(Bloomberg) -- Shorting tech stocks and betting on Canadian renewable energy last month helped Lynwood Capital Management's hedge fund cap the year with a 97% return.
The Toronto-based firm's Lynwood Opportunities Fund run by Ben Shapiro gained 10.1% in December, according to a letter sent to clients. That compares with a 1.4% increase in Toronto's benchmark S&P/TSX Composite Index.
Part of December's gain included “alpha shorts on overvalued and technically stretched technology names that had recent insider selling,” along with wagers on Canadian renewable natural gas and alternative energy stocks, Shapiro said in the letter.
The fund specializes in long-short and event-driven equity strategies. Lynwood has grown to north of C$100m ($78 million) in assets under management from about C$50 million last spring.
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