The COVID-19 pandemic has forced traditional fund managers to adapt to working remotely and to learn to distribute work accordingly – forcing a difficult evolution in a very short period of time. Lighthaven has been a fully virtual firm since 2016. We are accustomed to working remotely, and our team has been and remains geographically spread across the country. As a result, we experienced no disruptions to our workflows or investment processes due to the Pandemic and the associated quarantines and shutdowns. Rather, we were able to dedicate our bandwidth to finding new investment opportunities created by the Pandemic instead of becoming distracted during an otherwise very tumultuous period for most of our peers.
The proof is in our performance. After the violent correction in mid-March, during which our shorts performed exceptionally well, we had the focus and wherewithal to use the crash as a buying opportunity. This led to a very profitable bounce back for Lighthaven, with the enviable outcome of having made money on our longs and shorts during the month. By month end, Lighthaven had returned 26.24% net* (see a video from PM Eric Chung to explain our Covid-19 thinking and positioning).
The Pandemic brought on by the Covid-19 virus has impacted almost every person and business world-wide. We at Lighthaven find ourselves in a particularly fortuitous position, which makes us no less compassionate for the victims of the disease. That is why we are committed to donating 25% of our performance fees this year to the National Foundation for the Centers for Disease Control & Prevention and the World Health Organization.