Long/Short Growth Equity
Strategy Facts as of 9/30/2025
- Strategy Inception 2/1/2012
- Composite Inception 2/1/2012
- Strategy Assets $734.4 million
The Long/Short Growth Equity seeks to generate attractive long-term absolute positive returns regardless of market direction.
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Portfolio Management
Aziz V. Hamzaogullari, CFA
Strategy Highlights
- Active management with a long-term, private equity approach to investing
- Seek to capture long and short alpha insights in a hedged vehicle to deliver equity-like returns with below-market beta and volatility
- Same alpha engine drives both long and short idea generation. Bottom-up stock selection drives both long and short alpha
- Seven-step research framework focusing on the intersection of quality, growth, and valuation
- Quality-growth-valuation process seeks to recognize mispricing of structurally attractive, high-quality companies as well as structurally deficient, low-quality business models
- For long positions, team must view cash flow growth as sustainable and profitable. Avoid and may short unprofitable businesses and those we believe will experience long-term structural decline in growth
- Stock values modeled and regularly updated based on our four valuation scenarios: Best, Base, Bear, and Worst
- Seek to create a margin of safety* by investing/shorting only when a company’s stock price is at a meaningfully discount/premium to the team’s estimate of intrinsic value
- Active risk management defines risk as a permanent loss of capital, not tracking error or short-term relative underperformance
- High-conviction portfolio of generally up to 25 long positions and 25 short positions
- Top 10 long holdings typically 70%-80%
The Composite is absolute return oriented, therefore, no benchmark is presented.
*Holding all else equal, the larger the discount between market price of a particular security and our estimate of its intrinsic value, the greater we view our margin of safety. Margin of safety is not an indication of the strategy’s safety as all investments carry risk, including risk of loss.
