Vinik Sees Hedge Fund Take Hit, Some Worry Lightning May Be A Distraction
Investors have “asked to pull around $1.5 billion” from the hedge fund firm headed by Lightning Owner Jeff Vinik “after a period of poor performance,” according to sources cited by Juliet Chung of the WALL STREET JOURNAL. The withdrawal requests “amount to around 18% of the roughly $8 billion that was run" by Vinik Asset Management. Vinik, who “rose to fame in the 1990s as the manager of Fidelity Investments' Magellan fund, has added a new investment team and moved from Boston to Tampa to be closer to the Lightning.” Sources said that the moves have “raised concerns in some quarters” that Vinik “may have become less focused on investing.” Vinik Offshore Fund “gained just 0.3% from July last year through February.” Vinik since last year has “assumed the role” of Chief Investment Officer of Vinik Asset Management. A source said that the move is viewed as “designed to allow” Vinik to “step back from day-to-day responsibilities.” The source added that Vinik lately has been “making himself more available to meet with investors than he has in the past” (WALL STREET JOURNAL, 4/8).