This top hedge fund still expects value investing to outperform again

JAM Partners was up 0.2% for the second quarter, bringing its return for the first half of the year to -16.3%. The S&P 500 gained 20.5% during the second quarter, while the KBW Bank Index was up 15.2%. The two indexes are down 3.1% and 32.9%, respectively, for the first half of the year.

Q2 2020 hedge fund letters, conferences and more

In his second-quarter letter to investors, which was reviewed by ValueWalk, Jacobs Asset Management Managing Partner Sy Jacobs said the fund started the quarter 3% net long and then got short during the strong rally. JAM Partners averaged 8% net short for the second quarter and ended it at 4% net short.