J.C. Penny’s Troubles are Suvretta Capital Management’s Rewards

January 21st, 2014
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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.
For Detailed Investor Profiles on these Investors, click below:
Point72 Asset Management (SAC Capital)
Soros Fund Management
Related People: ; Douglas Haynes (President); Chandler Bocklage*; George Soros; Jeff Eberwein; Keith Anderson*; Peter Nussbaum*; Robert Donald; Robert Soros; Scott Bessent; Sol Kumin*; Steven A. Cohen; Ted Orenstein*; Tom Conheeney*; Zameer Arora
Related Entities: Canvas Capital*; CR Intrinsic Investors*; Cubist Systematic Strategies; EverPoint Asset Management; Pharos Financial Group (seeded) ; Quantum Emerging Growth Fund; Quantum Fund; Quantum Group of Funds; S.A.C. Global Investors; SAC Meridian; SAC MultiQuant; Sigma Capital Mgmt; Soros Capital LP; Soros European Equity Fund; Soros Quantum Endowment Fund; Walter Capital*
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News; Top Hedge Fund Portfolio Reports

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