Alan Fournier’s Pennant Slims Down Flagship Fund
The manager, like his former boss David Tepper of Appaloosa, is returning capital to investors to get his funds down to a more manageable size.
‘Tis the season to give money back to investors.
The latest example: Alan Fournier’s Pennant Capital Management, which on December 1 returned to clients $325 million, most of it from its flagship Pennant Fund, according to founder Alan Fournier.
Fournier says he is simply meeting his commitment since he started the firm in 2001 to maintain about $500 million in the flagship fund.