Looking back on Kyle Bass's GM bet

Absolute Return also revisits Toronto-based Vantage Asset Management's impressive launch.

One year ago

>>>> Hayman Capital Management founder and chief investment officer Kyle Bass said that General Motors shares could rise to $50, a gain of about 47%, within 12 to 18 months.

While GM's stock has risen -- most recently from the $5 billion share buyback announced this week, which Hayman supported -- the gains have fallen short of expectations.

Bass spoke Absolute Return this week about why he remains bullish on the stock.

Five years ago

>>>> Toronto-based Vantage Asset Management launched one of the larger Canadian funds in 2010, raising C$40 million (then $38.9 million) for the Vantage Protected Performance Fund, which manages an equity long/short strategy with an event bias. Vantage focuses on Canadian stocks, with some exposure to the U.S.

The fund posted a 16.2% return in its first partial year, then lost 8.3% in 2011, followed by gains of 12.8% in 2012, 5.1% in 2013 and 13.2% in 2014, according to data published on the firm's website

The fund now manages C$100 million ($78.9 million) as of March 1.

"We've had a combination of organic growth of initial AUM and top-ups from existing investors," managing partner Mark Tredgett told Absolute Return. "We've also had new investors to the strategy."

Vantage has added three employees to the team since inception, bringing total headcount to five, Tredgett said.