A clutch of hedge funds including Maverick Capital has ridden a surge in beaten-down parts of the equity market to post large gains so far in 2021. Despite losing about 9 per cent in its flagship hedge fund in a choppy January, Lee Ainslie’s Dallas-based Maverick, which manages $11bn in assets, gained roughly 25 per cent in February and a further 20 per cent last month, according to figures sent to investors and seen by the Financial Times. The bets on previously unloved “value stocks” in sectors such as retail, airlines and banks has left Maverick up about 36 per cent in its flagship fund this year to late March, making it one of the world’s top-performing hedge funds, according to numbers sent to investors.
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