The Energy Report: Briefly tell us about AlphaNorth Asset Management.
Steve Palmer: AlphaNorth Asset Management manages the AlphaNorth Partners Fund, which is a long-biased, small cap-focused hedge fund that just finished its third year in business. In 2010, we launched our first flow-through offering—the AlphaNorth 2010 Flow-Through Limited Partnership.
TER: Are there many flow-through funds like that out there, or are you carving out a niche for yourselves?
SP: We're carving out a bit of a niche for ourselves, in terms of performance. There are dozens of flow-through funds.
TER: How is that fund performing to date?
SP: Extremely well. The net asset value (NAV) per unit was $16.42 at the end of November. The initial NAV was $10. We had two closings—one in March, one in April. We do not pay premiums for the flow-through shares, as flow-through funds usually pay a premium, and we actually averaged a discount. Our lawyers have advised me not to talk about returns because the AlphaNorth 2010 Flow-Through Limited Partnership has not been around for at least a year. I guess people have to figure out the difference between $16.42 and $10 on their own. (more)
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