New York-based hedge fund firm Eidesis Capital is reopening its flagship Eidesis Structured Credit Fund Oct. 1. The $420 million fund launched in September 2002 with $10 million and has been profitable for 35 of its 36 months, according to a marketing e-mail. Simon Mikhailovich, managing partner, declined to comment.
The fund typically invests in collateralized debt obligations and strategies related to cash and synthetic credit default swap indices. The firm's proprietary analytical and risk management tools include a database of 8,000 underlying credit risk securities and a library of approximately 300 custom cash flow models, according to the e-mail. Last month the fund returned 0.43%. It is up 2.94% year-to-date.
The 12-person firm has three partners: Mikhailovich, Michael Sollott and Jim Wang. Fund fees are 2% of assets, 20% of performance and there is a one year lockup. The prime broker is Bear Stearns.