Heeney Capital

John Heeney, the founder and Chief Investment Officer, is the sole portfolio manager. The firm operates a single-PM structure, meaning all investment decisions — from individual equity positions to portfolio-level macro hedges — are made directly by Heeney. This structure is common among Tiger Cub and other high-conviction equity shops and distinguishes the firm from multi-manager platforms like Citadel or Millennium, where capital is allocated across dozens of independent PM teams.

The firm runs a concentrated, global long/short equity strategy. The process combines top-down macroeconomic analysis — shaped by Heeney's trading experience in rates and macro at prior firms — with bottom-up fundamental research on individual companies. The portfolio typically holds high-conviction names across developed and emerging markets, with position sizing reflecting the strength of the alpha thesis rather than a benchmark weight. The strategy does not appear to be constrained by a single sector or region, though disclosed holdings suggest familiarity with industrials, materials, and energy-adjacent names.

The firm does not publicly disclose assets under management. Based on its single-PM structure, the concentrated nature of its 13F filings, and typical sizing for similar post-Goldman launches, Altss estimates the firm manages between $100 million and $500 million. The 13F filing threshold of $100 million in US-listed equities provides a floor, while the absence of large-scale institutional marketing or a multi-office footprint keeps the estimate below $500 million.

John Heeney's trajectory reflects a common path for macro-aware equity managers. He worked at Goldman Sachs, gaining exposure to institutional trading and risk management, before moving to Citadel, where he operated within one of the large multi-strategy platforms. These two experiences — Goldman's flow-based markets perspective and Citadel's systematic risk discipline — inform the hybrid macro-fundamental approach Heeney Capital uses. He founded the firm in 2011.

Public filings do not suggest an activist strategy. In May 2023, Heeney Capital filed a 13G for a 5.1% stake in Ferroglobe PLC, which indicates a passive investment intent under SEC rules. A 13D filing, which would suggest an intention to influence management or corporate structure, has not been associated with the firm. The strategy appears focused on identifying mispriced securities rather than agitating for corporate change.

Risk management is integrated into the single-PM structure. Because Heeney is both the portfolio manager and the de facto chief risk officer, macro hedges are deployed directly at the book level without a separate risk-taking overlay. The concentrated nature of the book means individual position risk is high relative to a diversified long-only fund, but the ability to short individual names and use index or macro instruments provides a direct offset. This architectural simplicity — one person carrying the entire risk framework — is both the strength and the key-person risk of the firm.

Heeney Capital operates as an asset manager, specifically a registered investment adviser, managing external capital alongside what is likely a meaningful founder allocation. It is not a family office; the firm's regulatory filings and client base point to a traditional hedge fund structure. The single-PM, high-conviction model is typical of founder-run equity hedge funds launched out of multi-manager and investment bank trading desks.