Steelhead Partners’ Return, AUM, and Holdings
Steelhead Partners is a hedge fund launched back in 1996 by Michael Johnston, Scott Schaefer, and Brain Klein. Its headquarters are in Bellevue, Washington, near Seattle.
Steelhead Partners, based in Washington, was founded in 1996 as a hedge fund manager. The firm aims to exceed market performance through fundamental and balance sheet-based analysis combined with independent thinking to construct its portfolios. Its investment approach targets overlooked and under-researched stocks, historically uncovering opportunities with strong risk/reward profiles.
Michael Johnston co-founded Steelhead Partners. Before this, he was a senior vice president and senior portfolio manager at Loews Corporation, where he co-managed over $5 billion in corporate bonds and handled an equity portfolio. Before his tenure at Loews, Michael worked as a high-yield and investment-grade credit analyst at Prudential Insurance, eventually becoming co-portfolio manager of an $11 billion fixed-income portfolio. He holds an MBA from the Johnson Graduate School of Business at Cornell University and graduated with honors with a BA in Finance from Texas Christian University.
As of March 2024, Steelhead Partners manages assets for six clients, with discretionary assets under management (AUM) totaling $2.63 billion. Their Q1 2024 13F filing reported $1.90 billion in managed 13F securities, with a top 10 holdings concentration of 37.37%. The firm's largest holding is Sea Ltd. NOTE 0.250% 9/1, with 132 million shares.
