Sun, Apr 22, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
New Managers May 2013

Profiles - Stone Toro and Varden Pacific talk about their funds

 

Jeffrey Russo

Stone Toro Asset Management LLC, an asset management firm based in Princeton, New Jersey was formed at the end of 2009 by three ex-Merrill Lynch colleagues, Mike Jarzyna, Jeffrey Russo, and Richard Jenkins. Jarzyna and Russo were also directors at BlackRock, and Russo, the PM, managed more than $14bn in AUM as a Director there.

Their fund, the ST Alpha Event Fund, which was launched in January 2011, is an absolute return fund using a global multi-strategy approach to eventdriven arbitrage. It manages around $146.9m and is up 0.92% YTD (to March), after returning +2.5% in 2012 and +1.18% in 2011. It is also featured in Opalesque's EManagers database.

Jeff Russo actually started trading his strategy while at Bankers Trust in the mid-90s, where he served as portfolio manager of global developed and emerging market index funds with assets over $4bn (Bankers Trust at the time was the third largest index manager in the world, managing around $200bn worth of index related assets).

Russo defines "event" as things that are tangibly happening in the market. "So we like to look at where the world is, as opposed to the way we hope it to be or wish it was," he tells Opalesque.

The ST Alpha Event Fund has four distinct strategies, namely: index events, merger arbitrage, structural changes (or special situations, corporate actions) and relative value pairs.

"That's actually something that I think is a really attractive part of the strategy is the breadth of the index world and how the markets have changed over time," Russo explains. "The markets have become very passive with the emergence of ETFs. As active management on the mutual fund side has decreased in size, possibly due to active managers' long-term inab......................

To view our full article please login

This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
New Managers
New Managers
New Managers

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Sequoia takes Facebook stake as shares slide in data controversy, $1.4b hedge fund sees intact fundamentals for Facebook, Jim Cramer reveals some 'suggested hedge fund trades' amid the Trump tariffs[more]

    Sequoia takes Facebook stake as shares slide in data controversy From Bloomberg.com: The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter, investment manager Ruane, Cunniff & Goldfarb told clients. "The recent controversy enab

  2. Activist Investors - Blue Sky-owned Wild Breads faces uncertain future[more]

    From AFR.com: A Blue Sky private equity investment in artisan-style baker Wild Breads enjoyed multiple valuation upgrades despite losing millions and breaching its lending covenants, accounts lodged with the regulator last week show. Wild Breads lost $2.4 million in 2017, but Blue Sky ascribed a hig

  3. Opalesque Exclusive: Barnegat to close hedge fund to outside investors on weak opportunities[more]

    Komfie Manalo, Opalesque Asia: Bob Treue's Barnegat Fund Management said it is closing its $666m fixed income relative value hedge fund to outside investors. "The negative side to gains in Fixed Income Arbitrage is that unless we find new opportunit

  4. Investing - Hedge fund makes a big bet on malls, British hedge fund manager Odey short UK government bonds on QE bet[more]

    Hedge fund makes a big bet on malls From Barrons.com: The dominant narrative on American shopping malls is that they're dead. Crushed by Amazon.com, many brick-and-mortar retail stores are destined for bankruptcy. And where is the most retail, clustered all together? Malls. From a

  5. Performance - Hedge funds suffer first back-to-back loss in two years, Netflix performance burns hedge fund short sellers, Macro hedge fund up 14.5% in first quarter sees dollar falling, Renaissance Technologies rebounds across hedge funds in March[more]

    Hedge funds suffer first back-to-back loss in two years From Bloomberg.com: Hedge Fund returns sank for a second straight month in March, the first back-to-back loss since the first two months of 2016, as trade wars, tech-sector woes and a Fed rate hike dragged down the S&P 500 from its