File - A Wall Street sign is shown Wednesday, Sept. 17, 2008 in New York. (AP Photo/Mark Lennihan)
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The Standard & Poor's 500 index has now lost almost 8 percent in the past three-and-a-half weeks, wiping out almost all of the gains achieved earlier in 2014 .Icahn's Icahn Enterprises owned 1.8 million shares at the end of the second quarter.The Proshares Ultra S&P 500 fund – an ETF that looks to double the S&P's performance – is down 14 percent in 19 days.Hedge fund favorite Cheniere Energy Inc. tumbled 14.5 percent in five days, and Anadarko Petroleum Corp., another stock widely held by hedge funds, dropped 12.8 percent. Drugs company Gilead Sciences Inc., also popular with hedge funds, has lost 12.6 percent in five days.Credit Suisse Prime Services data show that hedge funds' most popular long positions fell 8.6 percent during the first nine days of October, compared with a 5 percent drop for the S&P 500 .Risky leveraged exchange-traded funds that bet on rising bond yields clocked steep losses, with the Proshares UltraShort 20+ year Treasury ETF losing 1.6 percent.The fund lost 0.82 percent in September, but is up 3.38 percent on the year, according to Thrivent's website.The fund has kept its effective duration around 20 years, helping it return 25.8 percent through Oct. 14 .
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