lol! Chris, where do you find that stuff!
you know, i can't let NN have all the good quips.
check this out: it appears vinik's holding us longer than six months?!? could he be turning lynchian in his age? let's just hope jeff's not pulling another micron.
while we're discussing eighties icons, is it just me or is lynch like a dead ringer for andy warhol?
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Jeffrey Vinik Loaded Up on Technology Shares in 2nd Quarter
Bloomberg News
August 18, 1999, 2:15 p.m. PT
New York, Aug. 18 (Bloomberg) -- Jeffrey Vinik, former manger of Fidelity Investments' flagship Magellan Fund, raised his stock investments by $4 billion in the second quarter and loaded up on technology shares, according to regulatory filings.
Vinik Asset Management had $4.9 billion in 268 stocks at the end of June, compared with about $800 million in 62 U.S. stocks at the end of March, according to Securities and Exchange Commission reports.
The $2.8 billion hedge fund bought stakes in Rational Software Corp., which makes software used to create other computer programs, and semiconductor equipment makers Applied Materials Inc., Teradyne Inc., KLA-Tencor Corp. and Novellus Systems Inc.
``He went on a buying spree,' said Fred Hult, research analyst at New York-based Carson Group, which tracks SEC filings. In all, about 50 percent of his portfolio was in high-tech hardware at the end of June, according to Carson.
While at Fidelity, Vinik was known for active trading that could change much of the Magellan portfolio each quarter. He hasn't altered his trading habits, and the Vinik fund may look different today than it did at the end of June.
Vinik is also known to bet on falling as well as rising share prices. The SEC doesn't require money managers to report so-called short positions.
Vinik got off to a slow start in 1999, as net assets climbed 1 percent after fees through April. Since then performance has taken off, and the fund posted gains of about 20 percent through the end of July.
Mark Hostetter, chief operating officer at Vinik's firm, declined to comment on the portfolio.
Vinik's largest holdings at the end of June were Rational Software, United Healthcare Corp. Xilinx Inc., Applied Materials, Teradyne, KLA-Tencor, Analog Devices Inc., Comverse Technology Inc., Electronics for Imaging Inc. and Novellus. All but Comverse were purchased after the end of March. |
