returns since 2017. The strategy identifies and researches industries and markets with cyclical imbalances, investing in well-financed smaller companies with significant insider ownership, strong shareholder returns and attractive risk/ reward ratios. A disciplined risk management process minimizes unintended bets at the position and portfolio level. Since 2023, the sector focus has shifted towards financials, industrials and consumer cyclicals, and the geographic emphasis has moved to the UK, EMEA and emerging markets. The largest sector weight is in precious metals and there is also a substantial allocation to energy and materials. The strategy’s exposure toward small/mid- cap, international and value factors combine with a proven track record of alpha generation in less efficient markets. Sorengo is capacity- constrained and 100% active employee owned, with a high level of partner alignment with LPs and continual allocation of GP capital to the strategy. De Ris was previously a senior analyst at Indus Capital from 2008 to 2016, working with founder David Kowitz. He previously worked for Morgan Stanley and Goldman Sachs. He has a BA in International Politics and Economics from Middlebury College and is a CFA and CAIA charterholder.
Damian Edwards
CIO Metrica Partners Singapore
Damian Edwards and COO David Mulvenna co- founded Metrica in 2016, with early investors including a leading hedge fund allocator in Germany. Firm assets have grown to $144 million as of June 2023. Metrica’s broadly market neutral Asian strategy trades event driven merger arbitrage, holding company sum of the parts, and share classes, across Asia Pacific equity markets including Japan, and across small, mid and large caps. Holding companies in Asia can trade at large discounts to NAV, which can be reduced by buy backs, asset sales, spin offs, tender offers or public offerings of divisions, which Metrica may encourage. Metrica’s engagement with management can go public and an open letter in September 2022 set out why it did not tender its fund’s shares in SK, following Metrica’s December 2021 call for a strategic review at SK Chemicals and its September 2021 letter urging SK Chemicals to sell SK Bioscience upon lockup expiry. In 2022 and 2023, Metrica’s thought leadership highlighted deeply discounted valuations for Japanese regional banks; buoyant M&A activity in Japan; and a rare hostile takeover in Korea. Edwards was previously a proprietary trader in Hong Kong for Morgan Stanley and Royal Bank of Canada. He has an MBA from London Business School and an MA in Law from Cambridge University.
Bob Elliott
Co-Founder, CEO and CIO Unlimited New York City
Bob Elliott co-founded Unlimited with Chief Data Scientist Bruce McNevin, as well as Matt Salzberg and Andy Salamon. Unlimited runs the US-listed fully systematic multi-strategy hedge fund replication ETF with ticker HFND, launched in October 2022. It uses proprietary statistical techniques to track and infer hedge fund exposures from around 3,000 hedge fund managers. These are then mapped onto long and short positions in 30-50 ETFs and futures to try and replicate the exposures. The plan is to roll out a suite of hedge fund strategies in ETF wrappers, which offer intraday liquidity and much lower fees than the typical 2&20 style fee structure (HFND has a management fee of 0.95%). Elliott also regularly provides extensive insight into his personal views on the economy and financial markets, expressed in his fast-growing Twitter following, his blog and regular broadcast appearances. Elliott previously headed foreign exchange, sat on the investment committee and headed Ray Dalio’s research team at Bridgewater Associates. He authored hundreds of the firm’s widely read Daily Observations, co- authored several investment philosophy pieces, and led the firm’s research identifying the size and risk of the GFC years before it unfolded. Elliott has a BA in Economic History and Botany from Harvard University.
Brian Finn
Founder and CIO Findell Capital Management LLC New York
Brian Finn launched Findell’s concentrated long/ short equity strategy in 2019. The strategy contains most of his net worth, and has annualized at over 23% since then, generating a net return of 134% versus the Russell at 14%. Today, the strategy has over $100 million in assets under management. The strategy trades dislocations and special situations in North American small and mid-cap equities (with market caps of $250 million to $10 billion). Dislocations can be caused by technical or behavioural factors, such as litigation, corporate actions, or complexity. Findell conducts deep due diligence to identify asymmetries in both information and risk/reward, based on a proprietary key investing factors approach. In 2023, Findell wrote its first activist letter, arguing for new management and cost-cutting at lender Oportun Financial. Finn was previously a managing director at MAK Capital and earlier worked for Force Capital. He also worked for Glencore in Switzerland trading commodities. His
finance career started prop trading mortgage- backed security derivatives at Deutsche Bank. He has an MBA from Columbia Business School and a BA in Economics from Harvard University, where he co-authored a book on behavioural finance theory.
Alberto Gallo/Aditya Aney
Co-Founders, CIO/PM Andromeda Capital Management London
Alberto Gallo and Aditya Aney launched Andromeda master fund in October 2022 with $200 million, including seed capital from a global insurance firm. Andromeda uses a top-down approach to trade long/short liquid credit, including sovereign and corporate debt across the whole capital structure. The fund is global, with a European bias. Trade construction is designed to harvest positive convexity. The duo previously launched and managed Algebris Global Credit Opportunities Fund between 2016 and 2022, which ran $1 billion. Andromeda uses a mix of qualitative credit research and quantitative top-down tools to generate alpha. In June 2023, Andromeda’s Silver Bullet letter warned that inflation would remain above target and that interest rates would stay higher for longer. The team includes three senior women: Head of Research Tao Pan, who have worked alongside Gallo and Aney since 2012; COO & CFO Nimika Karadia; and Head of Business Development, Hopewell Wood, who featured in the 2018 edition of The Hedge Fund Journal’s 50 Leading Women in Hedge Funds report. Gallo previously held research roles at RBS, Goldman Sachs, Bear Stearns and Merrill Lynch. He has sat on the ECB financial stability working group since 2014. He is a guest professor at Bocconi University, where he graduated in Economics. Previously, he served in the Navy. Aney started his career in risk management, after graduating in Operations Research at LSE. He is a former civil aviation pilot.
Joakim Hannisdahl
Founder and CEO Gersemi Asset Management Oslo
Joakim Hannisdahl founded Gersemi to trade a long/short strategy in shipping, which expresses views on the boom-and-bust cycles for several different sub-sectors, including dry bulk, oil tankers, car carriers, LPG carriers, LNG carriers and containers. Fundamental econometric analysis is used to gauge the cycles. Low correlations between the segments contribute to portfolio diversification within the strategy while
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