What are Cable Car’s typical exposure levels?

Cable Car’s gross and net exposure levels fluctuate in accordance with the available opportunity set and valuations in the portfolio. Net exposure may vary between 0-100% but will not fall below zero, in recognition of the long-term upward bias of the stock market. Other than this net long bias, net exposure is not managed to a specific target in advance.

Gross exposure is limited to 200% of client assets. Cable Car may hold cash or be less than 100% invested on a gross basis when opportunities are not compelling or research is still underway on significant new positions.

Posted in: Institutional allocators