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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (43351)	5/4/2013 12:07:08 PM
From: Ms. Baby Boomer	Respond to of 48092

Vinik to Shut Hedge-Fund Business to Focus on Hockey Team... Jeff Vinik, in a move that echoes his departure 17 years ago from the Fidelity Magellan Fund (FMAGX), is shutting his hedge fund after making ill-timed bets on gold and the direction of stocks. Vinik Asset Management LP, which oversees about $6 billion, will give clients all of their money back at the end of June, according to a client letter obtained by Bloomberg News. The owner of the Tampa Bay Lightning professional hockey team and a minority investor in the Boston Red Sox, Vinik founded the firm after stepping down in 1996 as head of Magellan, then the largest U.S. mutual fund, with more than $56 billion in assets... ... Gold Loss At the same time, gold mining shares comprised about 14 percent of the U.S. traded stocks that Vinik Asset Management reported owning. As signs increased that the economy is improving without causing inflation, gold and mining stocks plunged in April, leading to losses for billionaire investors John Paulson and Paul Singer as well as Vinik. Vinik Asset Management’s largest holding, the Market Vectors Gold Miners (GDX) exchange-traded fund, has lost 36 percent this year. Barrick Gold Corp. (ABX), his second-biggest holding, has declined 43 percent, and NovaGold Resources Inc. (NG) has lost 45 percent. A broad macro bet had marked the end of Vinik’s career at Fidelity Magellan, a growth fund formerly run by Vinik’s mentor Peter Lynch. During the fourth quarter of 1995 and first quarter of 1996, Vinik cut Fidelity Magellan’s technology holdings to 3.5 percent of net assets from 40 percent, stating that revenue growth was slowing at such companies. He simultaneously plowed 21 percent of the fund into U.S. Treasuries.... bloomberg.com Go Yankees!!! ;) M