|Suvretta Capital Management reported a net gain of 26.3 percent in 2013 due, in large part, to its successful short position on J.C. Penney. Citing a client letter, Reuters reports that founder Aaron Cowen was struck by how much the Street underestimated the turmoil caused by the company’s strategic changes over the last several years. J.C. Penney shares have lost more than 80 percent in the last two years. |
Aaron Cowen, a former Soros Fund Management and SAC Capital Advisors portfolio manager, indicated that his hedge fund has also benefited from long positions in other consumer stocks such as Dollar Tree Inc, Dollar General Corp and Chipotle Mexican Grill.