The performance of RAB Capital's Special Situations hedge fund remains down this year as the asset manager, which releases its interim half-year results today, fights to recoup losses sustained on a number of investments made in 2008. The group's flagship fund suffered a further setback this week when it was rebuffed by a UK court in its battle over compensation for investors in Northern Rock.

Performance statistics from the listed fund that feeds into Special Situations show that the fund's investments are about 4% below their value at the start of this year, according to a source close to the group.