HFR Homepage
Login Register for full access to website About HFR Contact HFR Careers at HFR Website User Preferences Pricing Institutional Subscriptions Special Promotions HFR Inc. Twitter Feed HFR blog

HFR Databases HFR Industry Reports HFRX Indices HFRI Indices HFRU Indices HFR Index Licensing Custom Research Media Center Report to HFR Database Login HFR ManagerLink



 


Agenda Event Home Sponsors Strategists

The event featured a sequence of four panels of four hedge fund strategists presenting
on each of the following subjects:

Equity Strategies    Event Driven & Credit Strategies    Arbitrage Strategies    Macro Strategies



Sponsors


HFR Industry Summit: Mid-Year 2010 Strategists


Enrique J. Abeyta
Founder and Managing Partner
360 Global Capital
Rick Abeyta is the Founder and Managing Partner of 360 Global Capital LLC, a global fundamental long/short equity hedge fund, founded in November 2007. 360 Global takes a global industry-centric approach to investing with a heavy emphasis on tactical trading and quantitative and qualitative risk management. The strategy focuses on seven specific industries (media, telecom, energy, utilities, industrials, materials and transports), known for their capital intensive structures, in large and medium cap securities. Research "edge" is driven by the extensive experience of the investment team in these specific industries. Although the strategy applies fundamental analysis, it also employs a comprehensive "360 degree" quantitative approach to risk management and maintains a full-time independent risk manager. The risk manager has significant software development capabilities and has developed internal systems utilizing proprietary models developed by Mr. Abeyta across the last decade.

Prior to founding 360, Rick was a Managing Member and co-Founder of Stadia Capital LLC, which was formed in November 2000. At Stadia, he and his partners managed more than $1.25bb and Rick was responsible for all investments in the capital intensive sectors of the portfolio of the Stadia Core Strategy managing investments of over $700mm. In addition, Rick also held the position of Chief Risk Officer and head of Marketing.

Prior to Stadia, Rick held various positions at Red Coat Capital, Atalanta/Sosnoff Capital, Lehman Brothers and Barings Securities (Japan) Limited dating back to the early 1990s. Rick graduated from the Wharton School at the University of Pennsylvania and a BA of Fine Arts in Japanese.




Michael Browne
Manager
Sofaer Capital


Michael Browne joined Sofaer Capital, together with Steve Frost, in late 2000, to manage the Sofaer Capital European Hedge Fund and the group's European equity strategy. Their roles have not changed since. Michael started his career with BZW Investment Management in 1986 to work in the European equity team. He was responsible for a variety of European unit trusts and segregated funds as Assistant Director. In 1994, Chase Asset Management appointed him as Managing Director with overall responsibility for building an equity fund management business for them. He recruited Steve to Chase AM in 1997 and in 1998 launched a European equity hedge fund with Steve as lead manager. In 1999 Michael was appointed head of international equities for Chase with overall responsibility for all non-US equity portfolios. BA (Hons) (Durham University).




Peter Early
President
Galle Global Macro Partners, LLC


Peter has 15 years of experience as a global macro investor. Peter began his career in markets at Bankers Trust trading equity, interest rate, and FX derivatives from 1992-1995. From 1995 to 1997 he traded proprietary capital for the bank. In 1997, he joined Julian Robertson's Tiger Management where he oversaw Asian trading and was part of the macro team from 1997-1998. In 1999, Peter founded a global macro fund, Big Sky Capital, where he served as the CIO and CEO until 2006. In 2006, he returned all investor capital to pursue an opportunity working on the senior management team of casino operator Wynn Resorts, where he worked from 2006-2008. Returning to the markets in 2008, Peter headed the wealth management business for Guggenheim Partners, before leaving to co-found GGM in October 2009.

Peter holds a Bachelor of Science in Electrical Engineering and Economics from Yale University.


George Elliott
CEO
Naftilia Asset Management


In 1997 George Elliott began his career as an Investment Banker for Societe Generale Athens. In 1998, he worked as an Equity and Portfolio Analyst at Marfin Investment Services. In 1999, he worked as an Investment Manager and Financial Advisor to, a subsidiary of Grazprom in Greece, Prometheus Gas S.A. From 2000 Ė 2004, he worked as an Investment Manager for Spark Investments S.A. Since 2004, he has been a Principal and Chief Executive Officer of Maistra Ltd. and has been actively involved in advising global alternative investment portfolios. Since 2005 he is the CEO and principal shareholder of Naftilia Asset Management involved in managing a Hedge Fund in the shipping sector.

Mr. Elliott holds an Msc Degree from the City University of London in Investment Management and a Bsc Degree from the City University of London in Business Studies.


Andrea S. Feingold, CFA
Co-founder, Investment Principal
Feingold O'Keeffe Capital, LLC


Ms. Feingold is Co-founder, Investment Principal of Feingold O'Keeffe Capital, LLC, a credit focused alternative management firm. Ms. Feingold has 22 years of investment experience. Prior to founding the company, Andrea was Co-head of High Yield at PIMCO where she managed $3 bn in high yield assets. Earlier, she ran the leveraged credit team at Triumph Capital, a private equity firm, and from 1991-1998, was responsible for all high yield investments at Colonial Management, a Boston-based fund company. Andrea worked as a Private Placement Analyst at SunLife of Canada and began her career in the commercial bank credit training program at EAB, now part of Citigroup.

Feingold O'Keeffe Capital, LLC was co-founded in 2001 by Andrea Feingold and Ian O'Keeffe, former PIMCO Head of High Yield Trading. The firm's core strategies are long short credit and distressed senior loans. Intense fundamental research is the cornerstone of all investments, supported by the experience of the Co-founders who have worked together since the early 1990s managing credit assets.

Ms. Feingold graduated with a BA in Economics Cum Laude from Columbia University. She currently serves as Treasurer on the National Board of Directors for Year Up, a non-profit organization empowering urban young adults to reach their potential.




Josh Fink
CEO and CIO
Enso Capital Management


Josh is the founder, CEO and Chief Investment Officer of Enso Capital Management, an investment management firm that invests in both public and private companies globally. Enso sources unique, alpha-generating, longer-term investment opportunities in differentiated industries around the world through rigorous primary research, intensive travel and proprietary networks. Prior to founding Enso in July 2002, Mr. Fink was a Managing Director at Argonaut Capital Management, where he operated as both a portfolio manager and an analyst. Mr. Fink has also held positions at Tiger Investment Management and Morgan Stanley Asset Management. Mr. Fink is also a member of the Clinton Global Initiative. He holds a B.A. from the University of Pennsylvania.




Jonas Frantz
Senior Vice President
Paulson & Co.


Jonas Frantz is a Senior Vice President at Paulson & Co. Prior to joining Paulson, Jonas was a Sales Director for Citigroup Alternative Investments for a period of three years. Jonas also worked for Merrill Lynch's International Private Client Group as a Financial Consultant in London. Prior to his posts in London, Jonas worked for Pegasus Solutions in Germany (Frankfurt).

He is a member of the CFA Society of the UK and holds a Bachelor of Science Hons Degree from the University of Wales.


Varun Gosain
Portfolio Manager
and Co-founder
Constellation Capital Management LLC


Mr. Gosain is a portfolio manager and co-founder of Constellation Capital Management LLC. Founded in 1999, Constellation Capital Management, LLC is a global alternative investment management company specializing in event driven global credit strategies. Constellation manages the Andromeda Global Credit Fund which has a track record spanning 10 years with average annualized net return of 13.28%. The Andromeda Fund targets superior, risk-adjusted, long-term returns by identifying relative and absolute value opportunities in the global credit markets. Constellation also offers separately managed accounts to fit client's specific needs and return objectives.

Prior to forming Constellation in 1999, Mr. Gosain was Head of Proprietary Credit Trading for the fixed income division of Paribas, responsible for trading all credit products, including investment grade bonds, asset swaps, global high yield and emerging market debt. Mr. Gosain was also Global Head of Credit Derivatives Trading, which was a joint venture between the derivatives and bond groups. Prior to that, Mr. Gosain was Head of trading of cash and derivative products in the emerging market debt group. In this capacity, he was one of the first individuals to build an innovative and highly profitable business in credit arbitrage, derivatives, and options. Mr. Gosain started his career at Chemical Bank in the Product Development Group. Mr. Gosain has completed all the requirements for a Ph.D. in Finance except dissertation (ABD) from the Wharton School at the University of Pennsylvania. In addition, Mr. Gosain graduated from Delhi University and has a MBA from the Indian Institute of Management, Ahmedabad.




Michael Liu
Managing Director
Ajia Lighthorse Asset Management


Under the leadership of Shawn Kang, CIO and lead portfolio manager, Michael is the co-portfolio manager and a key member of the investment committee for the Ajia Lighthorse China Growth Fund. Michael is responsible for portfolio construction using proprietary quantitative models. In addition, Michael also oversees the risk control aspects of the portfolio. Prior to Ajia Lighthorse Asset Management, Michael was a Senior Vice President at Morgan Stanley Dean Witter, and prior to that, a Vice President at Merrill Lynch Investment Management.

Michael has over 15 years of investment experience, both in US and in China. Michael holds a MS degree from the University of Maryland, and both a MS and BS from Shanghai Jiaotong University.




Desmond Monteith
Portfolio Manager
Armajaro Asset Management


Desmond Monteith joined Armajaro Asset Management as a partner in January 2010. Prior to this, Mr Monteith was a Director of Czarnikow Group Limited as well as C. Czarnikow Sugar Futures Limited. He joined Czarnikow in 1995 to head up global brokerage based in London. Mr Monteith has over 30 years experience in trading sugar and related commodities.

Prior to joining Czarnikow he worked for Daxin Petroleum from 1991 through to 1995 and was initially based in Singapore before being transferred to Nairobi, Kenya where he was responsible for developing Daxin Petroleum's African and Middle East distillates trading business. Mr Monteith joined the commodities business in 1980 when working for Woodhouse, Drake and Carey where he held various positions culminating in the joint management of the sugar department.

Mr Monteith is Vice Chairman of the Sugar Association of London and is a member of the panel of arbitrators of the Sugar Association of London. He is also a Member of the World Sugar Committee.




Ralph Nacey
Principal
WestSpring Advisors, LP


Mr. Nacey is a Principal of WestSpring Advisors, LP. Previously, he was Chief Investment Officer of Brigadier Capital Management, LLC. Prior to Brigadier, Mr. Nacey worked for Merrill Lynch, where he headed two different business efforts. First, Mr. Nacey built a North American derivatives structuring desk. Second, he headed a long/short proprietary trading effort that focused on corporate credit and structured finance. Prior to Merrill Lynch, Mr. Nacey worked at Credit Suisse First Boston in the Investment Banking Division, where he worked on M&A, debt, and equity offerings. Mr. Nacey also worked in the North American Structured Credit Products Group as a lead structurer working on new products.

Prior to CSFB, Mr. Nacey was a Captain in the United States Army. Among his assignments and qualifications were Executive Officer of Delta Battery 319th, 1-508th ABCT (Airborne Battalion Combat Team), Ranger, Airborne, and Senior Parachutist. Mr. Nacey earned a B.S. at the United States Military Academy at West Point, with a major in Physics and a minor in Nuclear Engineering.


Richard C. Patton
Principal and Chief Manager
Courage Capital Management, LLC
Richard Patton is the sole Director, Chief Manager, and Chief Investment Officer of the Investment Manager, and the portfolio manager of the Partnership and the Courage Special Situations Master Fund, L.P. and CCM Credit Opportunities Fund, L.P. Mr. Patton co-founded the Investment Manager in July, 1998. From 1996 to 1998, Mr. Patton and Ingram Industries formed and operated Woodmont Capital, LLC which focused on special situations investing in private and public market securities. Woodmont was a seed investor in the Investment Manager but no longer holds any remaining interest in the Investment Manager. From 1992-1994, Mr. Patton was a Portfolio Manager and Analyst with Fidelity Investments.

Mr. Patton's professional beginnings were as founder and CEO of a restaurant group, which he ultimately sold. Mr. Patton has served on the board of directors of Williamson-Dickie Manufacturing Company, which manufactures and sells work wear; and Krystal Restaurant Group, which operates fast-food restaurants in the southeastern United States. Mr. Patton has also served on the boards of Blessings (Packaging); Ingram Barge Company, and Permanent General Insurance (now Standard Insurance). Mr. Patton earned a B.S. in Economics from Vanderbilt University and an M.B.A. from Harvard Business School.




Andrew Redleaf
Chief Executive Officer
Whitebox Advisors


Andrew Redleaf is the Founder and Chief Executive Officer of Whitebox Advisors. He holds over 30 years' experience in the investment industry. Prior to creating Whitebox Advisors, Andy was with Deephaven Capital Management, where he founded the Deephaven Market Neutral Fund. Prior to Deephaven, Andy was an Options Trader on the Chicago Board Options Exchange. Andrew brings a refreshing combination of insight, energy, and humor to managing a highly successful and creative family of hedge funds.

Andrew graduated from Yale University in three years with a BA and MA in Mathematics. He was recognized as the top mathematics student of his graduating year.




Sean H. Reynolds
Managing Director, Portfolio Manager/Analyst
Lazard Asset Management LLC (New York)


Sean Reynolds is a senior Portfolio Manager/Analyst on the Rathmore team specializing in convertible arbitrage and relative value strategies. Prior to joining the Firm in 2007, Sean was a portfolio manager for convertible arbitrage strategies at SAC Capital Management from April 2003 to August 2006 and, subsequent to this, senior portfolio manager at Sailfish Capital Partners' G2 Multistrategy Fund. Previously he was a convertible arbitrage portfolio manager at the Clinton Group, Inc. From 1997 to 2002, Sean was a managing director and Head of Convertibles Sales (U.S.) at Deutsche Bank Securities, including a period as an executive member of the North American Management Committee, Deutsche Bank Equities. Prior to 1997, Sean was responsible for global convertible securities sales at UBS Securities and domestic convertibles at Merrill Lynch. He has been in the investment industry since 1993.

Sean has an MBA from the Wharton School of the University of Pennsylvania and a BA in Math and BAI (BSc) in Engineering from Trinity College Dublin.




Christian Reyntjens
Senior Managing Director
York Capital Management


Christian joined York in March 2004 and is a Senior Managing Director and a partner of the Firm, based in London, focusing on European investments. Christian is also the Co-Portfolio Manager of the York European Opportunities and York European Focus funds. From 2000 to 2004, he worked at Merrill Lynch & Co., Inc. as an investment banker in the Mergers and Acquisitions Group.

Christian received an M.S. in Banking and Finance from HEC Lausanne, Switzerland and a B.S. and M.S. in Management Engineering, cum laude, from the Catholic University of Leuven, Belgium


Robert Sanborn, Co-founder
Sanborn Kilcollin Partners
Robert J. Sanborn is a co-founder of Sanborn Kilcollin Partners and is responsible for all the investment decisions for The Elkhorn Fund. Mr. Sanborn has over 25 years experience in portfolio management and investment analysis and has been a strong and consistent proponent of value investing. Mr. Sanborn was the portfolio manager of The Oakmark Fund, the flagship mutual fund of Harris Associates, L.P., from Oakmark's launch in August 1991 through March 2000. During this period, The Oakmark Fund's assets grew from $100,000 to over $9 billion. In 1998, Lipper, Inc. ranked Oakmark in the top 10% of value mutual funds, and Barron's named Mr. Sanborn the 1997 Manager of the Year. Mr. Sanborn was a long-time member of Harris Associates' Board of Directors and Stock Selection Committee. Before joining Harris in 1988, he was a security analyst and equity portfolio manager for the Ohio State Teachers Retirement System, from 1983 to 1988. Mr. Sanborn holds a BA from Dartmouth College (1080) and an MBA from the University of Chicago (1983).

Mr. Sanborn is married for 20 years to Louise Vesco and is the proud father of twins, age 14.




Curt Schade
Principal and Portfolio Manager
Brownstone Asset Management, L.P.


Curt Schade is a Principal and Portfolio Manager of Brownstone Asset Management, an event driven long/short credit fund focused on high yield and distressed securities. Brownstone takes a flexible and directionally unbiased approach to credit investing and has a strong emphasis on liquidity.

Mr. Schade has over 25 years of experience managing investment and trading operations in the leveraged finance markets. Prior to joining Brownstone in 2006, he was Director of Credit Research at Satellite Asset Management, a multi-strategy hedge fund with a significant focus on distressed credit investing. Prior to Satellite, Mr. Schade was a Managing Director in the Leveraged Finance Group at Donaldson, Lufkin & Jenrette and a Senior Managing Director responsible for high yield and distressed sales and trading at Bear Stearns & Company.

Mr. Schade holds a BS in Finance from the McIntire School of Commerce at the University of Virginia.




Patrick Wolff, CFA
Managing Director
Clarium Capital Management LLC


Mr. Wolff is a member of Clariumís research and trading team as well as the Investment Committee. His business career started in 1997 at Mercer Management Consulting where he worked as a strategy consultant. From Mercer, Mr. Wolff went to Silicon Valley where he worked at two internet startup companies. In 2001, Mr. Wolff went to Capital One where he worked for four years in marketing and M&A roles. Mr. Wolff joined Clarium in 2005.

Between 1989 and 1995, Mr. Wolff played chess professionally. He is a Grandmaster, was twice the United States chess champion, and is the author of several books on chess. Mr. Wolff holds a BA in philosophy from Harvard University and is a chartered financial analyst.

Informational Speakers

General Sir Richard Dannatt
GCB CBE MC
British Army Chief Of The General Staff, 2006-2009
General Sir Richard Dannatt is possibly the most successful general of our times, and highly respected by his peers and the general public. He was appointed Chief of the General Staff, the professional head of the Army, in 2006. Sir Richard has recently accepted a position as an advisor in David Cameronís defence team. Included in Sir Richardís many prestigious appointments over the years, is the ceremonial position of Constable of the Tower of London, which he took over in 2009. He was also briefly Chairman of the Royal United Services Institute, a Trustee of the Windsor Leadership Trust, a Founder Patron of the Service charity Help for Heroes, Patron of the war-zone charity, Hope and Homes for Children and of Street Child of Sierra Leone.

Sir Richard was commissioned into The Green Howardís Regiment in 1971, and served in various positions in Germany, Northern Ireland, Bosnia and Kosovo until 2000, when he returned to Bosnia as the Deputy Commander for Operations of the NATO Stabilisation Force. From 2001 to 2002 he was the Assistant Chief of the General Staff in the Ministry of Defence before taking command of NATOís Allied Rapid Reaction Corps. In 2005 he took over as Commander in Chief Land Command, and became Chief of the General Staff in August 2006.

A decorated officer for bravery during a long illustrious military career, Sir Richard is renowned for his courageous words, standing up for issues he strongly believes in. Sir Richard talks with astonishing candor in his frank and honest presentations that provide insights from his unique perspective as a former head of the British Army.


Andrew Smithers
Chairman
Smithers & Co. Ltd
Andrew Smithers is a leading expert on financial economics and global asset allocation. His forty-five yearsí experience in international investment includes twenty-five years at SG Warburg & Co where, amongst other roles, he ran the investment management division, and twenty years as head of his own investment consultancy firm, Smithers & Co, based in London. He is the coauthor of three books on international finance: Valuing Wall Street, co-written with Stephen Wright, published in 2000, and Japanís Key Challenges for the 21st Century, co-written with David Asher, published in 1999. His latest book Wall Street Revalued - Imperfect Markets and Inept Central Bankers was published by John Wiley & Sons, Ltd. in July, 2009.

As head of Smithers & Co., Andrew has helped pioneer the application of academic analysis of financial economics to investment management. Best known for its application of Tobinís q to market valuation, Smithers & Co.ís work on valuing employee stock options led directly to changes in the way these are accounted, whilst its work on Japan has revolutionised the role of demographics in investment analysis.

HFR Group

Joseph G. Nicholas
CEO, Founder and Chairman
HFR Group L.L.C.
Joseph G. Nicholas is Founder and Chairman of HFR Group L.L.C. and its affiliated companies. The HFR companies specialize in alternative investments, providing investment products and advisory and research services. HFR Group includes HFR Asset Management, L.L.C., an SEC Registered Investment Adviser based in Chicago, with offices in London and Tokyo, specializing in fund of funds management, index funds management, product structuring, trading manager selection and risk management; and Hedge Fund Research, Inc., the industry's leading supplier of data and research on hedge funds, specializing in the construction and management of hedge fund indices. Mr. Nicholas is author of several books on investing in Hedge Funds and Fund of Funds Investing (Bloomberg Press).

Mr. Nicholas received a Bachelor of Science degree in Commerce from DePaul University and a Juris Doctor degree from the Northwestern University School of Law.


Kenneth J. Heinz
President
Hedge Fund Research, Inc.
Kenneth J. Heinz, CFA is the President at Hedge Fund Research, Inc., a research firm specializing in the aggregation, dissemination and analysis of alternative investment information. Kenneth has contributed broadly & extensively to print, electronic and live financial media sources which include CNBC, Bloomberg, Wall Street Journal, Financial Times, Dow Jones and various hedge fund industry specific publications. Prior to assuming the role of President, Kenneth had been with HFR Asset Management since 2002, most recently as Manager of the Investment Management Division. Prior to joining HFRAM, he had over 5 years of experience as a trading member of the Chicago Mercantile Exchange and the Chicago Board of Options Exchange.

Kenneth has a MBA from the University of Chicago with a concentration in Finance, Statistics and Econometrics, as well as a Bachelor's Degree in Finance from the University of Illinois; he maintains the designation of Chartered Financial Analyst.





For questions regarding the Event please contact HFR at summit@hfr.com

Sponsors












© 2014 Hedge Fund Research, Inc. - All rights reserved. HFR®, HFRI®, HFRX®, HFRQ®, HFRU®, WWW.HEDGEFUNDRESEARCH.COM® and HEDGE FUND RESEARCH™ are the trademarks of Hedge Fund Research, Inc.

GENERAL WEBSITE PRIVACY POLICY