Hedge Funds

P.A.W. prepares retail/consumer strategy launch

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Greenwich, Conn.-based P.A.W. Capital Partners is readying a fourth strategy for launch in September.

The new fund, P.A.W. Retail & Consumer, will be managed by Annie Erner, who joined the firm in 2002 as a retail/consumer analyst and has been incubating the strategy for the past 14 months.

 Annie Erner

The fund will invest primarily in the equities of retail and consumer discretionary and nondiscretionary companies. This includes department stores, mass merchants, apparel and shoe manufacturers, consumer product manufacturers, supermarkets, drugstores, restaurants, home builders and "softline," "hardline" and off-price retailers. The fund will hold long positions in