Oceanic's Top Undervalued Q3 Buys And Sells
Isle of Man-based shipping and energy focused hedge fund Oceanic Investment Management, with $250 million in equity assets under management per its latest 13-F Q3 filing , is a subsidiary of Tufton Oceanic Finance Group ( TOFG ). TOFG is a shipping investment house registered in Cyprus with offices in London, Isle of Man, Dubai, Cyprus, Hong Kong and Singapore. It was founded in 1985 by a 1977 Harvard MBA graduate, Ted Kalborg, and focuses its investments in shipping and oil services industries.
The fund holds a concentrated portfolio of 27 positions, with 50% of the investment in large-caps, 35% in mid-caps, and the remaining 15% in small-cap equities. The portfolio turnover is over 100%, so that the average holding period is just under a year. Over 40% of the investment is in oil services, 20% is in oil & gas operations, another 20% in the shipping sector, and the remaining 20% is in a variety of miscellaneous capital goods and services companies. It won the best energy fund award in 2008 at the Hedge Week European Performance Awards.
