Adage's $30 Billion Hedge Fund Is Said to Gain 23.6% Last Year

  • Firm founded by two former managers from Harvard’s endowment
  • Adage Capital underperformed benchmark for first time in 2016

Adage Capital Management, a $30 billion hedge fund founded by two former money managers from Harvard University’s endowment, beat a benchmark stock index last year.

The fund gained about 23.6 percent in 2017, according to people familiar with the matter, who asked not to be identified because the information is private. That would have put it ahead of the S&P 500 Total Return Index, which rose 21.8 percent, hitting record levels.

Adage, which takes long and short bets on equities, was started by Phillip Gross and Robert Atchinson in 2001.

A spokesman for the firm declined to comment on the fund’s performance.

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