Magnum Sponsors Long/Short Hedge Funds

May 12 2008 | 12:30pm ET

Magnum Global Investments has made an undisclosed commitment to a pair of long/short hedge funds: Crestridge Capital Offshore Fund and the FiveMore Fund.

The Crestridge Fund invests in exchange-traded funds along with individual stocks, both long and short, and also utilizes covered options as a risk management tool.

The fund’s onshore version returned 37.4% last year mostly from shorting ETFs, and is up 19.4% through April. Its co-portfolio managers are Jason Allen and Joe Tracy.

Magnum has also made an initial investment in FiveMore Fund, a European long/short offering with a long bias and a bottom-up blended value approach. The fund employs a fundamental stock selection process and intra-day and overnight trading executed from its own trading desk. The Zurich, Switzerland-based fund generated a 48.8% return last year while increasing its assets under management from US$3.7 million to US$60 million.

Magum was founded in 1994 by its chairman, Dion Friedland.

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