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Thunder’s
risk management efforts are directed toward controlling both stock-specific
and market risk. These include:
- Extensive
use of technical analysis in all aspects of portfolio management from
stock picking to top-down sector analysis and decisions concerning
entry/exit points.
- Comprehensive
fundamental research is used in conjunction with technical analysis
to identify mis-priced securities. Thunder also maintains a deep network
of brokers, analysts and industry contacts to complement its research
efforts.
- Controlled
position sizes (which vary by fund) are key to managing overall portfolio
risk. Core positions - both long and short - are generally deployed
conservatively and “traded around” to capitalize on incremental
news and opportunities.
- Diversifying
across sectors and market capitalizations is key to managing a hedged
portfolio. While certain investment themes play out during different
market cycles, Thunder generally maintains significant exposure across
various sectors in an attempt to avoid over-concentration in any one
sector, except in unusual circumstances.
- Parameters
for gross and net sector exposures are maintained as dictated by the
particular fund’s strategy. Exposures are actively adjusted
based on the manager’s best risk/reward outlook.
- Active
hedging at both position and sector level is utilized to reduce risk
and keep the funds within their target risk parameters.
- Proprietary options strategies are utilized to both reduce portfolio risk as well as generate incremental profits.