Byram Capital Management LLC
Location: Greenwich, Conn.
Principals: Seth M. Lynn, chairman; George Kress, managing director
Style: Small-cap value manager
AUM as of June 30: $210 million
Three-year annualized performance: 16.69%
Benchmark (Russell 2000 Value): 10.92%
Three-year alpha: 5.46
Byram was founded by the former value and balanced funds equity team of Axe-Houghton, whose corporate parent, Hoenig Group, sold the assets and books to Byram six months later.
The firm's strategy is to achieve higher-than-market returns without incurring excessive risk by investing in quality companies it can purchase at prices well below intrinsic value and that are undervalued relative to other companies in the same sector. It has avoided the emotionally charged momentum strategies pervading Wall Street, which has allowed it to do well with lower-than-market risk in both bull and bear markets.
One consultant, who asked not to be identified, observed: "The firm is a classic start-up of people leaving a successful firm and starting their own… They're gaining a lot of traction."