San Francisco-based Marcato Capital Management LLC was named Best Emerging Manager last night at the first annual Global Emerging Manager Awards presented by S&P Capital IQ and New Legacy Group LLC.
During dinner at the Waldorf Astoria, Thomas J. Tierney, chairman and co-founder of the Bridgespan Group, led a panel about philanthropy based on the book “Give Smart,” which he co-authored with Joel L. Fleishman.
The idea, said Joseph Weilgus, chief executive officer of New Legacy, was to inspire the next John Paulsons gathered in the room.
Panelist Justin Rockefeller advised guests to “look for what you’re uniquely qualified to do.” Rockefeller, a board member on the investment committee of the Rockefeller Brothers Fund, also suggested making a list of causes and issues you want to support.
That way, he said, “your individual giving can match your values, rather than what your friends asked you to write a check for.”
Among those who came to the stage to accept awards -- to music that sounded like a “Mad Men” theme or the background at a spa -- were Marcato Chief Financial Officer Richard Van Doren, Vernon West, CEO of Skyline Capital Management; brothers Santiago and Daniel Osorio of Andean Capital Management; and Philip Garthe, chief operating and compliance officer of HG Vora Capital Management.
Nominees represented a range of investment approaches. Brad Lawson, portfolio manager at Point Defiance Capital Management LP, said his fund focuses on microcap “so I can get on the phone with the CEO.”
“We’re small, nimble and generally agnostic regarding sectors,” Steve Richardson of New York-based Golub Capital Synexus Fund said. “And we look at the tail risks.”
Michael Ginnings, a colleague of Richardson’s, summed up some of the pressures of the industry. “You can’t really have an off day,” he said.
The awards program considered funds with a less than three year track record and assets under management of less than $500 million, as well as funds with any track record and less than $300 million in assets under management.
Funds in nine categories were honored:
Credit: Premium Point Mortgage Credit Fund, New York.
Event-driven: HG Vora Special Opportunities Fund, New York.
Global macro: Trend Macro Fund LP, Greenwich, Connecticut.
Long-short equity: Point Defiance Microcap Fund LP, Tacoma, Washington (“the only hedge fund in Tacoma,” said Lawson).
Multi-strategy/arbitrage: Andean Capital Management, Bogota.
Asia-focused: SFP Value Realization Fund Ltd., Singapore.
Emerging markets-focused: Skyline Master Fund, London.
Europe-focused: Permian Investment Partners, New York.
Global-focused: Brookfield Global Listed Infrastructure Fund, Chicago.
(Amanda Gordon is a writer and photographer for Muse, the arts and leisure section of Bloomberg News. Any opinions expressed are her own.)