Fidelity star turns Lyceum around


When John Muresianu left his post at Fidelity in the summer of 2002 to start managing his own fund, many watched closely to see if the long-only superstar could deliver in a long/short equity setting. But his initial results at $120 million Lyceum Capital, the Concord, Mass.-based hedge fund he founded in October 2002, were disastrous. From its inception to June 2003, the fund posted a 21.8% loss. Happily, the last half of 2003, however, was a different story with the fund netting a 25% gain. The positive run continued in January with a 3.3% gain.

The portfolio