Ivory consolidates team, moves performance goalposts
By Lawrence Delevingne
Tue Nov 8, 2011
Curtis Macnguyen shakes up his firm after a year of poor performance.
Ivory Investment Management founder Curtis Macnguyen is changing his team and strategy in response to losses at the $2.9 billion firm’s flagship long/short equity fund, which was down 6.52% for the year though September.
||Curtis Macnguyen (Photo: Ben Clark for Alpha)|
Frustrated by short-term performance pressure, the 13-year-old Los Angeles firm told investors in an October 18 letter that it is changing the timeframe it uses to evaluate its investments from monthly or quarterly to between 18 and 24 months. “This focus on short-term performance forces managers to sell stocks that are not currently working in the very short term, even though such positions may be highly attractive investments over an intermediate- or long-term horizon,” said the letter. “Such behavior by market...
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