Monday, 30 November 2015
Last updated 2 days ago
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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…