PAW Partners | Hedge Fund NotesBelow please find the Hedge Fund Tracker Tool details for PAW Partners.
Resource #1: In 1990, Mr. Wright founded PAW Partners, a large hedge fund in the U.S. Prior to founding PAW Partners, he was a financial analyst with IBM; executive vice president and analyst with The Gartner Group, where he followed technology stocks and ran the firm's consulting and general products division; and president and chief executive officer of SoundView Financial Group, Inc., a registered broker dealer and investment adviser.
He earned both an M.B.A. and a B.S. degree in Chemical Engineering from Cornell University. He served as a judge for the M.B.A. Stock Pitch Competition in 2003 and 2004. source
Resource #2: WST: May we start with a brief overview of P.A.W. Capital and what your responsibilities are?
Mr. Wright: We manage about $1 billion. We're focused in technology (that's about 60% of our action), retail and consumer is 20%, and health care is 20%. We invest in all market capitalizations. A third of our capital is in excess of $5 billion; a third is medium cap, between $1.5 billion and $5 billion; and a third is below $1.5 billion. We're always long and short and hedged in all sectors and all market capitalizations. We tend to run a portfolio of about 100 positions. We've been in business 13 years. Our net return to investors has been 19%. We have 13 employees. Stylistically, I would say maybe 20% of our assets are in growth stocks, 40% in GARP stocks and 40% in turnarounds.
TWST: Do you do any top-down macro analysis, or are you strictly bottom- up investors? Mr. Wright: We're bottom-up investors in terms of stock picking, but we look at scenarios in each sector of our business on a top-down basis to help us decide where to spend our time and energy. source
Resource #3: For consistently high returns in the red-hot but volatile technology sector, spotting the losers is as important as finding the winners, say hedge fund managers specializing in technology investing.
More new Internet, software and networking companies are headed for bankruptcy than big profits in the next few years, hedge fund managers contended at a conference in Bermuda organized by MAR/Hedge, a company that tracks and researches hedge funds.
The managers discussed how they try to beat the market by buying some stocks and short-selling others after conducting intensive research to separate the techno-wheat from the cyber-chaff.
Short-selling involves borrowing a stock to sell it in the hopes of buying it back later at a cheaper price, to return it to the lender.
Investors at the conference noted that hedge funds, loosely regulated investment pools for wealthy individuals and institutions, are allowed to short-sell stocks, which many mutual funds are not allowed to do. source
Resource #4: The judges were: Andrew Galligan Jr., CFA, director and analyst, TimesSquare Capital Management; William Gruver, former general partner and CAO, Goldman Sachs & Co.; Judah Kraushaar, former sell-side analyst, Merrill Lynch; Stephen Lanzendorf, CFA, Independence Investments; and Peter Wright, founder of P.A.W. Partners, one of the largest U.S. hedge funds. Criteria for their selections included accuracy, reliability and depth of financial analysis; knowledge of industry and company in stock selections; and presentation skills. Gruver praised the students for doing so much in such a short time, and Kraushaar joked: "I have a couple of trades I want to do when I get home." source
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