Hedge Fund Has Big Gain On Bowling Investment

June was a reasonably uneventful month for Michael Rothenberg.  The $696 million portfolio he manages at Moab Partners, L.P., which was up 1.07% on the month, has been relatively quiet with one exception. One investment out of the fund's 44 positions shined in June -- generating nearly all of the fund's profits. The sector in which the fund invested, the bowling industry, might be considered an unglamorous location, but that is changing for one company. The hedge fund invested in Bowlmor that is quickly transforming itself into an area outside of a traditional bowling focus. With all the positive outlook, however, one key risk management component of the strategy, which cost the fund performance in June, will remain in...