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New Managers August 2019

PROFILES: Brattle Street Capital, GaoTeng Asset Management

 

Citadel alum Greg Blotnick is launching a new fund Brattle Street Capital. The fund takes long and short positions in small and mid-cap consumer stocks like retailers. Blotnick tells Opalesque New Managers that he feels like it's an ideal time to take high conviction positions in consumer names. Small to midsize consumer companies are splitting into two groups - those that are generally recession proof and others that are teetering on the brink. Brattle Street's long book will take positions in strong, high-growth companies. On the short side, Blotnick is taking positions in companies that are near bankruptcy. Even if the economy fends off a recession for another year or more, Blotnick says that the retailapocalypse is coming for smaller businesses too. Midsize retailers are finding it harder to stay afloat and we may see some closures even while the economy remains relatively strong

Brattle Street's strategy differs from many larger market neutral funds in that Blotnick is willing to buy and hold positions in companies that are too small for big tickets. "Managers at large market-neutral firms are unable to adjust portfolios dynamically due to a wide variety of constraints and mandate restrictions," Blotnick says. "Our fund is designed to capitalize on the inefficiencies that result from these constraints, while also broadening our time horizon beyond the typical months-long window that our competitors are forced to operate under." Brattle Street plans to cap its strategy at approximately $250 million in order stay nimble and focus on outperformance. By keeping the fund on the small side and with a mandate to hold on to positions if warranted, Brattle Street is designed to appeal to investors that want an uncorrelated source of return. "We're focused on working with investors with a patient capital base - primarily family offices and high net worth investors - who understand the nature of the strategy and have a time......................

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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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