“While markets have become more competitive over time, I believe the broad industry switch from active to passive management is creating excellent opportunities for fundamental stock pickers like me,” he said. “I am confident that the style I have employed for more than three decades — fundamental bottom-up company analysis (growth at a reasonable price) guided by a top-down blueprint of the economy and markets — can achieve strong long-term returns.”
Vinik is bringing back his former firm’s management team, Mark Hostetter and Gerry Coughlin, who will serve as co-presidents. Vinik will personally be in charge of all investment decisions at the re-opened firm.
The launch is actually the third iteration for Vinik. He left Fidelity Investments in the 1990s after running the firm’s Magellan Fund to start his own firm, which he closed in 2000. He reopened Vinik Asset Management in 2005.
Prior to returning investor capital in 2013, the firm had undergone a restructuring and suffered from a few wrong-way bets on gold miners, according to reports at the time. However, that fund generated annualized returns of 18.33 percent between 1996 and 2013, a person with knowledge of those figures said.
Over the last six years, Vinik has focused on his ownership of the Tampa Bay Lightning, a National Hockey League team, and the development of Strategic Property Partners, a real estate development company focused on downtown Tampa. Vinik said that he has put in place leadership teams at his Tampa Bay businesses that enable him “ample amounts of time” to serve clients again.
“My investment goal has always been to make hay when the sun shines, to make good money during up markets and minimize losses during down periods,” Vinik said.
from Viral News Updates http://bit.ly/2SOjyHJ
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