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November 08, 2017  

Profitable Pyrrho Makes Ownership Change

The founding partners of event-driven shop Pyrrho Capital are parting ways.

Co-founder Josh Bederman told investors last week he is leaving Pyrrho, which has delivered an impressive 18% annualized return since launching in August 2012. At the same time, co-founder Vishal Bhutani is relocating the firm to Dallas from New York.

“I am stepping down as partner of Pyrrho Capital to remain in New York to pursue new opportunities,” Bederman wrote in an Oct. 31 e-mail. “I believe our track record stands out in the industry and is a testament to the unique approach and well-defined process that we have employed since inception.”

As for Bhutani, he already has made the move to Dallas. A source said he plans to take on a new partner.

Pyrrho Global Event Driven Fund, with $124 million under management at yearend 2016, has trounced the asset-weighted version of the HFRI Event-Driven (Total) Index, which shows a 6.4% annualized gain over the past five years. Year-to-date, the fund was up 17.5% at the end of September, versus 6.9% for the index.

Pyrrho takes long and short positions in the stocks of energy, basic-materials, financial-service and healthcare companies worldwide.

Before teaming up to start Pyrrho, Bederman and Bhutani worked together at Structured Portfolio Management of Stamford, Conn. Bederman’s resume also includes work at Argonaut Capital, Sandelman Partners and J.P. Morgan. Prior to Structured Portfolio Management, Bhutani oversaw research at now-defunct Alexandra Investments.