L1 Capital defied a turbulent market by taking a timely bet against National Australia Bank stock, helping the Melbourne hedge fund with more than $6 billion in assets record an outsize gain over the last month.
An astute decision to short building materials giant James Hardie Industries, which saw its shares slide after announcing a badly received merger with an American rival, assisted Ten Cap, the hedge fund run by high-profile stockpicker Jun Bei Liu, lift an otherwise poor March.
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