Half Moon Capital Returns 12.2% In 2020 Despite Short Position DragRupert Hargreaves
Eric DeLamarter's Half Moon Capital produced a return of 8% net of fees in the fourth quarter of 2020, bringing the full-year return to 12.2%, according to a copy of its fourth-quarter letter, which ValueWalk has been able to review. The fund maintained an average net exposure of 45% during the period.
Long positions generated a 33.9% gross gain for the fund in 2020, bringing the long book's performance since inception to 438.7%, the letter noted. Short positions detracted 32.9% from performance over the year.
At the end of 2020, the long/short equity fund had gross long exposure 75% and short exposure 15%, giving total gross exposure 90% and 60% on a net basis.
The best performing investment in Half Moon's long portfolio for the fourth quarter was
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