(Bloomberg) A bullish bet on Valeant Pharmaceuticals International Inc., the drugmaker that spurred losses for Bill Ackman’s investment firm, helped a San Francisco-based hedge fund to a 119 percent gain last year, according to a person familiar with the matter. ChinaRock Capital Management bet that quality assets, good cash flow and a management incentive plan would help Valeant rebound after an 86 percent plunge in 2016 priced the company below its liquidation value, said the person, who asked not to be identified because the information is private.

To read this article: