Marijuana Helped the World’s Top Hedge Fund Gain 145%

Bets on marijuana companies helped an Australian manager soar 145 percent last year to become the world’s best-performing hedge fund.

Stock and credit investments in North American marijuana producers contributed to 22 percentage points of last year’s gain for the $200 million Tribeca Global Natural Resources Fund, said Sydney-based Ben Cleary, who co-manages the pool with Craig Evans. The fund has advanced 4 percent this year through February, Cleary said.

The wagers helped the hedge fund rise to the very top among more than 10,000 rivals tracked by data provider Preqin and stand out in a lackluster year for the industry…

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