One could be easily mistaken for assessing hybrid long-only and long/short house Dalton Strategic Partnership (DSP), at first blush, as an asset-gatherer, having attracted more than $1bn in 2006 to April, and reaching $4.2bn in total assets.
But talking to the founder of the eponymous firm, Andrew Dalton, and looking at returns from DSP's three hedge funds, and indeed its long-only funds, it does not take long to realise the 2% management fee is not Dalton's main focus. It is the 20%
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