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June 17, 2024
PI Global Investments
Hedge Funds

Peconic Hedge Fund Boosts Shorts After Scoring 31% Gain in 2023

Bill Harnisch, whose $1.5 billion hedge fund delivered a market-beating 31% gain last year, is betting the recent bout of euphoric stock buying will peter out.

In the final days of December, the manager of the Peconic Partners increased wagers against the SPDR S&P 500 ETF Trust, while loading up short positions in expensive industrial stocks and shares of consumer-product makers that have raised prices aggressively. Meanwhile, the fund trimmed holdings in Amazon.com Inc., a big winner of the 2023 bull run.

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