Armistice Loses 19% in March as Stock Slump Hits Flagship Fund

Armistice Capital lost almost 19% last month, the biggest decline for the hedge fund’s flagship money pool since its launch more than a decade ago.

Steven Boyd’s main hedge fund, focused on health care and consumer stocks, ended the first quarter down 18.4%, according to an investor document seen by Bloomberg. The fund managed about $2.1 billion at the start of the year.

A representative for New York-based Armistice Capital declined to comment on the firm’s March returns.

Equity-focused hedge funds faced tough conditions in March as traders cut risk, unwound crowded bets and reduced leverage while concerns grew ...