This financial hedge fund’s long winners and short losers cancelled each other out [In-depth]

JAM Partners was down 0.5% for the fourth quarter and up 0.6% net for all of 2019. The S&P 500 was up 9.1% for the fourth quarter and 31.5% for the year, while the KBW Bank Index gained 14.1% for the quarter and 36.1% for the year.

Q4 2019 hedge fund letters, conferences and more

Longs and shorts cancelled each other out

JAM Partners was a net seller most of the year. The fund started with a 12% net long position but averaged 7% net short for the year and 18% net short for the fourth quarter. JAM ended the year...