Short positions contributed to absolute returns in 2014, an elusive source of alpha for many hedge fund managers
After apparently over-subscribing their investor base, Jeremy Mindich and Matt Sirovich's Scopia PX International went on to reward its investors with a strong fourth quarter, delivering investors 5.2 percent returns, slightly outperforming the S&P 500’s 4.9 percent performance.
After seven years of “alternating” between strong and flat years, the fund was “thrilled and relieved” to have a second strong year in a row. In 2014 the fund returned 12.1 percent to investors, coming off 2013 when they delivered 11.2 percent. The S&P 500 index,...