Life Gone Long

When David Bavarez left mutual fund giant Fidelity last year, he found an unlikely partner in hedge fund TCI. No wonder his new long-only firm, KDA Capital, looks a lot like a hedge fund.

In the summer of 2005, mutual fund manager David Baverez was soaring. The French-born stock picker, who had joined London-based Fidelity International a decade earlier as a banking analyst, was being heralded as one of the asset management firm’s rising young stars.

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