Hedge fund Tourbillon's assets have dropped 20% in one month

Milken Institute

Jason Karp.

• Assets of Jason Karp's Tourbillon Capital have dropped 20% from March to April.
• The fund is down 4.6% this year through the end of April.

Tourbillon Capital has seen its assets under management fall 20 percent in the last month, according to client documents viewed by Business Insider.

Assets at Jason Karp's Tourbillon fell to $1.9 billion at the end of April from $2.4 billion at the end of March, the documents showed.

The asset drop does not appear to be related solely to performance, as Tourbillon's master fund lost 0.8% in April.

The master fund is down 4.6% from the beginning of the year through the end of April. That compares to a 1% decline in the S&P 500 during the same period.

But the fund has made slight gains in the first week of May, according to a person familiar with the fund's performance, and is now down 1.9 percent from the beginning of the year through May 8.

The fund has been losing money for two years, dropping -13.8% in 2017 and -9.2% in 2016. It gained 10.8% in 2015.

Karp has been warning of "frothy speculation" in the markets and has been preaching patience in client letters.

Before launching Tourbillon, Karp was a portfolio manager at Steve Cohen's SAC Capital and a co-chief investment officer at Carlson Capital.