Hedge Funds

US-style long/short equity firm Gladstone builds momentum on back of strong 2011


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

George Michelakis
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