Saturday, 28 March 2015
Last updated 1 day ago
Dec 15 2005 | 5:32pm ET
In a year when most hedge funds have been struggling with average returns arournd 5.9% (according to the CSFB/Tremont Hedge Fund Index), Boston-based Stonefly Capital Management’s U.S. long/short equity fund is up 11% year-to-date.
“We’ve done well every month except for May,” said Britt McLoy, founder and managing partner of the firm. “If it wasn’t for that month where we took a big hit, we would be up even more.”
Currently, McLoy only invests in U.S. firms, but he is considering broadening the fund’s strategy to global equity. “We have a lot of our portfolio in commodities [firms], and a lot of the best commodities [firms] are outside the U.S.,” he said, adding that he is eyeing Canada and Australia for future investments. The fund, which launched one year ago with $4 million in assets under management, will close when it reaches $100 million in committed capital.
“We aren’t ever going to be huge,” said McLoy, explaining that he would like to keep the fund at this size to ensure that the asset base is manageable and so he can continue to access and exploit small- and micro-cap opportunities. “The first year was really to get a track record,” said McLoy, who is aiming to increase assets under management by targeting family offices and high-net-worth individuals.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…