National Australia Bank (ASX:NAB) yielded profit for investment manager L1 Capital in March after the Melbourne-based hedge fund capitalized on a decline in the bank's share price, according to a Tuesday report by the Australian Financial Review.
The investment manager closed its short position in NAB mid-March after the stock fell to nearly AU$33 from around AU$41, the report added.
L1 said it chose to realize the gains following a rapid decline and reported a 2% return for the month, the report added.
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