Hedge Fund - Vinik Asset Management

Jeffrey Vinik was a former manager of Fidelity’s Magellan Fund, the largest actively managed mutual fund in the US. Jeff Vinik managed the fund from 1992 to 1996, generating an average return of 17% per year. He launched his own hedge fund, Vinik Asset Management, after leaving Fidelity. Vinik’s performance was spectacular. In his first 11 months, he nearly doubled investors’ money. In the following three years, he made about 50% annually. In October 2000, Jeffrey Vinik announced that he would stop managing money for outsiders and returned $4.2 billion to his investors by the end of the year. He still manages money for friends and family.