Seeking some clarity from anyone who knows about activist HFs and how they function internally. Most people know of Third Point/Pershing Square/Greenlight, and similarly the Loeb/Ackman/Einhorn-type investors of the world. But in terms of working at such funds, does the workload only include activist opportunities, or are analysts and PMs expected to maintain a book of regular equities as well, on top of their activist plays? If the answer is the former, then activist funds would be the perfect place for someone who's interested in the PE-style focus on operational improvements and value creation, and has less of an interest in public markets. But if it's the latter, a mix of activist and fundamental equity L/S investing, that opportunity becomes considerably less attractive to someone who doesn't enjoy markets. So, bottom line, do activist funds like Greenlight/Third Point/Elliot/etc have PMs/analysts with dedicated activist books, or are all investors expected to take regular L/S positions as well?
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Mostly regular book - value/GARP strategy - but always on the lookout for activist opportunities to unlock said value.
PE style of investing in public equities exists in theory only. Why not just stay in PE? Sounds like you don’t want public markets exposure
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