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Alternative Market Briefing

Boothbay banks on nimble, niche emerging managers

Wednesday, July 26, 2017

amb
Ari Glass
Benedicte Gravrand, Opalesque Geneva for New Managers:

One New York-based hedge fund is successfully riding the trend towards emerging manager managed accounts by focusing on those managers who take the road less travelled.

Boothbay Fund Management has managed Boothbay Absolute Return Strategies, LP, a $239m multi-manager multi-strategy hedge fund, since July 2014. More than half the managers in this fund run a long/short strategy, and almost a third a quantitative strategy.

The fund is overseen by Ari Glass, founder and managing member, who previously served as COO at Intrepid Capital Management, a $2.5bn "Tiger Cub" hedge fund seeded by Soros Fund Management.

"Each of our portfolio manager trades on our balance sheet via a managed account, which affords us the transparency to analyse the correlations of daily returns and positions, and dynamically allocate capital and manage risk," Glass explains to Opalesque. "An important principal of the model is that each of the underlying investment strategies has to be low beta and generate idiosyncratic alpha. The non-correlated return streams allow us to build a portfolio whose whole is materially greater than the sum of its parts."

While applying a typical multi-strategy fund philosophy, the fund also implements an open architecture platform so as to avoid the adverse co......................

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