Vinik Hit With $1.5 Billion In Redemptions | FINalternatives

Vinik Hit With $1.5 Billion In Redemptions | FINalternatives

Last month, Jeffrey Vinik said he could see his firm managing as much as $10 billion. Instead, he finds his Vinik Asset Management running about $6.5 billion after a wave of redemptions.
Investors have asked to withdraw about $1.5 billion from the firm, about 18% of the $8 billion it currently manages. The redemptions come after a period of underperformance for Vinik, which returned just 0.3% between July and February, while the average long/short hedge fund rose more than 9%, The Wall Street Journal reports.