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Former Fidelity Star Vinik to Shutter Hedge Fund

Jeff Vinik will close ship four years after leaving Magellan.


After four years as a hedge-fund jockey, former Fidelity Magellan (FMAGX) manager Jeffrey Vinik has decided pack it in.

Vinik's Boston-based hedge fund issued a statement Thursday saying it would return its $4.2 billion in assets to investors and close for business by the end of the year. The decision shouldn't be seen as a verdict on the state of the market, Vinik cautioned in the release. Rather, he said he is making the move so he and his partners, Mike Gordon and Mark Hostetter, can spend more time with their families.

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Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.