(Bloomberg) -- Connacht Asset Management, the hedge fund firm run by former Goldman Sachs Group Inc. partner Sean Gallagher, gained almost 25% in its first two months of operation.
The flagship long-short fund rose 0.44% in February and 24% in March, according to an investor presentation obtained by Bloomberg.
Some of the gains came from shorting companies including Comerica Inc., a regional bank, and medical-device maker Align Technology Inc., both of which are expected to face challenges as the coranavirus pandemic roils the economy. Comerica and Align slid 52% and 32%, respectively, from Feb. 1 through the end of last month.
Gallagher started New York-based Connacht after almost two decades at Goldman's asset-management division, where he focused on fundamental equities and helped manage $40 billion. He left in 2018. Six former Goldman employees work with him now, according to the presentation.
A separate consumer fund run by Jason Glass, who was at Armistice Capital before joining Connacht, returned 11.1% in March and 1.8% the month earlier.
Connacht, which is raising money from investors, manages less than $100 million.
©2020 Bloomberg L.P.
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