SM HF to LO as a junior?
Weighing MM sector specialist vs. LO country generalist
Currently at a single-manager HF covering China, joined the firm as a new grad so didn't get as solid a training as many 2+2 guys. Mentorship here has been weak and fund performance has been poor, so I'm looking to leave. Two options on the table:
- Global sector specialist (niche sector) at a top multi-manager: strong team, and the culture isn't as cutthroat as the typical MLP-style pod shop.
Country generalist at a top long-only: also a strong team, more stability, but base is lower and would probably be lucky to get a 12 month bonus .
The question I keep going back and forth on: do I take the MM seat and hope the platform/team actually develops me into a sharper investor? Or do I spend 2-3 years at the LO first to build real fundamental investing chops, then lateral into the MM world afterward?
Would love to hear from anyone who's made a similar move, or from MM/LO folks on how much genuine mentorship you actually got either path.
At a MM so there's some irony in my answer, but for your goals I'd take the LO. Having mentors in the space, the teaching quality is better in my experience IF you want to be fundamental investor. If you want to play the mind games pod guys play :) Just speaking on average - your MM opportunity might be different.
MM gives reponsibility faster, which I benefited from, but the best conversations I tend to have are often with LO-type guys. I do, however, admit comp and 'action' can be lower in the first few years at a LO by the looks of it.
Just my 2 cents.
Thank you for your insights! Looking around you, do you see any pods that are more fundamental, or any changes in that direction?
Yes - they're typically senior PMs with more leeway on drawdowns, but they're rarer. Ime, it can take some work to get into those conversations, but pretty interesting once you get there.
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