Wednesday, 27 August 2014
Last updated 2 hours ago
Jan 12 2007 | 10:55am ET
Michael Bois, former portfolio manager of Timberline Partners, last week launched the Bois Fund, an equity long/short vehicle.
The hedge fund’s targeted exposure is market neutral to 80% net long, according to Bois, who said the fund is cap agnostic and is more concerned with a company’s liquidity. “In the long book, we look for insider transactions and want to see key people in the company making purchases with their own money in the open market,” he said.
“We also look at the history of management’s ability to create value by generating returns on the invested capital that they have that are higher than the cost of capital. We need to see a sufficient spread between where the stock is trading in the open market and the appraised value. If a company was taken private has a private market value of $100 per share and we can buy it at $60, then we’re interested.”
Bois, who ran the Timberline fund, also a long/short offering, from 1998 through 2003, said the period from 2000-2002 was really “important” and “informative” with respect to risk management, which has helped shape his current fund’s risk management measures. “We may take some relatively concentrated positions but are very careful about getting out of situations that just are not working for us. So there is an emphasis on risk management here,” he said.
The fund charges a 1% management fee and 20% performance fee, with a $250,000 minimum investment requirement.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...