Page 265

Wilcox feels Cumberland is one of the most transparent hedge funds. Each month, it shows investors its top 30 long positions in dollar terms and as percentage of equity, and the respective gain/loss. Also shown is the portfolio composition with regard to gross long and gross short positions as well as long call options and short call options. Portfolio concentration by industry on both the long and short side are shown. In addition, there is often a fairly detailed write-up of one or more portfolio positions.

SURFING AND MUSIC

Wilcox enjoys what he does and finds that it fulfills his eclectic tastes and interests. He joined the firm in 1986. What had attracted him to Cumberland was not that it was a hedge fund per se but rather its investment philosophy and that he aspired to own equity.

He had previously been an analyst-portfolio manager at Central National-Gottesman after working as a lending officer at Continental Illinois National Bank. He became a member of the management committee in 1997 and the chairman in 1998. He spends about 60 percent of his time interacting with the management of companies, an-