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.
Macnguyen (Photo: Ben Clark for
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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