Persimmon Capital Management has launched Persimmon Long/Short Fund (LSEAX), a multi-adviser mutual fund that seeks to use long/short equity strategies to produce equity-like capital appreciation over time with less volatility than long-only strategies.
The fund commenced operations with USD25m of assets under management.
LSEAX launched with six sub-advisers that offer complementary strategies across various long/short equity styles, market capitalisations, sectors and geographic regions. The select group includes M.A. Weatherbie, Sonica Capital, Open Field Capital, Caerus Global Investors, Turner Investments and ISF Management.
LSEAX’s three portfolio managers include Greg Horn (pictured), Persimmon’s president and CEO, and Todd Dawes and Shawn Gibson, senior vice presidents and partners at Persimmon.
“Our experience strongly suggests that long/short equity can be a compelling complement or alternative to traditional equities in an asset allocation model,” says Horn. “Short selling has the ability to offer a return source and risk management tool that is unavailable to long-only equity managers.”
He says LSEAX is best matched with investors who seek long/short equity exposure with daily liquidity, no withdrawal restrictions, lower minimums, and greater transparency versus hedge funds and hedge funds of funds. Since 1998, Persimmon has specialised in the construction and active management of portfolios of hedge fund managers. According to Horn, this experience has enabled the firm to build a proven, institutional-quality due diligence process and build a deep network of relationships that facilitates access to respected advisors.
Long/Short Fund is distributed by Northern Lights Distributors. The minimum initial investment in the fund is USD2,500 for investors in Class A and USD100,000 for investors in Class I shares. The minimum subsequent investment is USD100 for all classes of shares.
