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Sprott profit sags as equity rise hits hedge funds

Reuters – Quarterly profit at asset manager Sprott Inc was down by half as some hedge funds were hurt by rallying stock prices, while the company said opportunities still exist on the long side of the market.

Eric Sprott, who is president and chief executive of Sprott Inc and a consummate Bay Street bear, said some hedge funds did not fare well during the quarter due to the "massive rally in the market," and as short positions were hurt by the upswing in stock prices.

A short position is the sale of a borrowed security with the expectation that the asset will fall in value.

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