Wednesday, 31 August 2016
Last updated 20 hours ago
May 22 2012 | 10:41am ET
There aren't too many hedge funds that can say they're beating the broader markets this year, but Pennant Capital Management has managed it with a concentrated stock portfolio.
The firm's Broadway Gate Fund is up 14% through April, ahead of the Standard & Poor's 500 Index, which returned slightly less than 12% over the same period, ValueWalk reports. The average hedge is up closer to 4% on the year.
And while the average hedge fund was roughly flat in April, according to industry indices, Broadway Gate rose 3.92%.
The $1.2 billion fund has almost one-third of its assets in its biggest holdings. And most of its holdings are in relatively big companies, with 60% of its longs in stocks with market capitalizations in excess of $5 billion.