Following a year in which his hedge funds badly underperformed, investor Whitney Tilson has shed his stake in Apple and promised clients his decision to go solo would reap them benefits.
In his closely watched annual letter, Tilson said his Kase Fund - formerly T2 Partners before he split with Glenn Tongue last year - lost 1.7 percent compared to the Standard & Poor's 500 total return of 16 percent.
He attributed the weakness to a highly correlated market that made divergences difficult to find. He also owned up to looking too hard for stocks to bet against - 25 in all - and not paying enough attention to his long exposure. (Read More: Dash for Trash Paying Off For Investors So Far)
"Managing so many positions spread me too thinly, which had two effects: our fund suffered losses that should have been avoided and, less visibly but perhaps more importantly, the amount of time I spent on shorts impacted my ability to find great longs," Tilson said.