Joseph DiMenna
Encyclopedia
Joseph A. DiMenna, Jr. is an American hedge fund
manager and Managing Director of Zweig-DiMenna Associates with total assets under management
exceeding $3.5 billion. He has been the Head Portfolio Manager of the Zweig-DiMenna partnerships and funds since he co-founded the first Zweig-DiMenna Partners with Martin Zweig
in 1984. DiMenna is considered a pioneer in long / short investing
and Zweig-DiMenna one of earliest firms in alternative investments.
, shortly after having written a letter to his mentor
, Martin Zweig
, whose popular newsletter, The Zweig Forecast, he read avidly.
DiMenna formed the first Zweig-DiMenna partnership in 1984 and Zweig-DiMenna International Limited, the first offshore fund, in 1987. Zweig-DiMenna Natural Resources L.P. began in 2005, and the offshore fund with this sector strategy in 2007.
In 1999, BusinessWeek
profiled DiMenna as "one of the best stock-picker no one has ever heard of," recognizing Zweig-DiMenna's 15-year annualized return, after fees, of 25%, vs. the 18.6% annualized total return for the Standard & Poor's 500-stock index.
In 2002, DiMenna was named "Entrepreneur of the Year" by the National Foundation for Teaching Entrepreneurship
, an organization that promotes the teaching of business principles to students.
In 2007, Zweig-DiMenna International Limited was Absolute Return Magazine's "U.S. Equity Fund of the Year" in recognition of its 82.25% annual return which far outpaced its industry peers. Absolute Return Magazine also nominated the long / short equity fund for "Fund of the Year."
In 2008, Alpha Magazine ranked DiMenna 13th on their list of Top Moneymakers noting his $450 million earnings in 2007 and double-digit annual returns between 2002 and 2007.
.
The DiMenna-Nyselius Library
at Fairfield University
bears his name in recognition of his $5 million donation in 1998 used to fund the expansion of the library. The DiMenna Center for Classical Music of the Orchestra of St. Luke's
bears his name in recognition of his $5 million donation in 2008 used to create the new resource center.
And the DiMenna Children’s History Museum at The New-York Historical Society
will bear his name in recognition of his $5 million donation in 2010, which will be used to create a new interactive museum for children to be built as part of the renovation of the Society's landmark building. The gift will support the design and construction of the new facility, which will immerse children in American history by exploring and re-enacting the experiences of young New Yorkers throughout the centuries.
in 1980, where he currently serves as a member of the Board of Trustees and Chair of the Investment Committee.
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
manager and Managing Director of Zweig-DiMenna Associates with total assets under management
Assets under management
Assets under management is a financial term used denote the market value of funds being managed by a financial instutition on behalf of its clients, investors, depositors, etc. This metric is a sign of size and success against competition...
exceeding $3.5 billion. He has been the Head Portfolio Manager of the Zweig-DiMenna partnerships and funds since he co-founded the first Zweig-DiMenna Partners with Martin Zweig
Martin Zweig
Martin E. Zweig is an American stock investor, investment advisor, and financial analyst. He is, according to Forbes Magazine renowned for his "eccentric and lavish lifestyle" as well having the most expensive residence in the United States. It was listed on the New York City real estate market a...
in 1984. DiMenna is considered a pioneer in long / short investing
Long / short equity
Long/short equity is an investment strategy generally associated with hedge funds, and more recently certain progressive traditional asset managers. It involves buying long equities that are expected to increase in value and selling short equities that are expected to decrease in value...
and Zweig-DiMenna one of earliest firms in alternative investments.
Career
DiMenna joined Zweig Cos. in 1977 when he was a student at the Fairfield University Dolan School of BusinessFairfield University Dolan School of Business
The Charles F. Dolan School of Business is a graduate and undergraduate business school and one of the professional schools of Fairfield University located in Fairfield, Connecticut...
, shortly after having written a letter to his mentor
Mentor
In Greek mythology, Mentor was the son of Alcimus or Anchialus. In his old age Mentor was a friend of Odysseus who placed Mentor and Odysseus' foster-brother Eumaeus in charge of his son Telemachus, and of Odysseus' palace, when Odysseus left for the Trojan War.When Athena visited Telemachus she...
, Martin Zweig
Martin Zweig
Martin E. Zweig is an American stock investor, investment advisor, and financial analyst. He is, according to Forbes Magazine renowned for his "eccentric and lavish lifestyle" as well having the most expensive residence in the United States. It was listed on the New York City real estate market a...
, whose popular newsletter, The Zweig Forecast, he read avidly.
DiMenna formed the first Zweig-DiMenna partnership in 1984 and Zweig-DiMenna International Limited, the first offshore fund, in 1987. Zweig-DiMenna Natural Resources L.P. began in 2005, and the offshore fund with this sector strategy in 2007.
In 1999, BusinessWeek
BusinessWeek
Bloomberg Businessweek, commonly and formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. It is currently headquartered in New York City.- History :...
profiled DiMenna as "one of the best stock-picker no one has ever heard of," recognizing Zweig-DiMenna's 15-year annualized return, after fees, of 25%, vs. the 18.6% annualized total return for the Standard & Poor's 500-stock index.
In 2002, DiMenna was named "Entrepreneur of the Year" by the National Foundation for Teaching Entrepreneurship
National Foundation for Teaching Entrepreneurship
The Network for Teaching Entrepreneurship , also referred to as NFTE , is an international non-profit organization providing entrepreneurship education programs to young people from low-income communities.Through entrepreneurship education NFTE helps young people from low-income communities build...
, an organization that promotes the teaching of business principles to students.
In 2007, Zweig-DiMenna International Limited was Absolute Return Magazine's "U.S. Equity Fund of the Year" in recognition of its 82.25% annual return which far outpaced its industry peers. Absolute Return Magazine also nominated the long / short equity fund for "Fund of the Year."
In 2008, Alpha Magazine ranked DiMenna 13th on their list of Top Moneymakers noting his $450 million earnings in 2007 and double-digit annual returns between 2002 and 2007.
DiMenna Foundation
The DiMenna Foundation supports organizations in the arts, education, and those for the development of children. The Foundation has been a major supporter of the Harlem Children's Zone, College Summit, the New York-Presbyterian Hospital and the Robin Hood FoundationRobin Hood Foundation
The Robin Hood Foundation is a charitable organization, which attempts to alleviate problems caused by poverty in New York, United States.-History:Founded in 1988, Robin Hood was the brainchild of hedge fund manager Paul Tudor Jones...
.
The DiMenna-Nyselius Library
DiMenna-Nyselius Library
DiMenna–Nyselius Library is located on the campus of Fairfield University in Fairfield, Connecticut, USA.- History :In 1948, the library at Fairfield University under the leadership of Librarian Robert Gaffney, boasted over 5,000 books and a panoramic view of the Long Island Sound from the windows...
at Fairfield University
Fairfield University
Fairfield University is a private, co-educational undergraduate and master's level teaching-oriented university located in Fairfield, Connecticut, in the New England region of the United States. It was founded by the Society of Jesus in 1942, and today is one of 28 member institutions of the...
bears his name in recognition of his $5 million donation in 1998 used to fund the expansion of the library. The DiMenna Center for Classical Music of the Orchestra of St. Luke's
Orchestra of St. Luke's
The Orchestra of St. Luke's is an American chamber orchestra based in New York City.It was founded in the summer of 1979 at the Caramoor International Music Festival in Katonah, New York....
bears his name in recognition of his $5 million donation in 2008 used to create the new resource center.
And the DiMenna Children’s History Museum at The New-York Historical Society
New-York Historical Society
The New-York Historical Society is an American history museum and library located in New York City at the corner of 77th Street and Central Park West in Manhattan. Founded in 1804 as New York's first museum, the New-York Historical Society presents exhibitions, public programs and research that...
will bear his name in recognition of his $5 million donation in 2010, which will be used to create a new interactive museum for children to be built as part of the renovation of the Society's landmark building. The gift will support the design and construction of the new facility, which will immerse children in American history by exploring and re-enacting the experiences of young New Yorkers throughout the centuries.
Education
DiMenna received a B.S. in Finance from the Fairfield University Dolan School of BusinessFairfield University Dolan School of Business
The Charles F. Dolan School of Business is a graduate and undergraduate business school and one of the professional schools of Fairfield University located in Fairfield, Connecticut...
in 1980, where he currently serves as a member of the Board of Trustees and Chair of the Investment Committee.