Canada’s best performing hedge fund manager of the past year won big by positioning on rare earth stocks, according to a story on the Global and Mail.
Steven Palmer, president of Toronto-based AlphaNorth Asset Management Inc, said his company positioned with their biggest weighting in a couple of rare earth stocks such as Stans Energy Corp and Ucore Rare Metals Inc, and they were the star performers.
“The rare-earth stocks were among the winners that helped his fund become the top-performing Canadian hedge fund last year, ” the story said, citing data compiled by Globe Investor.
Palmer prediced that resoruces would have a pullback this year. “By the end of this year, resource stocks will be flat to modestly higher, but returns won’t be as good as we experienced in 2010,” he was quoted as saying.
Here is the story:
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