Snoddy’s Comeback Firm Earns Him 17% Returns with New Japan Hedge Fund

September 30, 2020 James Heinsman Company Spotlight

David Snoddy, a graduate of Tiger Management who took a break from investing for a few years, came roaring back over the past year and a half with 17% growth on his newly established long-short Japan hedge fund.

Snoddy worked for Julian Robertson’s Tiger Management in the Tokyo office until he went out on his own in 2000, establishing his Nezu Asia Capital Management. After almost 17 years Snoddy closed the firm’s Nezu Asia Fund and shuttered some of his other funds as well during 2018 and 2019.

Snoddy explained that his company needed to restructure to find “a new model and a new view of what our growth can be.”

In June 2019 he launched the Nezu Speedwell Fund. As of August 2020 the fund posted 17% returns, compared to Japan’s benchmark Topix, which gained only 7% during the same time-frame.

His firm’s August newsletter described the Nezu Speedwell Fund as a vehicle for long investments in companies showing excellent growth and capital efficiency, while simultaneously shorting companies that are weak in those areas and also have downside risks to their earnings structures.

As of September 1, the company managed about $31 million with bets on about 60 companies leaning moderately net-long.

David Snoddy, Japan, Julian Robertson, Tiger Management,

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