Stockholm (HedgeNordic) – Black-and-White Capital, a Brummer & Partners-backed hedge fund firm founded and managed by Seth Wunder out of Los Angeles, California, is shutting down. Brummer Multi-Strategy (BMS), the multi-strategy fund investing in the single-strategy hedge funds under the umbrella of Brummer & Partners, will redeem its entire investment in Black-and-White’s tech-focused long/short equity strategy.
“We would like to thank Seth Wunder for his work in managing Black-and-White.”
“We would like to thank Seth Wunder for his work in managing Black-and-White,” Brummer & Partners writes in an announcement. “Since its start in 2016, Black-and-White has generated a return of 42 percent and has made a significant positive contribution to BMS’ total return.” Brummer Multi-Strategy had 15.1 percent of its SEK 36.7 billion portfolio allocated to Black-and-White’s strategy at the end of August.
“Since its start in 2016, Black-and-White has generated a return of 42 percent and has made a significant positive contribution to BMS’ total return.”
Brummer & Partners holds a minority ownership stake in Black-and-White Capital and is the seed investor of the California-based firm’s Black-and-White Innovation Fund. The fund has generated an annualized return of 7.5 percent since its inception on November 1, 2016. Black-and-White Innovation Fund returned 35.7 last year but was down 17.2 percent in the first eight months of this year. Black-and-White Capital launched a UCITS version of its tech-focused long/short equity strategy – IAM Black and White Innovation UCITS Fund – in December of 2019. The hedge fund firm had $966 million under management at the end of June this year.
As a former portfolio manager with Contour Asset Management, a long-short equity manager solely focused on technology, media, and telecommunications, Seth Wunder moved to Los Angeles and launched Black-and-White Capital in June 2016. Black-and-White’s strategy involved capturing long and short alpha opportunities in both the traditional technology, media and telecommunications (TMT) industry and other sectors subject to technological advancement through fundamental research.
Photo by David Clode on Unsplash