Form ADV and a managers ownership in a fund

[stahleyp]

If you're looking at the form adv for a hedge fund, under the Ownership section, there is the following question:

 

"What is the approximate percentage of the private fund beneficially owned by you and your related persons"

 

Is it safe to say that if the fund is $100 million and this answer says 10%, is it reasonable to assume the manager has about $10 million invested or am I totally off base?

[Tim Eriksen]

Yes, although it includes related persons, so it if it is a larger fund it would include all the employees.

[stahleyp]

Thanks, Tim.

 

I suppose one thing that doesn't make sense to me is looking at an example. Greenlight says 1%. Does Einhorn really only have $60 million in the fund? That's kind of crazy for a billionaire to invest that little.

[stahleyp]

So I was looking up Arlington's form adv and noticed this line:

 

 

"What is the approximate percentage of the private fund beneficially owned by you and your related persons:

1%"

 

https://www.adviserinfo.sec.gov/IAPD/content/ViewForm/crd_iapd_stream_pdf.aspx?ORG_PK=123417

 

 

Do Allan and Ben really only own 1% of the fund? At a billion, that's "only" $10 million. They surely have to own more than that, right?

 

There's also this line:

 

"Current gross asset value of the private fund:

$ 203,032,000"

 

I know they have over a billion? I'm quite sure I'm misunderstanding this so any insight is much appreciated!

[gfp]

Your link shows them managing $ 1,256,354,000

 

They own 3% of 257.57 million AVM Ranger USNT BVI ($7.7 million)

 

They own 20% of 159.667 million AVM Ranger ($31.9 million)

 

They own 2% of 352.735 million AVM Ranger Qualified ($7 million)

 

They own 1% of 203 million AVC BJMP ($2 million)

 

 

 

all approximate.  that's just a few of their vehicles.  Its all in your linked filing

 

[stahleyp]

ahhh I see it now. Thanks gfp!