Hedge fund that won on GameStop extends gains to $1.6bn
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A US hedge fund that made $700m from betting on consoles retailer GameStop has continued its strong run through well-timed positions in soaring energy and technology stocks.
New York-based Senvest Management, which has $3.3bn in assets and is run by co-chief investment officers and former college roommates Richard Mashaal and Brian Gonick, gained 76 per cent this year to the end of July, said a person who had seen the numbers.
That ranks it as one of the world’s top-performing hedge funds and takes this year’s gains to about $1.6bn.
Senvest’s strong performance has been fuelled by positions in stocks such as Canadian energy companies Paramount Resources and Arc Resources, which have profited as the oil price has surged this year, according to a letter to investors seen…