Long Short Equity Managers

“A lot of long short equity managers actually run at too low of an exposure, both gross and net exposure, and you need such a tremendous amount of stock picking alpha to overcome that cash drag, to overcome the fees that they charge in order to generate somethi…”

“No, it's a very difficult model. There's probably only 20 good managers out there.”

“Because it's been such an unloved asset class, we don't pay anywhere near rack rate fees. It's smaller managers. For us with families, it's also managers who've been much more focused on tax efficiency, and so our ability to generate really attractive After fe…”

“One of the things we don't expect our long, short managers to do is to generate alpha Against our long equity benchmark in a rising market. That would mean that they're pushing it too hard on the long side.”