Saturday, May 4, 2013

Star Hedge Fund Manager Bails After Gold Bet Flops

Jeff Vinik, in a move that echoes his departure 17 years ago from the Fidelity Magellan Fund is shutting his hedge fund after making ill-timed bets on gold and the direction of stocks.

Jeff Vinik, the former Fidelity Investments stock picker turned hedge-fund manager, is giving back client money at his Vinik Asset Management after returns declined over the past 10 months.  The firm, which had $6 billion under management as of March 1, will return all of the outside investors’ money at the end of June, according to a client letter obtained by Bloomberg News….

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