Jeffrey Vinik, the billionaire investor who relaunched his hedge fund earlier this yr, is slicing his comeback tour quick."It has been a lot more d
Jeffrey Vinik, the billionaire investor who relaunched his hedge fund earlier this yr, is slicing his comeback tour quick.
“It has been a lot more durable to boost cash during the last a number of months than I anticipated,” Vinik mentioned in a letter dated Wednesday to buyers. The Wall Street Journal first reported the information. CNBC later confirmed it.
“The local weather for elevating long-short fairness hedge fund belongings has been far harder than I anticipated, and efficiency of the VAM funds, whereas good … has not offered the mandatory momentum to herald our desired stage of investments.”
Vinik Asset Administration funds rose 4.8% on a web foundation between March 1 and Sept. 30, the letter mentioned. The funds will shut by Nov. 15.
The fund supervisor, who made a reputation for himself operating Constancy’s Magellan fund earlier than going out on his personal, introduced his comeback in mid-January. On the time, he informed CNBC’s “Squawk Field” that “the fire in my belly still burns.”
However Vinik had a tough time elevating cash. Vinik Asset Administration had greater than $500 million in belongings, in response to the Journal, however Vinik hoped to boost between $2 billion and $three billion. Vinik, who owns the Tampa Bay Lightning hockey group, informed the Journal he wanted to boost more cash for the “economics” of the enterprise to “make sense.”
The asset-management trade has been beneath stress recently because the rise in…