Everyone thinks John Paulson and Jim Chanos are the only hedge fund managers that made money last year. Well, DealBook has uncovered a winner and posted the investor letter (though in fairness, Dealbreaker posts a lot more of those letters, albeit of the losing variety). Anyway… James Litinsky, formerly of Fortress, we salute you.
The Chicago-based JHL Capital Group, a small firm run by James H. Litinsky, chalked up gains of 17.1 percent to 18 percent net of fees last year despite the global stock market meltdown, according to a letter the firm sent to clients on Tuesday.
Mr. Litinsky, a former portfolio manager at the Fortress Investment Group, achieved steady returns throughout the year by betting mostly on undervalued but secured debt in companies unlikely to default in the near-term.
In the fourth quarter of last year, JHL Capital returned net gains of 2.5 percent to 2.6 percent, depending on the fund’s class.
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