Of the $3.39 billion in equities Vinik oversaw as of Sept. 30, about 48 percent was comprised of exchange-traded funds that track industries and global markets, according to a November regulatory filing. His Boston-based firm held more shares than any other hedge fund in 11 of the 13 ETFs he owned, according to data compiled by Bloomberg.

A self-described “bottom-up” investor, Vinik is known for making big moves that defy conventional wisdom, including an ill-timed decision to sell technology shares and buy U.S. Treasuries as head of the Fidelity Magellan mutual fund in 1996. ETFs are passive index funds used more often by managers who invest based on broad economic trends than those who scrutinize the individual companies they wager on or against.

“I don’t think I know of any stock-picking hedge fund that uses ETFs on the long side,” Eric Weinstein, chief investment officer for the fund-of-funds business at New York-based Neuberger Berman Group LLC, said in a telephone interview. “Macro managers do use ETFs as part of their ordinary day to day portfolio management business -- betting on which markets are going to go up or down.”

Mark Hostetter, chief operating officer for Vinik Asset Management LP, declined to comment. […]