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MEZZACAPPA MANAGEMENT, LLC The Long/Short Story

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  • 1. M EZZACAPPA M ANAGEMENT , LLC The Long/Short Story Excellence in Asset Management Global Fund Analysis Conference, London January 29, 2002
  • 2. M EZZACAPPA M ANAGEMENT
    • Two funds of hedge funds
      • Long/short US and Western Europe
      • Long/short global life sciences
      • $930 million under management, including $120 million of member capital
      • 12 people, based in New York City and San Francisco
  • 3. M EZZACAPPA M ANAGEMENT
    • Performance relatively independent of environment
    • Potential for high returns
    • Inherent risk management tools
    • Simplicity, transparency, and liquidity
    • Limited capacity concerns
    Why long/short equity hedge funds?
  • 4. M EZZACAPPA M ANAGEMENT
    • Extensive ongoing due diligence
    • Over 350 in person in depth manager visits annually
    Source: MAR/Hedge. Data represents returns for Global Established Hedge Funds category. Manager Selection is Critical January - November
  • 5. M EZZACAPPA M ANAGEMENT
    • Stock selection, portfolio management, business management skills
    • Significant gross exposure; low net exposure
    • Teams not lone wolves
    • US and Western Europe long/short focus
    • Virtues
    • Tenacity & work ethic
    Investment Manager Criteria
  • 6. M EZZACAPPA M ANAGEMENT * S&P is the S&P 500. ** MP is the Mezzacappa Composite Portfolio. The composite portfolio includes the performance of the predecessor portfolio managed by Damon Mezzacappa from January 1992 to February 1999 with reductions for management fees and performance allocations equivalent to MP’s. The impact of negotiated fee discounts is not reflected for this period. This record has been audited. A Record of Loss Avoidance and Excellent Returns January 1992 – September 2001 Down Markets Since Inception Up Markets * * * ** ** **
  • 7.
    • Deep investment team and resources
    • New York-based, close to major hedge fund center
    • No conflicts of interest
    M EZZACAPPA M ANAGEMENT * Preliminary December 2001 return ** The composite portfolio includes the performance of the predecessor portfolio managed by Damon Mezzacappa from January 1992 to February 1999 with reductions for management fees and performance allocations equivalent to MP’s. The impact of negotiated fee discounts is not reflected for this period. This record has been audited.
    • 10 year flagship fund performance
    Mezzacappa Partners, L.P. (March 1999 – December 2001*) Mezzacappa Composite Portfolio** (January 1992 – December 2001*) 20.5 % 21.9 % (1.4)% 12.9 % Fund S&P 500 (with Income) Annualized Compound Return
  • 8. M EZZACAPPA M ANAGEMENT Summary Senior Team Bios
    • Damon Mezzacappa
      • Vice-chairman, Lazard Frères & Co., responsible for firm’s capital
      • 40 years of Wall Street experience in trading and risk management
      • 25 years experience investing in hedge funds
      • Partner, Morgan Stanley
    • Darcy Bradbury
      • Head of Strategy & New Business Development, Global Institutional Services, Bankers Trust
      • Assistant Secretary for Financial Markets, U.S. Treasury Department
      • Deputy Comptroller for Finance, City of New York
      • MBA, with Honors, Harvard University
    • Fran Conroy
      • Director, Lazard Frères & Co.
      • Director of Taxes, McKinsey and Co.
      • MBA, Harvard University, CPA
    • Jonathan Lach
      • Chief Investment Officer, Winter Capital
      • Senior Vice President and Head of Alternative Investments, CTC Consulting
      • Vice President, International Corporate Finance, Salomon Brothers
      • JD (Law Degree) and MBA, University of Chicago
    • Michael Polenske
      • President & CEO of a private banking subsidiary of The Chase Manhattan Corporation
      • Regional Head, Private Banking, J.P. Morgan
    • Robin Willoughby
      • Senior Vice President, Bessemer Trust, co-head of fund of funds management
      • Director of Non-Traditional Research, CTC Consulting
      • Senior Investment Strategist, Private Investor Group, Frank Russell Company