Tuesday, 3 May 2016
Last updated 12 hours ago
Nov 16 2012 | 1:15pm ET
The former co-manager of Fairholme Capital Management has launched a hedge fund of his own.
Charles Fernandez's Barnstar Opportunities began trading Wednesday, the new Florida-based hedge fund said in a press release. Barnstar did not say how large the new fund is, but did say it took a multi-disciplinary, special-situations long-bias approach to investing, seeking out value opportunities.
Fernandez serves as chief investment officer of the fund. He told HedgeFund.net that, "in the environment that we exist in today, there are more opportunities than we have money to invest. We are not in a position of scarcity of opportunities."
Fernandez resigned from Fairholme, headed by his friend and neighbor Bruce Berkowitz, a year ago.
"Bruce is a great deep-value investor, and my time there was wonderful and I learned a lot," he told HFN.