Monday, 29 August 2016
Last updated 33 min ago
Jan 29 2013 | 9:59am ET
Waycross Partners has launched a new hedge fund offering its existing investors higher risk with potentially higher reward.
The Louisville, Ky.-based firm's Waycross Long/Short Opportunities Fund debuted on Jan. 1 with $1 million in seed capital from a single client, Business First reports. The new fund invests in the same sectors as its existing—and now renamed—Long/Short Equity Fund, but will focus on stocks with a larger potential upside and will have higher turnover. The new fund will also feature less pairs trading.
"We're excited about it," Waycross chief Benjamin Thomas said. "We're looking forward to growing our firm and adding to our mix of diversified revenue streams."
Thomas said the idea for the new fund came from investor interest; clients were seeking a higher-volatility vehicle from the firm. For the time being, it will not be open to investors other than the seeder. That might change if the fund does well and garners further interest.
Waycross also took the opportunity presented by the second fund to rebrand its first, ditching the 50/50 Growth Fund. "The 50/50 name was a little confusing," Thomas told Business First.