Cromwell Long Short is the hedge fund MoA announced with some fanfare but has barely mentioned since. After raising $100 million in 2024, the fund has lagged its benchmark by about 12.5%. MoA waived fees every year — first 40 bps, then 190 bps—so the numbers are inflated. The firm has now started charging a lower 170 bps fee.
That $100 million was the largest single account MoA has ever won and played a role in Rich becoming CEO. Even so, the client has pulled about $40 million over the two years, roughly a third of the original capital, despite 32% returns since inception. Those redemptions are the real reason the firm has gone quiet on the fund.
Cromwell Long Short is a quant fund or they use 3rd party quant model to get buys and sells. Supposedly MoA shares fees with the model provider. Results kind of speak for themselves.
Hey, Ai. what are the odds? ...fees remain a headwind. Gross expense ratios sit around 2.0–2.3%; the net/capped level is ~1.70% institutional / 1.95% investor after waivers (management fee is 1.40%). That is expensive for a strategy that delivers substantial equity beta.
Assets have stayed around $90–93 million. The earlier $100 million commitment and subsequent redemptions (roughly one-third of capital) signal limited conviction. Small AUM makes it harder to attract new capital or justify the resources.