European l/s equity investment

European l/s equity investment.

Global long/short equities. Fundamental, concentrated, patient.Trium Capital is a London based alternative asset manager offering a range of investment products.

First fundamental investor in a quantitative institution. High conviction long/ short global equities, focus on small caps. Long term investing, business by business portfolio creation, investing client money as one would one's own.

• Joined to improve performance of a $500m global, long only, unconstrained, low turnover fund run by the firm’s founding partners, and a smaller GEM fund. Fund was invested in 30-50 stocks with proper consideration of absolute downside, so investing clients’ money as you would your own. Fundamental, business by business portfolio creation.• Nailed Genting Singapore early, kept us in Check Point, realised how rare was Agco. Sold Mills way too early, but SK Tel just about in time. Drove the exit from Nokia. Caught Tyco before the split, inspired by an appreciation first of ADT, then of the performance of the rest of the business compared to peers. Failed to get PGS bought at NOK70, also to purge the fund of SWN & UPL when they were discounting $6 gas.

Aviate comes up with some ideas which have been much liked by several former colleagues at Fidelity and elsewhere, hence my being recommended to them to develop those concepts into stock picks with a greater degree of diligence and a higher level of conviction. Performance of my picks such as SESG FP, MC FP, PGS NO, EI FP, WSM LN, ADS GR and UHR SW all good in relative and absolute terms.

Manager with Nigel Hankin of Investec Pan European from 6/06 and Investec European Fund from 1/07. 50-70 holdings, 4% outperformance target. Style & size agnostic. Managed using the Investec FourFactor process.Investec European Fund beat 81% of its peers in 2007, despite starting with a 50bp deficit after selling the previous manager’s positionsHired to be a consumer analyst but with a view to managing European money. Persuaded the Operating Committee to bring back in house the $500m European fund that had been outsourced to BlackRock and retained 92% of the assets after meeting all our main clients.

EMEA Generalist 2004-2005Top rated by my internal EM-investing clients. Loved the range and depth of opportunity, the high rate of change and that so much of the benchmark does not matter. Early into South African retail and spread the holdings wide. Wrote firm’s first sell note on Yukos and Sibneft. Pilot fund finished 2004 7pp ahead of benchmark.Consumer Goods, Spirits, Luxury Goods, HPC, 2002-20034th highest contribution to Fidelity’s performance of the 50 European analysts in ’03, despite Euro strength hurting the sectors. $3bn in holdings inherited. Missed LVMH at €35, but nailed Adidas at €80 and bought Hugo Boss, B&O and Bulgari all near trough. Kept funds in Reckitt Benckiser when to many it looked fully priced. Owned 8% of Wella as I understood that the probability of its remaining independent was much lower than that implied by the share price.European Diversified Financials and Banks 2000-2002Switched Fidelity’s entire holdings in Amvescap and Julius Baer into Man Group in December 2000. Didn’t just make the call- made sure we were totally out, across all funds, of what were at the time very overvalued equity fund managers. Got the firm out of MLP and Mediolanum- everyone loved them but a dream was priced in.Integrated and Upstream Oil Co’s and Energy Service 1998-1999Oil price $16 to $9 to $25 during my tenure, but I evolved a clear framework for making money in the names. Got to buy energy service an all time low in a self-correcting cycle. Calls like that defined several funds’ performance for the year. Chemicals and Industrial Gases 1996-1997GBP/DEM went from 2.20 to 3.10 and the UK chemical industry almost disappeared, but I made the most out of Ciba and Clariant - went way beyond the bounds of normal practice to work out that they had been primed to outperform for a couple of years after their spinout. Motor Distributors 1995-1996Learned that management are not required to tell you the whole picture.