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Alternative Market Briefing

Eschler's long/short hedge fund gains from gold, uranium and energy-related industrials

Tuesday, August 27, 2019

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Theron de Ris
B. G., Opalesque Geneva:

Eschler Asset Management LLP's founder Theron de Ris, who launched a small long/short deep value hedge fund seven years ago while working full time, tells Opalesque about his fund's evolution since his April 2013 interview with New Managers.

"I spent the first several years managing capital for friends and family and building a track record (alongside a day job at Indus Capital)," de Ris says. "Since 2017, I've been managing the fund full-time out of the same office in Savile Row, London. We are now a full-time team of three, myself as portfolio manager, a COO and a director of marketing. We have a dozen investors in the fund, which is now CIMA registered, and we are now (finally!) opening to outside capital. Last but not least, we've secured working capital for the management company and have a couple of years of operating expenses in the bank."

The Recovery Fund launched in October 2012 with $2.2m in AuM split between his own savings and two external backers. Now the fund is bigger and he is targeting $15m by year-end 2019.

The original fund is now in a B share class, with the same fee characteristics: 0% for management, 25% for incentive above a 6% hurdle, and a minimum subscription of $5m. A new A share class charges 1% for management and 15% for performance above a 3% ......................

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