|Spruce Point Capital Management launched its flagship Spruce Point Value hedge fund this week with an estimated $10 million in assets under management. The firm was co-founded in May of this year by managing partners Ben Axler and David Katona. Mr. Axler has almost 10 years of investment banking experience and was most recently an Associate Director in Barclays Capital’s Diversified Industrials Group. His sector coverage included aerospace & defense, metals & mining, as well as transportation.|
The Spruce Point Value Fund will employ a long/short equity strategy with a focus on small- and mid-cap value opportunities. The portfolio will have a long bias and will seek to buy fundamentally strong companies at significant discounts to intrinsic value. In particular, the fund will focus on investments in the technology, industrial, and retail sectors.
Mr. Katona’s finance background includes six year at AXA Financial in product sales & management, as well as time at HCA Capital Partners. Spruce Point’s team also includes strategy associate Ashley Heise. Ms. Heise joined the firm from private equity placement firm MVision where she managed fundraisings and worked with limited partners in the endowment, foundation, pension, fund-of-funds and family office community.
According to the firm’s website, they named the firm after the Spruce tree because it embodies characteristics they strive to achieve: Stability, Diversity, Growth, Global, and Green.