pushing ten elephants out of one door. It didn’t go very well. We had to sell in a market that didn’t have buyers. I was asked by the investors to sell 80 % of the fonds assets in a very bad market”, says Furuholmen to a Norwegian newspaper.
He also point to the fact that their fond is relativly high risk, which makes it go very well in the good years, and has a high risk in bad years.
Furuholmen says the fund have a big investment for the next month. But he don’t say if its more of the families money.