Jeff Vinik, in a move that echoes his departure 17 years ago from the Fidelity Magellan Fund, is shutting his hedge fund after making ill-timed bets on gold and the direction of stocks.

Vinik Asset Management LP, which oversees about $6 billion, will give clients all of their money back at the end of June, according to a client letter obtained by Bloomberg News. The owner of the Tampa Bay Lightning professional hockey team and a minority investor in the Boston Red Sox, Vinik founded the firm after stepping down in 1996 as head of Magellan, then the largest U.S. mutual fund, with more than $56 billion in assets.

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