Exclusive: This Klarman protégé made money shorting a major cruise stock [In-Depth]

Triarii Capital Management was up 9.12% net for 2019 and down 0.28% for the fourth quarter. However, 2020 has been rougher with the hedge fund down -10.53% in February 12.23% for the year. Triarii is managed by a protégé of Seth Klarman.

As of the end of December, the fund’s five biggest long positions were Cenveo, a post-reorganization label and envelope maker; Brazilian payment processor PagSeguro; coal and soda ash company Natural Resource partners; gene therapy drug maker Avrobio; and oil refiner and distributor Par Pacific Holdings.

Triarii’s three biggest shorts were