Citrone’s Discovery Capital Gained 4% in January on Market’s Value Move
(Bloomberg) -- Discovery Capital Management gained 4% in January, becoming one of the few hedge funds to make money in a month of market turbulence.
Rob Citrone's $2.4 billion macro firm benefited from the rotation from growth stocks to value, according to a person familiar with the matter. The fund's portfolio was positioned for a hawkish Federal Reserve and a taper tantrum. It profited from shorts on growth stocks, long wagers in emerging markets and bets around the energy sector and special situations, the person said.
The S&P 500 slid 5.3% in January and the Nasdaq Composite Index plunged 9%. Treasuries lost 1.9%, their worst month since Donald Trump was elected in 2016.
Discovery ended last year up 18%, and in 2020 gained 55%.
A spokesman for the firm declined to comment.
©2022 Bloomberg L.P.
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