Chanos & Co Equity L/S Fund

Chanos & Co Equity Long / Short Fund

The Chanos & Co Equity Long/Short Fund targets short based alpha with a variable, but average 20% net long to broad equity markets

Chanos & Co Strategy

  • The Chanos & Co Equity Long / Short fund is a daily liquidity UCITS fund managed by Green Ash but sub-advised by Chanos & Co
  • It is a unique long / short strategy with a variable net (+/-40%) exposure. Alpha is generated on the short side and risk-managed with passive long positions
  • The strategy aims to create short alpha from Jim Chanos’ +37 year track record in fundamental research
  • It is designed for all market environments but thrives in challenging times when investors need it the most
  • The strategy aims to add value in a portfolio context due to its low correlation with equity markets and lower beta vs. most L/S funds

Jim Chanos and Chanos & Co

  • Chanos & Co is a global investment firm founded in 1985 by Jim Chanos
  • Jim Chanos, a Wall Street legend, is a world renowned short seller best known for predicting Enron’s demise. He is famed for methodically identifying fraud and other systemic inefficiencies and expressing short positions on those companies
  • “We read footnotes for a living and try to find value wherever the market excesses are” Jim Chanos

Investment Parameters

Strategy Characteristics

  • Equity Long / Short strategy with variable exposure (+/-40% net)
  • Fundamental research process identifies short company ideas

  • Short ideas are mostly implemented via a dynamic basket of options

  • Long book implemented via passive index longs to risk manage shorts

  • Net Length expected to be +20% average over time

Fund Characteristics

  • Daily liquidity
  • Luxembourg UCITS IV regulated fund structure
  • Hedged Share classes in EUR, USD, CHF
  • Founder and Institutional
Fee Structure
Founder Share Class 0.9% Mgmt  / 20% Perf Fee
Institutional Share Class 1.20% Mgmt / 20% Perf Fee
Category Fund Exposure
Net Range +/- 40%
Max Gross 200%
Max Position 10%
Expected Volatility 10% – 18%
Correlation to S&P 500 0.05

Portfolio Characteristics

The tables below show positioning as of June 2023
Exposure (% of Equity) Month End YTD Average
Long 80.30 82.64
Short (59.33) (65.53)
Gross 139.63 148.17
Net 20.97 17.76


Short Portfolio (% of Equity) Net Exposure
Consumer Discretionary -14.58%
Real Estate -11.54%
Financials -11.43%
Industrials -8.11%
Information Technology -5.68%
Consumer Staples -2.80%
Utilities -2.08%
Materials -1.32%
Health Care -0.97%
Communication Services -0.52%
Energy -0.31%
Total -59.33%


Performance History

Historical fund returns for the Chanos & Co Equity Long / Short Fund
 Historical Years 2022
Chanos & Co Equity Long / Short (USD F) 5.20%
YTD 2023 Jan Feb Mar Apr May Jun YTD
Chanos & Co Equity Long / Short (USD F) -5.87% -4.19% 6.39% -1.13% -0.18% -2.17% -7.36%

Document Downloads

Monthly Factsheets
Media Coverage
Archive factsheets
Other documents