Vinik Vets Raise $425M For Shellback Capital

Jan 16 2014 | 2:24pm ET

Vinik Asset Management vets Doug Gordon, Jon Hilsabeck and Don Jabro have raised about $425 million—including an investment from Jeffrey Vinik himself—for their new hedge fund, a source with knowledge of the fund told FINalternatives.

Boston, MA-based Shellback Capital launched onshore and offshore versions of the fund on January 1. Regulatory filings show the firm raised $157 million for the onshore fund and $135 million for the Caymans-based offshore fund of the master-feeder structure, but those figures, said the source, do not reflect all monies raised.

The strategy is “plain vanilla” long/short U.S. equities, said the source, based on “fundamental research.”

Shellback employs a staff of 10—nine of whom came from Vinik.

Hilsabeck, who ran a long/short equity fund at Vinik, serves as portfolio manager and sector specialist while both Gordon (who also ran a long/short equity strategy for Vinik) and Jabro (who ran a stocks fund) are sector specialists. Bradford E. Ali, also a Vinik alumnus, is Shellback's chief operating officer and general counsel.

Jeffrey Vinik closed his $6 billion hedge fund, which had posted annualized returns of 17% since 1996, in 2013,  telling clients he planned to focus on the Tampa Bay Lightning—the NHL team he bought in 2010—and charitable work.

Shellback is the second Vinik successor fund—David Iben, another Vinik vet, started Tampa, Florida-based Kopernik Global Investors in 2013 with $20 million in startup capital from his former boss.

Several calls to Shellback for further information were not returned.


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