Heptagon Kettle Hill US L/S Equity Fund

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21 October 2021
SFDR classification
Article 6
Long/Short Equity - US
Investment Style
Mid Value
Fund Size


The Fund aims to achieve long-term capital growth through investing primarily in US small-capitalisation stocks.


The Fund’s Sub-Investment Manager, Kettle Hill Capital Management, is a long/short equity fund manager, established by Andrew Kurita in 2003 and is located in New York, USA.


The investment style is fundamental bottom up research, combined with macro awareness and a contrarian value investment strategy to deliver superior rates of return in any market environment. The investment philosophy focuses on risk-reward opportunities and inefficiencies in the US small-capitalisation universe. Independent thinking, unique stock selection, excellent fundamental research, and sound investment discipline provide an attractive risk/reward opportunity for the strategy. Andrew Kurita, Kettle Hill’s CIO and Founding Partner, has been successfully managing this investment strategy since inception, and has been investing in small capitalisation stocks since 1996. He is supported by a well resourced team of experienced investment professionals.

Key stats

The below shows the information for the share class selected in the drop down box directly below the name of the fund. You can use the drop down box to view information relating to other share classes listed in the fund. A full list of all currency share classes is available on request.

Investment Team Location

New York, USA





Fund Size


Long Exposure % (# holdings)

68.9% (38)

Short Exposure % (# holdings)

21.1% (18)

Net / gross exposure

47.80% / 90.00%

Fund Launch

05 October 2017

Fund Status

Open to all investors

Share Class Launch

09 November 2017

Share Class Status

Open to all investors

Fund Currency


Share Class CCY


Management Fee


Performance Fee


Min. Investment


Fund Type





BBH Fund Administration Services (Ireland) Ltd


BBH Trustee Services (Ireland) Ltd


Grant Thornton

Dealing Frequency






Risk Management

Lower RiskHigher Risk



Past performance is no guide to future performance and the value of investment and income from them can fall as well as rise.

Kettle Hill US L/S Equity Fund Q3 2021 Webcast

Top Five Holdings

As of 31 August 2021
NameWeight %
1Kimco Realty Corp3.5
2APA Corp3.1
3Flex Ltd3.1
4Viatris Inc3.1
5Wynn Resorts Ltd3.0

Exposure Breakdowns

As of 31 August 2021
TypeLong %Short %Net %
Communication Services14.500.0014.50
Consumer Discretionary18.50-4.7013.80
Consumer Staples5.40-1.903.50
Health Care4.50-0.504.00
Information Technology12.600.0012.60
Real Estate5.600.005.60

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Fund Manager

Andrew Kurita

Portfolio Manager and CIORead More
A Strategy for the Cycle: Long-Short Small Cap, Value-Oriented Investing


Heptagon Capital Limited, Heptagon Capital LLP and its Partners disclaim any and all liability relating to these materials, including, without limitation, any express or implied representations or warranties for statements or errors contained in, and omissions from, these materials. Certain assumptions have been made, and/or parameters set, in the preparation of these materials which have resulted in the returns detailed herein, and no representation or warranty is made that any returns indicated will be achieved. Changes to assumptions or parameters may have a material impact on the returns detailed. This document should not be considered an offer to buy or sell investments. Heptagon Capital Limited has issued this communication as investment manager for Heptagon Fund ICAV, and is licenced to conduct investment services by the Malta Financial Services Authority.

Heptagon Capital LLP, acting as Distributor, is authorised and regulated in the UK by the Financial Conduct Authority.

Representative and Paying Agent in Switzerland is Société Générale, Paris, Zurich branch, Talacker 50, PO Box 1928, 8021 Zurich, Switzerland. The prospectus, the key investor information document, the Articles and the annual and semi-annual reports are available free of charge from the Swiss representative.

The results given herein are based solely upon historical fund performance as gathered and supplied by Morningstar. That past performance has not been independently verified by either Heptagon Capital Limited or Heptagon Capital LLP. It is not intended to predict or depict the future performance of any investment. Past performance is not necessarily indicative of future returns.

The information contained herein is provided for informational purposes only, is not complete, and does not contain certain material information about the funds, including important disclosures and risk factors associated with an investment in the funds. Before making an investment in any fund, prospective investors are advised to thoroughly and carefully review the fund’s private placement memorandum with their financial, legal and tax advisors to determine whether an investment is suitable for them. An investment in these funds is not suitable for all investors.

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