SAC Alum Gains Big From Short Bet In J.C. Penney

One of the SAC Capital alums, Tourbillon Capital gained a 15% net return in the third quarter of this year, which is head-to-head with the return on the S&P 500 (INDEXSP:.INX) in the same period, according to a shareholder letter reviewed by ValueWalk. The long/short equity hedge fund was founded by Jason Karp in January this year and for a newly launched fund, it has generated a pretty decent return.

Karp is currently managing $350 million at Tourbillon, and has worked at George Weiss Associates and Carlson Capital previously. Tourbillon also hired Amy Zipper from Carlson Capital as chief operating officer and Brian Kessler of Argonaut Capital...