Leeward Hedge Funds, the Torontio-based hedge fund group, says its Leeward Offshore Bull & Bear North American long/short fund has returned 16.9 per cent net of fees over the last year, and has grown in size from US$500,000 to over US$33 million.
“We are pleased to have given our investors consistent positive returns, in target with our overall return objective of 15 – 25 per cent annually with minimal draw downs and without the use of leverage or derivatives,” says Brendan Kyne, President and CIO. “Combining and hedging the strengths of the hard asset and commodity driven markets in Canada with the technology and industrial strength of the U.S. markets, is making for a truly differentiated fund that is unique globally.”
Leeward has set a US$300 million capacity level for all three funds managed collectively. “The sweet spot for a small and mid cap strategy is between US$300 – US$400 million,” explains Kyne. “Once we reach this size we will instill a hard close as stated in the offering memorandum.”
Leeward says it is funded mainly via private banks and fund of funds from Central Europe and the United States. Leeward has just launched a replica fund for U.S. investors and is in the process of launching a Euro denominated class of shares to satisfy interest private and institutional investors in western Europe.
Leeward Hedge Funds Inc was established in April 2001 and manages three un-leveraged, North American long/short funds. The fund has 70 employees and manages US$70 million across the three funds.