Galena Asset Management’s Cedric Chone, despite guiding the Galena Special Situations Fund to a record year in 2009 with a 111.63% performance, is sanguine about what the result means. Chone describes the return as a “catch-up” after losing 34.3% in 2008.
“When you give up 50% you have to gain 100% to be flat,” Chone notes. “When you invest in a cyclical industry it’s important to judge the fund in a full cycle.”
The Galena Special Situations Fund was launched in August 2006. I