Sunday, 23 October 2016
Last updated 1 day ago
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."