Former Dresdner Trader Launches Long/Short Fund

Jun 22 2007 | 12:13pm ET

Patrick D’Angelo, a former U.S. equity prop trader for Dresdner Investment Bank, this month launched Hyerdale Capital, a market neutral long/short equity fund that has a short-term holding period of between two weeks and two months.

“It’s not one of these buy and hold type funds,” said D’Angelo. “It’s all fundamentally driven and technically backed. Seventy five percent of the portfolio is focused on large-cap stocks with the balance in micro- to mid-cap stocks. This portfolio is always dollar neutral and if anything I take a small short bias on a beta basis.”

In his second full week of trading, D’Angelo said he initiated short positions in the restaurant sector, specifically Bob Evans, a family restaurant chain and retail foods concern. D’Angelo’s long positions include Seagate Technology and Spirit Aerosystems. He said the fund is not limited to domestic and can invest in international names via ADRs.

D’Angelo, who launched the fund with his own capital, said he is currently talking to seeders and early stage investors to raise assets for the fund.

Hyerdale charges a 2% management fee and 20% performance fee, with a $1 million minimum investment requirement. It has a one-year lockup with quarterly withdrawals thereafter.


In Depth

Q&A: Old Hill's Stone On Private Debt, P2P And Credit Bubbles

Jun 6 2017 | 7:52pm ET

While institutional capital continues to flow into the broader private debt sector...

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

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of