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New Managers June 2012

Profiles - Three emerging hedge fund managers speak to New Managers about their fund: Sahm Adrangi of Kerrisdale Capital Partners; Leon Diamond of Mansard Capital; and Alastair MacLeod of RiverCrest Capital.

 

How an equity long/short open mandate fund, with a dash of activism, can return almost 200% in a year Sahm Adrangi

Kerrisdale Capital Partners LP is a fundamentally based, value oriented hedge fund - currently featured in Opalesque's Emerging Managers database. The Fund has an open mandate and seeks to benefit over the long term through the purchase and sale of securities trading at meaningful discrepancies to their intrinsic values. Additionally, the Fund looks to exploit market dislocations in uncrowded trades.

And it has done very well. Launched in July 2009, it returned 38% that year, 66% the next year, 198% in 2011, and is up 11% YTD after losing 2% in May. Comparatively, the HFRI Equity Hedge Index posted its largest decline since September 2011, -4.1% in the month, paring its YTD gain to +1.8%, with losses across Growth, Energy and Emerging Markets strategies only partially offset by Short Bias funds, which gained over +7%.

The fund now manages almost $27m, and the firm has grown from $15m to $112m in total AuM over the last year.

According to Sean Donohue, Director of Marketing & IR at Kerrisdale Capital Management, LLC, the New York-based firm goes on the belief that broad markets are relatively efficient over the long-term and that the attractiveness of the risk-reward opportunity in specific asset classes can change dramatically over time as a result of capital market conditions, investor psychology and asset flows. So the firm invests with an Open Mandate.

"To us, this means......................

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