Davidson Kempner Hedge Fund
I was wondering if anyone has had any experience with Davidson Kempner, what it's rep on the street is, and what to expect culture wise.
Thanks!
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Hey dikiro, I'm the WSO Monkey Bot...do any of these help:
You're welcome.
Interested as well
don't know much first hand, but very good reputation
are you interviewing for a l/s equity role? out of banking?
just wondering - thinking of buy side firms to consider
Good reputation as distressed investors, expanded into many other strategies (They have core event driven equities now for example) and ITD returns are HSD net (7-8%). I think their senior people are fantastic but honestly have found something is missing with some of the associates I've interacted with.
Some return info (DK International Ltd. flagship fund):
2000: 19% 2001: 7% 2002: 3% 2003: 13% 2004: 8% 2005: 9% 2006: 17% 2007: 7% 2008: (10)% 2009: 20% 2010: 10% 2011: 1% 2012: 8% 2013: 10% 2014: 5% 2015: 2% 2016: 8%
what's ITD stand for? surprised that the returns are quite ordinary for a firm with such a stellar reputation
Probably Inception to Date
Most distressed funds are doing MSD over past decade. Even Elliott with its 13-14% ITD track record is around MSD/HSD over the last 5 years.
Just a fact of the industry for those players with huge capital pockets that need to Chase more deals vs. smaller firms.
Don't know anything about the interview process or current investment team. However I did diligence for potential limited partners so know a bit about their strategy and portfolio construction. Also knew someone that used to be an analyst there.
DK is one of the multi-strat HF pioneers, but has not done well in a low-(no-) rate environment. Unlevered returns since the GFC have been pretty lackluster (those historical returns posted above look pretty accurate). Most of their capital over the last decade has been allocated towards risk arb, L/S equities (ED) and distressed credit. In trying to refresh my memory, I looked up some of their public disclosures and I was reminded that they have raised an awful lot of closed-end distressed funds since inception so they definitely like illiquid opps in addition to their more heavily trafficked, hard-catalyst investments.
As for the analyst that used to work there, they came from an MBB. I believe they went straight to DK without any other investment experience, which is a bit odd given how process-driven DK seems to be. Not sure if this is of any help but wanted to throw it out.
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