High-Flying Down Under Fund To Close At A$200M

Jan 13 2012 | 1:09am ET

Australia's best-performing hedge fund is getting ready to close its doors to new investors—eventually.

Evergreen Capital Partners will close its 18-month old fund after it's doubled in size from its current A$100 million. That should take six to 12 months, co-founder Tim Hannon told Bloomberg News, as the firm basks in a 58% return over its first year-and-a-half.

That profit bests even Evergreen's already ambitious goal of 15% annualized returns.

"We don't want to manage a lot more money; our size is one of our chief competitive advantages," Hannon, formerly of Goldman Sachs JBWere, said. "I'm not doing any more marketing."

He won't have to if Evergreen's strategy, long resource stocks and short retailers, continues to produce as it has. Certainly, Hannon expects the short book to do so, saying Evergreen remains "extremely bearish" on "retail landlords."


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...