Calif. Firm Debuts Long/Short Hedge Fund

One Laguna Beach, Calif. rookie hedge fund is actually doing what its more established peers are having a hard time with this year: Making positive returns. Channel Islands Capital & Co.’s long/short equity fund, Orissa Partners, debuted in July and is up 4.5% through October.

The fund invests mid- to large-cap stocks in a variety of industries including retail, healthcare, technology, financial, consumer, energy, cyclical and industrials, according to the firm’s marketing brochure.