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