Tuesday, 21 October 2014
Last updated 6 hours ago
Jul 31 2013 | 9:30am ET
Rivanna Capital alumnus Ben Mackovak has launched a hedge fund in his hometown.
Mackovack, who grew up in suburban Cleveland, rolled out his Cavalier Capital on March 1, Crain's Cleveland Business reports. The new fund will invest in small-cap companies, albeit with an eye to liquidity.
"We're trying to find these small diamonds in the rough that the rest of Wall Street is ignoring," Mackovak, 32, said. "We're really looking for good businesses, predictable businesses, businesses with valuable assets that are underappreciated by the market. We're not trying to invest in the Web site that could be the next Facebook."
Given its focus, Mackovak said that Cavalier will remain small itself, with plans to close the fund at $300 million. Larger small-cap funds "simply have too much money to put to work," he said. "We're a deliberately small fund, and we'll always be a small fund."
Mackovak would not quantify precisely how small a fund Cavalier is presently, telling Crain's only that the fund's assets have grown by 60% since its launch and that the firm has 43 investors. He plans to market the fund beyond its current high net-worth and family office base to institutional investors after Cavalier has a one-year track record, adding that he hopes to reach $300 million within a couple of years.
Mackovak most recently spent six years at Rivanna, based in Charlottesville, Va., where Mackovak earned his MBA at the University of Virginia. His firm is named in honor of that school's mascot and Mackovak's favorite basketball team, the Cleveland Cavaliers.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...