Hedge-Fund Manager Who Got Stock Rally Wrong Still Nabs 79% Gain

Bill Harnisch didn’t believe in the stock rally. He still crushed it.

While his peers this year diversified their bets across Big Tech and macro trades, the New York-based hedge fund manager packed more than 90% of his long book into just three stocks — companies building the power lines and fiber networks behind the boom in artificial intelligence, high speed internet and clean energy. That has helped his $3.1 billion Peconic Partners fund return 79% in 2025, Harnisch said. It has more than quadrupled the S&P 500, beating it for the fifth time in six years.