Performance profile: Sandelman shines


When Jon Sandelman shot out of the sell side in 2005, the former president of Banc of America Securities set out to build a money machine that would have little correlation to the markets or to other hedge funds. So far, it seems to be working.

Before telling investors about its performance, Sandelman Partners' latest quarterly letter touts its multistrategy fund's low correlation with the S&P500 of 0.26% as well as its annual volatility of 2.94%.

The $1.2 billion fund, which launched last July, has netted 16.3% since inception, and 8.30% for 2006 as of April 30 following a rise