US-style long/short equity firm Gladstone builds momentum on back of strong 2011
Fri Apr 20, 2012
Ex-Lansdowne man George Michelakis has delivered strong numbers over six years with his Lasker fund – boosted by a portfolio construction overhaul that helped to drive a 20% return in 2011
The past six years have presented a uniquely severe stress test for long/short equity funds – spanning the twilight bull market year of 2006, the incipient problems of 2007, the collapse of 2008, the bounce of 2009, the faltering recovery of 2010, the intense volatility of 2011, and the liquidity-fuelled rally of the first quarter of 2012.
All long/short managers have had to learn lessons – about what they do and how they do it, about what they are good at and not so good at, about how they perform in (and adapt to) changing phases of a violent market cycle, about what it is that differentiates them from other firms, and about how they communicate and present that to investors.
A case in point is Gladstone Partners – the London-based fundamental long/short European and global equity firm that performed outstandingly in 2011, making a 20% net...
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