Veteran hedge fund manager Sean Fenton has no qualms going against the crowd, buying ResMed after its collapse in 2023.
Already a subscriber?Ozempic, the weight loss wonder drug that took the world by storm last year, prompted many hedge fund managers to ramp up bets that ResMed’s shares were heading for a cliff.
Fenton is regarded as one of the most experienced long-short managers in the Australian market, with almost two decades of experience managing portfolios that lean heavily on quantitative investing. It’s also part of the reason why Sage doesn’t run a concentrated portfolio of stocks, and instead holds over 100 long and short positions across a wide range of sectors.
While the fund is long Pilbara Minerals, it has benefited from shorting rival ASX-listed lithium plays Core Lithium, Sayona Mining and Lake Resources because of “stretched” valuations during the lithium rally in 2022 that sent prices to almost $US60,000 a metric tonne.Lithium prices have since plunged 80 per cent from their peak, prompting miners to cut output and sending all three lithium hopefuls down more than 50 per cent year to date.
Fenton adds that Pilbara Minerals is a favourite among short sellers because of its comparatively more expensive price tag as a “high quality” stock.
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