Mr. Dennis Bertrum This is Me

 Web References

1. 1. Hedge Funds | HedgeWorld | The Definitive Hedge Fund Community

   www.hedgefund.org/news/read_ne - [Cached]

   Published on: 7/20/2000   Last Visited: 5/8/2001

   New York-based hedge fund manager Dennis Bertrum is readying the relaunch of Bank Street Partners. At the end of last year , Mr. Bertrum returned $ 23 million in capital to investors and the fund has remained dormant since then. Previously , a number of Bank Street investors fled the fund after being disappointed with short-term results. Mr. Bertrum said it would not have been cost effective to administer the fund at following those outflows.
   
   We had big positions in Philip Morris and Berkshire Hathaway , which weren't doing well , Mr. Bertrum said. That came at a time when a number of investors were becoming discouraged with value in general..
   
   But value strategies have begun to show new signs of life , and Mr. Bertrum is looking to get back into the game.
   
   I think you are seeing some rationality coming back into markets and it always makes sense to get into names at a low , Mr. Bertrum said.
   
   Much of the tech exuberance that marked 1999's momentum markets has dissipated this year. Mr. Bertrum pointed out that some 300 exchange-listed names were trading at ratios that would have suggested the companies would have net profits of $ 200 million within five years. That was a very unrealistic projection , he said.
   
   Mr. Bertrum says he is looking for two subadvisers with a strategy that complements Bank Street's long-only characteristics. Our aim is to be tax efficient and provide strong returns net of taxes so we would like to see a subadviser that holds positions for lengthy periods–nine months to three years..
   
   Mr. Bertrum plans to extend Bank Street's lock-up period and offer incentives to keep investors in the fund for 60 months.
   
   Purchase Reprints Email This Story to a Friend