Activist hedge fund Engaged Capital generated a return of 18.2% for investors during the third quarter of 2016, taking year-to-date gains to 17.6% according to the third-quarter letter, a copy of which has been by ValueWalk.
Since inception (January 1 to 2014) the fund has returned 45.4% with an average long exposure of 84.2%. Over the same period, the HFRI event-driven index has returned 21.2%, and the Russell 2000 has returned 57.98%.
The $671 million Engaged Capital runs is a relatively concentrated portfolio and currently has 13 positions, seven of which are core long positions accounting for 72% of capital and six are so-called “on-deck” positions. These six positions account for 9.5% of capital. “On-deck” positions are those stocks which are...
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