Toronto-based Leeward Hedge Funds has launched the Leeward Offshore Bull & Bear Resource Fund, its fourth hedge fund in three years.
The Grand Cayman domiciled fund will focus on achieving growth of capital through superior securities selection, both long and short across all markets in North American resource based sectors. The fund will invest in all North American resource sectors including; paper and forest products, oil & natural gas, gold, uranium, fertilisers, base metals, and more. The fund will not use leverage, options, currencies, futures or derivatives.
The Fund will be managed by the Leeward Investment Team, which is led by Brendan Kyne whose 17-year career has focused on the Canadian markets (which are still dominated by natural resource companies).
The fund will be open for investment to international investors from 1 January 1 2004. It is expected to close on 1 March 2004.
The initial capacity of the new Resource Fund will be US$100 million, of which half is already committed by existing investors. Leeward Hedge Funds currently manages over US$ 150 million across its three hedge funds.
Leewards core offshore long/short strategy as measured by the Leeward Offshore Bull & Bear Fund is up 59.0% net of fees for the last 12 months. Leeward Hedge Funds launched its first hedge fund offering in 2001 and has provided positive annual performance to its clients every year since inception.
Separately, Leeward Hedge Funds President Tracy Kyne announced the appointment of Theresa Widdifield as Chief Financial Officer and Chief Compliance Officer.
Widdifield most recently served as VP and CFO of CertaPay Inc. CertaPay Inc. software provider whose application lets bank customers send money securely via e-mail. She previously served as AVP Finance for Trimark Investment Management. Widdifield began her career with Clarkson Gordon/Ernst & Young back in 1988.
“Theresa will be a great complement to our talented management team, with her extensive financial and business experience,” says Kyne. “She will be responsible for overall financial management of Leeward Hedge Funds and will work closely with us to define and lead long- term growth strategies for our business.”