From what I can tell, the resources crew wrangled some good...

From what I can tell, the resources crew wrangled some good performance within Tribeca into their own specific listed fund. AFR reports there have since been other portfolio managers and analysts splitting off and running their own market neutral and alpha funds. Read into that what you will. To me that reads that a handful of talented punters within the firm got irked and left so they could get more access to equity.

Its hard for a fund like this to trade those positions with regular daily liquidity. It is one of the natural drawbacks of a fund like this. If your edgy takes on resource moves don't work, you're not able to be nimble, and it is hard to unwind positions quickly. With the volatility in the space recently you can get absolutely smoked.

Aside from that, they have gotten a lot of calls wrong in the past 6 months.

• Short Iron Ore equities. Terrible call. They have since contradicted their own earlier views and are long Fortescue. Doesn't really demonstrate much conviction.
• Big Long position in Bluescope? Steel companies across the planet are getting smoked on margins and tariffs right now. Bluescope is no exception.
• Long Exxon Mobil early on? Swing and a miss

That's resources and commodities for you. They had the balls to pick a side that was different to the obvious option and they've severely underperformed.

With that said, things can turn fairly quickly.

Sell from me. Unless they demonstrate an ability to consistently see the future and pick trends over a longer time frame.