London's Dickson Capital Management launched a European long/short fund at the start of May aiming f...
London's Dickson Capital Management launched a European long/short fund at the start of May aiming for low to mid-teen returns.
The fund will have Drew Dickson as its lead manager, looking for fundamentally-driven stock ideas to build a fairly concentrated portfolio of between 25 and 40 positions with a market exposure between plus and minus 25% beta adjusted to the market.
Dickson, who has already run a European long/short portfolio in London and worked previously at Fidelity, will be joined by a team of three, including ex-Fidelity colleagues Edgar Allen and Tomaso Cremonesi. Dickson left his previous firm last summer to establish Dickson Capital Management, and will concentrate in the new product on mid and large-cap stocks of $1bn and above.
The fund follows a line of European long/short funds launched last year but Dickson CM says it retains a number of key advantages over its peers.
The firm believes its edge comes from taking a medium to long-term view of six to 18 months on ideas, partly from fundamental research, and from consulting "non-traditional sources" for stock ideas. These include consultants, competitors, suppliers and customers.
The management aims to start trading with between $75m and $100m, before a hard close at around $500m.
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