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Locust Wood Capital Advisers LLC

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Locust Wood Capital Advisers LLC

History:

Locust Wood Capital, LP was founded by Stephen J. Errico, a Wall Street veteran of twenty years. Stephen has been a highly successful adviser at Lehman Brothers, Inc., Paine Webber Inc. and Morgan Stanley Inc. In addition to being a top producer at each firm, Steve built an outstanding investment record delivering consistently superior risk adjusted returns. He had long wished to use his investment discipline to start an investment partnership, and Locust Wood was launched in July 2002.

The fund started its first day of trading with $29 million in capital and now deploys $529 million* for its limited partners. Stephen and his long time analyst, Bill Gibbons, were the Locust Wood team. Locust Wood has added Paul M. Morris - CFO, Robert L. Errico - Senior Advisor, Adam Forsted and Michael Mitchell as analysts.

Our limited partners have grown from nineteen in July 2002 to over three hundred today.

The success of the fund has been built on discovering and exploiting value in public securities. We primarily look for companies that are undergoing significant corporate transformations. Our investment analysis is to determine whether these corporate changes are being properly priced. Our key competency centers on paying the right price for these opportunities. In addition, the fund is hedged against its exposure to the capital markets by holding cash, employing derivatives, and selling short securities.

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