Hedge fund L1 Capital pounced on the collapse in Mineral Resources shares last week, undeterred by the sell-down from AustralianSuper amid allegations of a tax evasion scandal linked to founder Chris Ellison.
The Melbourne firm bought 2.4 million shares in MinRes on Friday to lift its stake from 5.35 per cent to 6.54 per cent, according to a disclosure filed to the ASX on Tuesday night. Other hedge funds have also been reducing their short positions in the company, helping the stock to recoup some of its losses this week.
Loading…