The Challenge
Historically, diverse investment managers have faced significant challenges in fundraising compared to their non-diverse counterparts: nearly 99% of Assets Under Management (“AUM”) in the industry are managed by firms owned by white males, despite no difference in performance between diverse and non-diverse managers (Knight Foundation, 2021).
Haven Global Partners
Haven Global Partners (“HGP”) was founded in 2017 by Kenneth Holley, CFA; Anuja Singha, Ph.D., CFA; and Jason Kindland, CFA, who all worked together at Herndon Capital Management. Haven is a BIPOC and female-founded firm, making it one of the 4.6% of diverse and minority-owned hedge funds (Knight Foundation, 2021).
Haven Global is a hedge fund with a singular focus on investing in international public equities. They invest across developed and emerging markets, and their strategies encompass small-, mid- and large-cap companies. HGP takes a long-term view when looking at investments and undertakes a “quantamental” approach, combining bottom-up stock selection with in-depth fundamental analysis and risk framework.
HGP has three main strategies:
(i) HGP International Equity: Haven’s flagship strategy covering large-cap, core
international equity across developed and emerging markets. It has outperformed its
benchmark (MSCI ACWI ex. US) since inception in 2004.
(ii) HGP International Developed Equity: Created in 2020, this strategy focuses on large-cap
core international equity accounts in developed markets.
(iii) HGP International Small Cap Equity: This strategy includes discretionary small-cap core
international equity accounts in developed markets, benchmarked against the MSCI EAFE
Small Cap Index.
Investment Overview
In 2019, 4S Bay Partners made an investment into Haven’s General Partnership (“GP”). At the time, Haven only had $75M of AUM. Which, despite strong performance and a lean, 3-person team, made it challenging for Haven to grow. Our investment was not in HGP’s investment fund, but in HGP’s management company to provide important growth capital. One of the biggest changes since our initial investment was the hiring of an investor relations and fundraising specialist, which has allowed the Haven team to focus on what they do best—investing. This shift was one of the key catalysts to Haven’s rapid growth: since our investment, Haven’s AUM has increased by over 14x to over $1.1 billion, showcasing remarkable growth.
Our Investment Thesis
We liked Haven for several reasons:
Experienced Team: Haven’s founding team had worked together for years at Herndon Capital Management and had significant international equity experience prior.
Strong Track Record: The team has a strong track record dating back to 2004, which demonstrated their ability across market cycles, economic climates, and geopolitical situations.
Supporting Diverse Managers: Diverse and female investment managers have a significantly harder time raising capital than their non-diverse counterparts. We believe this creates a very compelling investment environment.
Success Since Investment
Haven's AUM has grown over 14x to more than $1.1 billion.
Haven won the 2023 Manager of the Year for emerging equities by Emerging Manager Monthly.
Haven released a new investment product, HGP International Developed Equity (World ex. US), which focuses on investing solely in developed markets. This can provide attractive risk-adjusted returns without the volatility from Emerging Markets
Haven continues to win new and large accounts, ranging from large institutional investors to smaller investment offices.
Commitment to Diversity
4S Bay Managing Partner Jessica Sarowitz, herself the daughter of immigrants, has a passion for supporting diverse talent and creating opportunities for those historically overlooked. Haven's success reinforces 4S Bay's commitment to supporting talented and diverse managers and entrepreneurs. As Haven grows, they are not only generating returns—they are helping to create a more inclusive financial sector.
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