Thoughts on Capstone?
Has anyone heard anything about Capstone? Runs ~9B, but seems to be pretty low key.
Last question about this fund on WSO was from 10 years ago, so figured it was okay to ask again
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However they seem to be growing rapidly and there are talks of an expansion into Asia.
This is a little misleading, as their flagship fund did not return 280%; that was their tail risk fund during the March sell-off, for which that is a completely expected return, given it's designed to lose money most other months.
Definitely a solid shop; originally started as a purely vol arb-focused shop that's transitioned to a multi-manager multi-strategy fund. Their AUM's roughly split 50/50 between their flagship MM fund and their customized products, which do dispersion, tail hedging, equity replacement strategies, etc. Flagship still does quite a bit of vol trading but has expanded in recent years to other strategies (FIRV, merger arb, stat arb, credit, etc.) to more closely resemble the larger MMs. Returns have been consistently good, haven't had any real blowups (which is rare for vol-focused funds) but I believe are somewhat more capacity constrained than traditional multi-managers given there's less liquidity in vol markets than others, so their lower AUM compared to Citadel, P72, MLP is largely a function of their volatility-focus than poor performance or anything like that.
anymore thoughts?
I know two people who work there. One said it was a sweat shop, and the other said the pay was significantly lower than other similar hedge funds. In fact, they paid their interns something like 25 an hour. Both are relatively junior, so I'm not sure if this extends to higher positions.
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