RAB Capital, the beleaguered hedge fund manager that delisted from AIM around 18 months ago, saw its flagship fund lose 20.69% in November after a big position in an oil exploration company lost nearly half its value, Financial News has learnt.

The $150m RAB Special Situations Fund owns 10.48% of Falklands Oil & Gas, according to its shareholder register. On November 27, shares in this company fell from 62 pence to an all-time low of 32.75 pence, following a disappointing update on its operations in the South Atlantic.