Full Cycle Makes Energy Hedge Fund Offering

Sep 10 2007 | 1:03pm ET

Toronto-based Full Cycle Energy Investment management this month is launching a concentrated version of its flagship hedge fund.

The energy- focused shop is grearing up to launch the Full Cycle Energy Concentrated fund with C$10 million (US$9.5 million) for Canadian investors, and will follow this up with a Cayman Islands-based fund for offshore investors at a later date.
Like Full Cycle Energy LP 1, the new fund will invest in the full spectrum of the energy space including exploration companies, pipelines and integrated oil field services companies, according to Robert Duncan, director of business development. “We trade directionally as well as from a relative value basis,” he said.

“Eighty percent of the fund’s portfolio is comprised of equities and 20% would be commodities. It’s primarily a long/short equity strategy. Our strategy is value oriented so we’re looking for cheap companies. We play a longer term horizon and tell our investors to do the same.”

The firm is currently focused on mid-and-large cap oil sands companies in Canada, which are only second to Saudi Arabia in size, added Duncan. The new fund will invest in some 15 to 20 names and will be a more volatile successor to its flagship offering, which is up some 4% this year.

The Full Cycle Energy Concentrated fund charges 2% for management and 20% for performance, with a C$500,000 (US$474,000).

Co-founders Henry Cohen and Viren Wong co-founded Full Cycle in 2003. The firm currently manages some C$75 million (US$71.1 million) in total assets.

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