Blackfish Offers Long/Short Hedge Funds

Jun 5 2008 | 2:00am ET

U.K.-based Blackfish Capital Management has launched a pair of long/short hedge funds.

The firm this week unveiled the Talisman Fund, a $20 million global long/short energy hedge fund.

Talisman employs a top-down thematic approach, coupled with bottom-up company analysis and valuation. Some major investment themes for the remainder of the year include going long U.S. natural gas, emerging mid-cap upstream oil and gas producers, U.S. global coal producers, and shorting uranium and U.S. gasoline refineries, according to the firm.

“The strengthening crude price continues to bolster the mid-cap oil group, given our technical knowledge we favor ‘emerging long opportunities’ within this space,” the firm said. “We favor the Mid-cap group in this sector on the basis of liquidity and requirement/access to capital.”

“Both refining margins and utilization continue to fall in the U.S., margins continue to be squeezed as oil prices steadily rise against a back drop of decreasing gasoline as the economy suffers. Medium-term oversupply in uranium is weighing heavy on equities, companies themselves are struggling to achieve pre-announced development schedules and higher costs.”

The fund is co-managed by Peter Lynch and Harley Rowland. It charges a 2% management fee and a 20% incentive fee, with a US$100,000 minimum investment requirement.

The Talisman debut comes on the heels of April’s launch of the Exodus Fund. According to the firm, Exodus was built around a fundamental view that the depreciation of the U.S. dollar will continue into the medium-term

The fund’s long portfolio includes commodities, both physical and energy, and currencies, including those of the Middle East and the Chinese yuan. Its short book may include the Russell 2000 Index, retail stocks and housing names.

Exodus charges a 1.5% Management Fee and a 20% Performance Fee and a US$250,000 minimum investment requirement.


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