Sunday, 28 December 2014
Last updated 4 hours 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.