(Business Insider) Lee Ainslie’s Maverick Capital is having a tough year. The firm’s flagship Maverick Fund USA made no money in the first half of 2017, according to a client letter reviewed by Business Insider. The S&P 500, which the fund compares itself to, rose 9.3% over the same period. Dallas-based Maverick, which manages about $10.5 billion firmwide, primarily blamed its short book — but said it is not fazed. “The median stock in our investable universe was up 7.7% in the first half of the year, and our shorts were up 12.6% — outperforming (to our detriment) the median stock by almost 5%,” Ainslie wrote in the letter released last week.
Maverick Capital, a $10.5 Billion Hedge Fund, Is Struggling to Make Money
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