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From Komfie Manalo, Opalesque Asia:
Illinois-based Intrinsic Edge Partners marked a major score shorting an electronic company in November and ended the month with positive results for its three hedge funds. The Intrinsic Edge Partners, Intrinsic Edge Plus, and Intrinsic Edge Capture returned +1.21% (+1.52% YTD), +1.75% (+2.74% YTD), and +0.28% (-3.37% YTD) respectively in November.
Comparatively, the HFRX Equity Hedge Index returned -1.34% in November (-18.38% YTD), the Russell 2000 Index -0.36% (-4.80% YTD), and the S&P 500 (TR) -0.22% (+1.08% YTD). And the HFRI Technology/Healthcare Index was down 0.48% in November and up 1.83% YTD.
In its a communication to investors, Intrinsic Edge said its top performance in November was brought by shorting Rovi Corporation, which provides a digital home entertainment and which services and products include connected middleware, media recognition, interactive programming guides, copy protection, and rich media.
The firm said they decided to short Rovi after a stock conference in June and the weakness in demand. "In speaking with our contacts at Rovi, we learned that their consumer business was soft, but we also learned of other internal challenges that the company would be facing in 2012. While consensus expectations reflected a weaker business in the near term, the analysts expected the company to grow earnings over 20% next year," Intrinsic said.
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