Jeffrey Vinik is the latest hedge fund manager to shut down his fund. The founder of Vinik Asset Management, who built his fame as the manager of Fidelity Investments’ Magellan fund, is returning billions of dollars to outside investors. He told investors in a letter on Friday that he suffered through a rough 10-month period after instituting a restructuring, which involved bringing in a new investment team, according to a Wall Street Journal report.
