One-Man Hedge Fund Surged 27% This Year, Crushing Market Returns
One-Man Hedge Fund Surged 27% This Year, Crushing Market Returns
(Bloomberg) -- Lynwood Capital Management Inc.’s Lynwood Opportunities Fund has advanced about 27% this year, outperforming most peers and beating broader markets hit by pandemic related volatility by nearly tenfold last month alone.
The Canadian hedge fund is run by Ben Shapiro, who was previously a portfolio manager at K2 & Associates Investment Management Inc. His fund saw returns of 21.7% in May, while the S&P/TSX Composite Index added just 2.8%, according to a letter obtained by Bloomberg. It also gained 30.5% in 2019, while TSX was up about 19%.
The fund had profited in May from investing in silver equities as prices for the precious metals climbed. Shapiro has since exited those trades, according to the letter. A position in Lightspeed POS Inc. and other opportunistic alpha-generating trades also helped the fund last month.
The Lynwood Opportunities Fund specializes in long/short and event-driven equity strategies. Shapiro manages about C$50 million in assets.
The fund fared better in May than some of its peers in the $3 trillion hedge fund industry, which is grappling with how to navigate markets amid the coronavirus pandemic.
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