Wall Street Journal – Jeffrey Gendell’s new hedge fund returned more than 25% during its first quarter, as bets on energy and a steady economic recovery paid off, according to a letter the manager sent recently to investors.

Gendell, who suffered big losses last year and is still winding down some old hedge funds, also criticized some of President Barack Obama’s policies and argued that political ”gridlock” could help equity markets in 2010.

The manager opened the new Tontine Total Return Fund in April after some of Tontine’s other funds lost more than 60% last year. The new fund, which focuses on more liquid, or easily tradable, securities, returned 25.3% in its first quarter after management fees, Gendell said in a July 20 letter to investors.

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