Wash. Firm Unveils Small Small-Cap Financials Hedge Fund

Jun 22 2010 | 12:03pm ET

A Seattle-area hedge fund has launched a small-cap financials fund.

Bortel Investments’ financials vehicle debuted on May 6 with $7 million. While that’s not very much money, Bortel founder Peter Bortel said he doesn’t expect it to get all that much bigger, with a target of $30 million.

“Unless you’re really putting the pedal to the gas, you can’t make 30 times,” he told HedgeFund.net.

Bortel said he expects the fund to profit from a rebound in the financial sector over the next five to seven years.

The Gig Harbor, Wash.-based fund currently charges only a 2% maintenance fee. That is set to fall to 1% after Bortel, who serves as portfolio manager, establishes a track record and imposes a 20% performance fee. There is a $250,000 minimum investment. JPMorgan Chase is its prime broker, and Conifer Securities is its administrator.


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