Mike Tapp, an energy trader who until March served as a portfolio manager at Verity Capital Partners, has launched a long/short energy fund. Tappestry Energy Partners, based in Dallas's Crescent Court, was launched with $25 million in seed capital from Gryphon Capital Management, a Dallas hedge fund firm.
Tapp relies on fundamental, bottom-up analysis and trades in energy-related stocks, options and exchange-traded funds. The firm expects to hold 25 to 45 positions in a variety of energy-related firms, such as oil refineries, coal producers and engineering, procurement and construction companies. McDermott International is one of the fund's largest long