Boris Zhilin, Dov Plitman, and Robert Earley of Armor Capital Partners

Armor Capital Partners L.P., a value-oriented global equity fund, has returned 18.6 percent net annualized to investors from its November 1998 inception through September 2010. It has achieved this record while carrying an average cash balance equal to 13 percent of assets. Despite a heavy long bias and minimal shorting, the fund has suffered only two down years during this turbulent period. Both times, it outperformed the S&P 500 by wide margins. Armor began modestly as a brainchild of two immigrants with no hedge fund pedigrees and has grown from less than $1 million in initial capital to over $170 million today, primarily by attracting wealthy families and individual investors as limited partners. One million dollars invested in Armor at inception would have grown to $7.7 million by September 30, 2010, while the same amount invested in the S&P 500 and the MSCI World indices would have only grown to $1.3 million and $1.1 million, respectively.

What has attracted Armor’s core group of investors is not just the high long- term returns it has earned, but also how little risk the fund has been subjected to in order to achieve these returns. Strong and consistent aversion to risk is Armor’s defining characteristic.

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