Midsummer Launches Liquid Version Of Flagship Small-Cap Fund

Oct 25 2010 | 2:05am ET

New York-based Midsummer Capital has launched a new fund employing the more liquid strategies of its flagship.

Midsummer Small-Cap is designed to appeal to investors "looking for liquid investments" following the financial crisis, Midsummer founder Michel Ansalem said at an emerging managers conference in Texas this month.

The new long/short vehicle debuted on Oct. 1 and features a concentrated core portfolio of 10 to 12 U.S.-listed long positions, each comprising 4% to 7% of the portfolio, HFMWeek reports. It will have a similar number of smaller long bets, each amounting to 2% to 3% of the portfolio, and between 20 and 30 short positions of between 1% and 2% each.

By contrast, the firm's flagship Midsummer Partners Fund also includes illiquid investments, including convertible bonds.

Midsummer is marketing the new vehicle to high-net worth individuals, private banks and family offices. It has a $700 million capacity; the minimum investment is $500,000. The Small-Cap fund charges 2% for management and 20% for performance and features quarterly redemptions with 60 days' notice. Citigroup serves as prime broker.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of