One year ago
Ex-Maverick partner Steve Galbraith was prepping a major launch. The firm, Herring Creek
Capital Management, began trading its global equity Herring
Creek Fund in May. At Maverick, Galbraith had been one of 16
partners and chief macroeconomic strategist, reporting directly
to founder Lee Ainslie. Before Maverick, he served as CIO and
chief U.S. investment strategist of Morgan Stanley.
According to a recent regulatory filing, Herring Creek managed
nearly $230 million as of June 1. The firm did not return a
call seeking comment.
Five years ago
Cantillon Capital Management alumnus Santtu Seppala
was preparing to launch Kiitos Capital Management in
Beverly Hills, Calif. Born in the opening days of the financial
crisis, the equity long/short healthcare-focused fund ended the
year down only 0.23% (data here) and then enjoyed two years of steady
gains before hitting a rough patch in 2010-11. The fund is up
again this year, with a return of 2.47% through July.
"We continue to focus on global HEAT (healthcare,
environment and agriculture trends)," said founder and
portfolio manager Seppala, citing the growth in the incidence
of diabetes as one such trend. "Healthcare continues to be a
really interesting area to invest in especially in emerging
markets. We continue to have exposure in areas like South
Africa and Indonesia. We like demographic trends in those
One trend he mentioned was that emerging market
governments are beginning to reimburse for healthcare. "You
have an emerging middle class with really no healthcare
insurance, but that's changing. More insurance usage, whether
drug usage or device usage, is helping companies like Aspen
Pharmacare, which is one of our holdings."