Trafalgar Makes European L/S Hedge Offering

Nov 27 2007 | 11:52am ET

U.K.-based Trafalgar Asset Managers has added a European long/short equity offering to its hedge fund portfolio. The firm this month launched the Trafalgar Azri Fund with $43 million in assets.

The Azri Fund combines a fundamental approach to equity investing searching for value companies with a catalyst on the long side and “icebergs” laden with danger signs and “full horrors hidden beneath,” according to a marketing presentation obtained by FINalternatives

“We look for GARP (growth at reasonable price), ROCE (return on capital employed) trends and unloved and under the radar screen situations,” according to firm documents. “[We’re also] looking for aggressive accounting and management teams as well as deteriorating industry dynamics and signs like discrepancies in the reconciliation of reported profit and actual cash generation.”

The joint portfolio managers for the new vehicle are Michael Sakkas, formerly of Parktown Asset Management, and Sushil Shah, head of equity trading at Trafalgar. Shah has a background in options trading with Trafalgar and Sakkas’ bread and butter is in stock picking, according to the firm.

The Azri Fund charges a 1.5% management fee and a 20% performance fee with a high water mark.

Trafalgar was founded in 2001 by Lee Robinson and Theo Phanos and currently manages in excess of $2.36 billion.

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