Act II Delivers In First Half, Rising 26.4%

Jul 13 2007 | 11:06am ET

New York-based Act II Partners is hoping its second-half performance is as good as its first.

Through July 11, the media-focused long/short hedge fund shop’s Act II Capital Fund is up an impressive 26.4%. Meanwhile, over the same period the Standard & Poor’s 500 is up less than 7% and tech-heavy NASDAQ-100 is up less than 8%.

“We’re not trying to hit home runs but singles and doubles and there’s a lot to play with,” said Michael Didier, Act II’s director of client relations. “Our performance has been very good even in comparison with other funds that play in our space.”

The fund is currently invested in the internet advertising, wireless and broadcasting sectors with core holdings in Focus Media, Value Click, Liberty Global and Nextel International.

It is also looking at wireless tower concerns and video game companies. “Video games is obviously a pretty dynamic area and some of the valuations there have become intriguing as of late,” said Didier.

Act II currently manages $175 million in assets, and is looking to double its asset base by year-end. It is targeting a capacity of some $500 million for its maiden hedge fund. The firm began trading in March 2002 and invests across 18 different sub-areas. It also has a 10% carve-out for private equity deals.

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