FILE PHOTO: The floor of the New York Stock Exchange. New York, U.S., March 20, 2020. REUTERS/Lucas Jackson/File Photo
BOSTON (Reuters) – After years of waiting and watching from afar, hedge fund Fir Tree Partners is spending $410 million from its dislocation funds on stocks, pockets of the credit market and other securities, sure the historic market sell-off made new bargains.
The $3 billion hedge fund, known for winning bets on the overheated housing market and making money in credit crises, has put roughly 30% to work and is scouring all sectors for opportunities as markets seesaw, a person familiar with the firm’s trading told Reuters.
Fears about the corona virus sparked panic selling and fears about growth are weighing on them still even as a government stimulus packaged prompted buying.
Fir Tree, which has been managing money since 1994, began raising money for its Capital Opportunity Dislocation Fund and Value Dislocation Fund in 2013 and 2014, years before other…