Value Investing Hedge Fund Three Bays is said to Close

(Pension & Investments) Hedge fund Three Bays Capital plans to close after years of weak performance. According to people with knowledge of the matter, the company, which was started in 2013 by former Highfields Capital Management money manager Matthew Sidman, will return capital to investors on Dec. 1, said one of the people, who asked not to be identified because the matter is private. Three Bays, which at its peak managed about $1.6 billion, already has liquidated the majority of its holdings, said the person.