Protégé Partners LP is a $2.6 billion fund of funds located in New York. The fund was down 0.7% in the fourth quarter, and 6.3% for 2011. Since inception in 2002, the fund has returned a cumulative 81%.
Many of the firms’ biggest winners were funds which shorted Chinese fraudulent companies trading on US exchanges. Other big winners included; event driven special situation funds, event driven activist funds, energy and healthcare funds.
The fund is bullish for the year 2012 as investors will focus more on fundamentals and will be less concerned about macro considerations. The firm is allocating more money to emerging market funds including Asia where valuations have become cheap.
Net exposure has remained the same from year at approximately 30%.