James Johnstone

CLIM is a value-based manager which seeks to provide long-term capital growth through active management, primarily via closed-end funds. The philosophy and process for implementation of each strategy remains broadly similar across all vehicles, differentiated by benchmark and individual account guidelines. The firm’s macroeconomic team collects relevant economic data on developed, emerging and frontier markets comprising their investment universe as well as data on equity, fixed income and alternative asset classes such as commodities. They utilize a bottom-up stock selection approach. CLIM is an activist firm and is included in the SharkWatch50 as one of the 50 most prominent and impactful activist investors.

Fauchier Partners is an active, conservative, research-oriented manager which analyzes and monitors hedge funds on a worldwide basis, identifying proven, talented management teams and sound structures. The firm believes that the key to diversification is to achieve an effective balance of hedge fund strategies and constructs portfolios comprised of funds employing distinct strategies. Within the same strategy, they typically invest with managers having different investment styles. Fauchier Partners selects, constructs and manages portfolios based on an in-house process. They research and monitor funds by analyzing their investment record, investment strategies and legal structures, as well as by direct contact with managers and their teams. The firm manages portfolios to achieve agreed objectives, regularly reviewing both the weightings of each strategy within individual portfolios and the performance of specific funds. Practical and academic research is the core of Fauchier Partners' approach. They seek to identify outstanding hedge fund managers, assessing them by means of a filtering process before deciding whether or not to invest. Their research team continuously studies a large number of hedge funds grouped by strategy and has developed sophisticated performance analysis attribution techniques to measure the value they add through strategy allocation and manager selection.

Cadogan Management reviews various hedge fund strategies to find the most compelling investment opportunities. To find the best managers in each sector, they conduct due diligence (qualitative and quantitative), while monitoring hundreds of existing relationships in a proprietary database. They consistently search for managers who have a distinct research or investment edge, through original research, unique portfolio construction or superior trading skill, which is sustainable over entire market cycles. The firm also seeks managers who use fundamental research as the principal basis for their investment decisions and exceptionally talented new and developing managers small enough to execute strategies and trades in which larger hedge funds frequently can no longer participate. Cadogan uses a six-step process to construct multi-manager hedge fund portfolios. After establishing a portfolio's risk and return goals, the firm creates an initial universe of sectors in which to invest and potential managers within each sector. They next employ in-depth quantitative analysis of every manager. Cadogan considers how each manager performed during market stress, how each manager cross-correlates with the other managers and the overall market environment. Each manager is qualitatively reviewed to assess their future prospects, ongoing risk assessment and controls. Cadogan then considers past and anticipated cross-correlation among managers. Finally, they blend in selected short-biased managers to balance the portfolio to the desired level of Beta. Though not limited to any particular sector or market-cap, Cadogan tends to invest in the stocks of small-cap companies in the process industries, consumer services and finance sectors. They maintain a low turnover rate.

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