At Goodwood, we manage long short small-mid equity investing with a goal of achieving attractive rates of return over a three to five-year time horizon within a sufficiently concentrated portfolio of our best ideas.
- We analyze sectors, industries and businesses to find value based on our proprietary research process that is primarily fundamental bottom-up in nature.
- On the long side, we invest in businesses with competitive strengths that can withstand increased competition, run by good management teams that do not require excess debt to generate attractive returns on capital.
- On the short side, we look for companies exhibiting opposite findings and strive to sell short those companies that we find to be trading above our fair value estimates, have inferior business models/products, have downside risk to fundamentals and richly valued by equity markets.
Goodwood is majority owned by its employees. The firm’s flagship long short small-mid cap strategy has a nine year track record. Goodwood claims compliance with the Global Investment Performance Standards (GIPS®) and may be accessed through two product types: separately managed account and mutual fund (Goodwood SMID Long Short Fund – GAMAX/GAMIX).
1. SMALL-MID FOCUS
- Most Long Short Strategies focus on Large Caps, Goodwood focuses on Small-Mid Cap
2. CAPACITY CONSTRAINED
- $750mm planned hard close ($500mm soft close)
- A bloated asset base leads to a smaller opportunity set, a reduction in nimbleness, and less intimate client base
3. ACTIVELY HEDGED
- Use of Options – Hedge longs (puts), increase longs (calls), more efficient use of capital, hedge market risk
- Short Selling – Individual stocks, not ETFs. May use short selling to generate absolute returns and/or hedge
4. UNIQUE ROLE IN PORTFOLIO
- Low correlation and diversification benefits are two of the reasons investors are adding Goodwood SMID Long Short Strategy to their portfolios
- The strategy is a natural uncorrelated complement to traditional long-only & large cap long short strategies
Ryan ThibodeauxPresident/Portfolio Manager
Ryan Thibodeaux founded Goodwood Capital Management, LLC in March, 2012 and serves as a Portfolio Manager. Prior to starting Goodwood, Ryan was a Partner and Senior Equity Research Analyst with Maple Leaf Partners, LP. Maple Leaf Partners is a long short equity hedge fund started in New York by Dane Andreeff in 1996. In 2003, Julian Robertson’s Tiger Management seeded Maple Leaf and it became what is commonly referred to as a “Tiger Seed.” The firm eventually grew to over $2 billion in assets under management.
Ryan worked in Maple Leaf’s Baton Rouge, Louisiana headquarters from 2002 to 2011. Prior to Maple Leaf, Ryan worked for Morgan Stanley (2002) and was an Analyst at Enron Corp (2001). In 1998, Ryan co-founded Internet Innovations, an Internet company that was acquired in 2000. Ryan earned a Bachelor of Science in Finance from Louisiana State University in 2000. He is also a founding Board Member for the Emerge School for Autism.
Josh PessesPortfolio Manager
Josh joined Goodwood in January, 2013 as a Portfolio Manager. Prior to joining Goodwood, Josh was a Partner and Senior Equity Research Analyst with Maple Leaf Partners, LP from 2007 to 2012. Maple Leaf Partners is a long short equity hedge fund started in New York by Dane Andreeff in 1996. In 2003, Julian Robertson’s Tiger Management seeded Maple Leaf and it became what is commonly referred to as a “Tiger Seed.” The firm eventually grew to over $2 billion in assets under management.
Josh worked in Maple Leaf’s New York office beginning in 2007 and relocated to the Baton Rouge, Louisiana headquarters in 2010. Before joining Maple Leaf, Josh was an Equity Research Associate Analyst at Banc of America Securities (2005-2007). Prior to Banc of America, Josh was an Equity Research Associate Analyst at Morgan Keegan & Co (2003-2005). Josh earned a Bachelor of Arts in Business Administration from Rhodes College in 2001. He serves as Treasurer for St. James Episcopal Church.