U.S. Markets

Elliott hedge fund gains in March, up 2.2% for year: client update

FILE PHOTO: Paul Singer, founder and president of Elliott Management Corporation, speaks at WSJD Live conference in Laguna Beach, California, U.S., October 25, 2016. REUTERS/Mike Blake - D1BEUJAQKPAC/File Photo

BOSTON (Reuters) - Paul Singer’s Elliott International Ltd hedge fund gained an estimated 0.1% in March and is now up 2.2% for the year through the first quarter, according to an update sent to clients on Friday and seen by Reuters.

A spokesman for New York-based Elliott Management Corp did not immediately respond to an email seeking comment.

What drove the gains amid the coronavirus-driven market rout was unclear. Elliott invests in various types of securities and has recently engaged in activist-style bets on SoftBank Group Corp, Marathon Petroleum Corp and Twitter Inc.

Elliott, founded by Singer in 1977, is one of the world’s largest and best performing hedge fund firms, with $40.5 billion under management as of Dec. 31, according to a recent regulatory filing.

Singer, known for his contributions to conservative political causes, has long been known for his relatively pessimistic views of what he saw as markets that were artificially propped up by excessive government debt.

Reporting by Lawrence Delevingne; Editing by Sandra Maler and Sonya Hepinstall