"The day after Christmas, a hedge fund manager who made the remarkable promise that he would never lose investors’ money was accused of stealing from his clients by U.S. regulators.
But then the partial government shutdown hit and the Securities and Exchange Commission’s case went into purgatory, with all court proceedings put on hold."
“As of Aug. 31, 2016, a third of the fund was invested in an exchange-traded fund that tracks the spot price of gold and 37 percent was invested in another ETF that tracks three times the performance of the S&P 500”
https://www.wealthmanagement.com/asset-management/curious-case-joseph-meyer-little-giant-hedge-funds
"Meyer is so confident in his approach that he offers an extraordinary guarantee: With Arjun, you will never lose money. His price of admission is steep, however. Investors must hand over their cash for a decade. If they exit early, Meyer keeps half the principal.
“I’ve got a spreadsheet that did the calculations,” Meyer, 49, says of his system. “And then I just got coders to code it, so that the computer’s coming up with it, ’cause I can’t, I couldn’t, manually do something like that.”"
"Meyer’s numbers certainly are enticing. Relying on data reported to Bloomberg LP, Bloomberg News ranked Arjun eighth in 2015 among hedge funds with between $250 million and $1 billion in assets. BarclayHedge, which also tracks hedge funds, has bestowed no fewer than 17 awards on Arjun, according to Meyer’s website. Arjun was named one of five top global macro funds of 2015 in HedgePo’s Investors Choice Awards.
Behind Meyer’s figures is a puzzle: In January 2015, BarclayHedge data showed Arjun’s main investment class had $115 million under management. A year later, data compiled by Bloomberg showed the total was $338 million. This past March, in a filing with the state of Georgia, Statim said Arjun managed $39 million in all. Funds with more than $100 million must file similar information with the Securities and Exchange Commission. As of July 25, no such filing appeared on the SEC’s website."
I wonder how many more of these are just waiting to be uncovered.