Monday, 25 May 2015
Last updated 3 days ago
Jun 18 2007 | 10:25am ET
Two months after making his first hedge fund offering, Rusty Cannon is back with a market-neutral offering dubbed the RKC Matador Market Neutral Fund. The fund launched on June 1 with $1 million.
RKC’s new offering follows the same strategy for picking long stocks as its predecessor long/short fund, but couples each long position with a corresponding short position in the sector exchange-traded fund, according to principle Rusty Cannon. “We’re trying to garner the alpha perfomance of those long stocks over and above those sectors and it’s diversified across all sectors across the markets,” said Cannon.
The new offering charges 1% for management and 20% for performance, with a 6% hurdle rate per annum. Its minimum investment requirement is $250,000.
Cannon’s flagship RKC Matador Fund, which launched in April, was hit with a drawdown of 10% in its first month of trading, and is down an estimated 7% to 8% through May. “A couple of key first holdings in the semiconductor materials sector got beat up pretty good but I’m still very confident in their outlook toward the end of the year,” said Cannon. “But that fund is definitely more aggressive than the second fund.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…