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Alternative Market Briefing

New fund based on historic special situation investments achieves 2012 performance of 25.91%

Thursday, January 24, 2013

By Beverly Chandler, Opalesque London:

In a communication to investors obtained by Opalesque, New York-based Cruiser Capital LLC announced that it had returned +2.34% in December and +25.91% for 2012, net of fees and expenses. Over the same period, the S&P 500 Total Return index returned +.91% and +15.99.

In his letter to investors, Keith M. Rosenbloom, Managing Member of Cruiser Capital, explained that he had only recently formalised the pool of public special situation investments he had been making since 2009 in the form of a fund. Cruiser Capital LLC was formed on January 1, 2012.

The fund’s strategy is to look for public companies that are trading at valuations well below what private buyers would pay for them. Rosenbloom writes: "We frequently screen for these valuation anomalies and occasionally find a few that offer a compelling return. We note that the average price movement of each stock in the S&P 500 is greater than 40% within each year for the last 12 years. It is common for the stock prices of companies to change dramatically due to a myriad of events, news reports, competitor comments, etc. This dynamic often creates superior investment opportunities. An enterprise's value rarely changes 40% in a 12 month period; our job is to be diligent and agile enough to find and take action when these types of opportunities arise."

Rosenbloom also looks for situations where, conversely, occasionally, a......................

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