Van Gelder: Allocators should build concentrated portfolios and avoid toehold positions
Kristen Van Gelder · Jonathan Lewinsohn – Diameter Capital Partners (Manager Meetings, EP.05) · Aug 5, 2021 · at 12:09
Kristen Van Gelder of Evanston Capital outlines Evanston's portfolio construction philosophy against taking toehold positions in new managers.
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“We construct concentrated portfolios. We prefer to do all of our work upfront and gain a lot of conviction and invest in a size that really is going to matter to performance. We don't take toehold positions and see how it works over time. And, you know, we don't want to wake up with a portfolio with 80 managers, all of which we have less conviction in, and we think that's a great way to drive performance to the mean. So we try to stay concentrated and take a full position right off the bat.”
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