Tourbillon Capital is a $3.4 billion New York hedge fund led by Jason Karp. Karp has been warning of "frothy speculation," in the markets and has been preaching patience. The firm's flagship fund is down more than 10% for the year to November 17. Tourbillon Capital, a $3.4 billion hedge fund firm led by Jason Karp, is suffering. The firm's flagship Global Master fund is down 3.5% for the first 17 days of November, bringing performance for the year to November 17 to a loss of 10.6%, according to a note to investors seen by Business Insider.