In rational markets deep fundamental value will be recognized. In periods of uncertainty, small cap equities, without robust analyst coverage, will be valued inefficiently. The Fund has continuously generated strong positive returns by taking advantages of these inefficiencies.
In both up and down markets we look for a catalyst. On the long side, we look for value – buying the right management team, in the right business, at the right price. On the short side, we selectively look for a special circumstance or catalyst to correct an extreme overvaluation. The fund will not remain short for valuation alone. If our research thesis is not uncovered by the marketplace we tend to share out thoughts in the press.
The Fund focuses on speciality finance, small cap equities and special situations.
Mr. Bortel launched Bortel Investment Management in May 2010. Prior to this date Mr. Bortel was a general partner and co-portfolio manager of Pegasus Investment Management LLC, Bainbridge Island, WA (Seattle Area) where he managed a market neutral fund and consulted on a long-short fund, inception 1982. The market neutral fund, inception 2006, never had a down year in performance. Mr. Bortel joined Pegasus in March 1999 as Principal Security Analyst and Associate Portfolio Manager. Prior to joining Pegasus, Mr. Bortel served as Portfolio Manager for Inverness Partners in Mill Valley, California, where he helped manage a global financial services sector fund.
Mr. Bortel received an MBA from Pacific Lutheran University and a BA in Psychology from the University of Puget Sound. He has a broad background in the areas of banking, economics, balance sheet analysis, and commercial real estate valuation.