Hedge fund making 20% a year for last decade targets uranium M&A

A top performing hedge fund is betting the pullback in uranium producer NexGen Energy will be short lived, as the industry’s growing appeal leaves the startup well placed for a potential takeover. Melbourne-based L1 Capital’s flagship Long Short Fund is up 20% per annum since inception, the best performing Australia-based strategy for that 10-year period, according to data compiled by Zenith Investment Partners, a research firm. While NexGen’s stock struggled this year after a 53% surge in 2023, L1’s head of research Amar Naik says he isn’t tempted to trim the position.