Hedge fund manager Jeffrey Vinik has been hit with bad news.
Vinik’s Tampa-based hedge fund firm Vinik Asset Management received about $1.5 billion—or about 18% of the firm’s total AuM--in redemption requests from investors after a period of poor performance, according to a Wall Street Journal report.
The article said that in Vinik’s year-end letter to investors, he attributed the firm’s loss to his decision to increase his own portfolio’s exposure to the market in the last several months of 2012.
The redemption requests also come amidst the addition of a new investment team and the relocation of the firm to Tampa from Florida to be closer to the Tampa Bay Lightning, the NHL team Vinik owns.
A former manager of Fidelity’s Magellan Fund, the largest actively-managed mutual fund in the U.S., Vinik launched Vinik Asset after leaving Fidelity in 1996. Vinik Asset currently has about $8 billion in AuM.