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As noted before I always have my eyes open for money managers that perform well when the market has not. Along this topic an article in the weekend Barron’s caught my attention. A portfolio manager Julie Lang Kirkpatrick actually made money for her clients in 2008.
Julie and her father run Lang Asset Management based in Atlanta. They structure portfolios based on their client’s individual needs something that is more difficult for huge managers. You see Lang manages only $16.5 million. My guess is that amount probably grew this week following the Barron’s article. Back to the performance; One group of clients were mostly in short positions betting that the market would go down and they were up more than 50%. The clients with both long and short positions were up almost 25%. Even their municipal bond investors were up over 8%.
The minimum investment is a fair $ 100 000 and they charge a flat fee of $2 000. (I am unclear whether this applies to all account sizes or to a $100 000 account.) The firm keeps 20% of the profits similar to a hedge fund structure. Given their performance this past year who would mind?
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