Friday, 29 May 2015
Last updated 3 hours ago
Jan 22 2009 | 12:23am ET
Chicago hedge fund JHL Capital posted double-digit returns last year betting on secured debt, it told investors.
JHL’s fund returned 17.1% and 18% in its Class A and Class B shares, respectively, according to a Tuesday letter to investors obtained by The New York Times. The firm’s founder, James Litinsky, told investors that it made money on secured debt in companies that it saw as undervalued and unlikely to default in the near-term, including The New York Times Co. itself.
“As bondholders, we are comforted by the fact that the Sulzberger family considers control of the New York Times part of their family heritage,” Litinsky wrote, a sentiment not shared by several hedge funds that own Times stock.
Litinsky also touted his fund’s investment in billboard company Lamar Advertising, another family-owned business.
May 27 2015 | 2:15pm ET
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