Wednesday, 1 October 2014
Last updated 13 hours ago
May 13 2010 | 3:28am ET
A new event-driven hedge fund is aiming to shine a light on value stocks.
Spotlight Funds Management launched its maiden hedge fund, Catalyst, last month with $5 million. The new long/short vehicle seeks out value stocks “with catalysts at a discount to intrinsic value,” firm co-founder Terry Lally told HFMWeek.
“It is a stockpicker’s market in 2010 which fits our track record of finding neglected companies with catalysts at a discount to intrinsic value,” he said.
The California based-fund was set up by Lally, formerly of Cramer Rosenthal McGlynn, and Stephen Riccio, founder of Buyside Custom Research & Consulting and a former Bear Stearns Asset Management portfolio manager. It also features analysts David Landry and Michael Wright.
The Catalyst fund’s portfolio includes between 20 and 30 core long names and a roughly equal number of small- and mid-cap shorts. The vehicle has a capacity of $500 million.
Catalyst charges 1.5% for management and 20% for performance. There is a $100,000 minimum investment requirement for individual investors and a $1 million minimum for institutions. The fund features monthly liquidity.
Jefferies & Co. is the firm’s prime broker.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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