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Alternative Market Briefing

Breacher Capital Management rebounds in October

Friday, November 26, 2021

Bailey McCann, Opalesque New York for New Managers:

After a tricky September and October for hedge funds, emerging manager Breacher Capital Management has rebounded to a new high net asset value and posted positive returns. The flagship Breacher Absolute Return Partners Strategy was up 3.32% in October and is up 8.26% year to date through October.

According to an investor letter obtained by Opalesque, long bets in energy, fertilizer, semiconductors, and banks lifted performance along with shorts in medical and enterprise software names.

Breacher runs three variants of its long/short strategy, increasing in risk tolerance. The Partners long/short strategy is a concentrated portfolio that can take a contrarian view of the market as it looks for investment opportunities. The Enhanced fund is a slightly less aggressive version of this strategy and the Core fund is a market-neutral fund with the lowest risk of the three.

The Enhanced fund was up 2.13% in October and is up 3.24% year to date through October. The Core fund is also up 0.65% for October and is up 1.12% year to date through October, according to performance information for investors reviewed by Opalesque.

All three funds have a risk management overlay that is designed to preserve capital especially during times of market volatility. The investment team uses a combination of fundamental analysis and market catalysts to ......................

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