Boise councilman holds piece of hedge fund that made $7 billion this year – Idaho Business Review- Article Marketing

The Wall Street Journal reported an eye-popping article this month about a hedge fund that has made $7 billion of profit this year from its bet that the United States would avoid a repeat of the Great Depression – one of the largest one-year takes in recent years – and a Boise councilman has a piece of it. Shealy, who managed derivatives trading desks at Citicorp and UBS on Wall Street in the 1980s and early 1990s, has quietly run an investment fund, Claremont Partners LP , in Boise since 1993. It may be Idaho’s only “fund of hedge funds ,” an investment portfolio with stakes in hedge funds rather than securities like stocks and bonds. He currently has stakes in 10 hedge funds – encompassing “a dog’s lunch” of investments, including commodities, distressed securities, private transactions, equity and opportunistic ventures. He points out that, despite the failure of about 1,500 hedge funds in 2008, a diversified investment in hedge funds will most likely pay off in the long run. Claremont Partners LP, my diversified fund of hedge funds, is up 272 percent net of fees during that period. read more

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