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Top-50 Hedge Fund – Lucerne Capital – Some Pointers
By Frederic Marsanne
Published on January 13, 2016
ID-100133300
Image courtesy of koratmember
at FreeDigitalPhotos.net
(Cambridge, MA) — Sure, Warren Buffett, George Soros and Carl Icahn are legends. No question – Bill Ackman, David Einhorn and Julian Robertson rock – well, at least some years. So do Ray Dalio, John Paulson and David Tepper – other years? But believe it or not, there are other superstars. Smaller yet agile, epic, hyperlative-worthy performers…
Lucerne Capital claimed the #31 spot in Barron’s Penta top 100 hedge fund 2015 rankings by focusing primarily on long/short equity positions, registering a three-year (2012-14) annualized return of 22.03%. [Larry Robbins’ Glenview Offshore Opportunity fund claimed the No. 1 spot, with an impressive three-year annualized gain of 57%. Barron’s No. 2 was Richard Mashaal of Senvest Partners, who registered an annualized gain of 44%.]
The Fund
Lucerne Capital Management (LCM), a SEC-registered investment adviser, was founded in 2000 and has built a team of 10 employees, all based in Greenwich, Connecticut, where I don’t reside.
The firm’s strategy (detailed below) has produced some of the best returns of any long-short equity hedge fund in the past 13 years. Since inception in 2002, the fund is up 14.8% annualized, net of fees, through Feb. 28, 2014. It has trounced its benchmark, the Stoxx Europe 600 Index, up a meager 2.1% a year during the same period. (This information will be updated as soon as the 2015 numbers are made public.)
Fees are structured as follows:
Management fee: 1.5%.
Performance fee: 20%.
Minimum investment is $250,000.
Investment Rationale
Per the company’s website (http://www.lucernecap.com/) LCM is a long/short equity investment firm specializing in fundamental, bottom-up stock selection with a focus on Continental European markets.
LCM’s investment philosophy reflects a private buyer’s perspective of owning high-quality assets at attractive prices for the long run.
LCM’s strategy focuses on: superior management teams, strong market positions, flexible cost and cash flow structure, high free cash generations and appealing valuation.
Lucerne won’t buy a stock unless the partners think that 30% upside is possible within a year, including dividends, based on discounted cash flow calculations.