Pennant Capital Fund Up 14%

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.


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