Absolute Returns,
fundamental analysis

Offering attractive returns to clients over time through successful stock selection coupled with opportunistic and nimble portfolio management

About Us

Ardsley Partners, founded in 1987, is a Stamford, CT-based asset management firm seeking to maximize returns over time through superior stock selection and the active management of long-short equity portfolios. Our portfolio managers employ a rigorous, bottom-up strategy in constructing the portfolios and place emphasis on companies with above average growth trajectories that are reasonably valued. Ardsley’s experience as a firm has demonstrated the ability to offer attractive returns to clients over time through successful stock selection coupled with opportunistic and nimble portfolio management.

The founder of Ardsley Partners, Philip Hempleman, has professionally managed assets for more than 40 years and our investment professionals have cumulatively been working at Ardsley for more than 100 years. Phil started his career at Banker’s Trust and had managed portfolios professionally at Oppenheimer and TCW before launching Ardsley Partners. Presently, Ardsley offers four separate strategies under its banner with both on-shore and off-shore capacity in most of these. The four strategies are: a long-biased long-short equity strategy; a renewable energy/clean tech long-short equity strategy; a global technology long-short equity strategy; and a healthcare long-short equity strategy.

The Team

Spencer J. Hempleman  
Kirk D. Balzer  
Benjamin I. Block  
George A. Gorman  
Ryman Gwon  
Steven N. Napoli  

Spencer J. Hempleman

Portfolio Manager,

Joined Ardsley Partners in 2002 and currently serves as the Renewable Energy Strategy Portfolio Manager. He began at Ardsley as an analyst covering the Alternative Energy, Industrial, and Metals & Mining sectors. Prior to joining Ardsley, Spencer was a Director at CIBC Oppenheimer & Co., working as an equity position trader focused on the utility sector. Spencer was head of CIBC World Market’s trading desk in London in 2001. Prior to working as a position trader, Spencer worked as a sales trader covering utility and energy dedicated hedge funds. Spencer received his MBA from New York University and a BA from Tufts University.

Kirk D. Balzer

Co-Portfolio Manager,

Joined Ardsley Partners in 1998 and covers the Biotechnology and Life Sciences industries. In February 2012 Kirk became Co-Portfolio Manager of the Ardsley Partners Healthcare Strategy. His experience prior to joining Ardsley includes positions as Portfolio Manager at Morgan Stanley, Dean Witter & Co. and LGT/Chancellor Capital Management. He was also an analyst at Alliance Capital Management. Kirk received his MBA from the University of Chicago and holds a BS in Biology from Wheaton College.

Benjamin I. Block

Senior Analyst, Alternative Energy & Industrials

Joined Ardsley Partners in 2007 and serves as an analyst covering the Renewable Energy sector. Prior to Ardsley, Ben spent several years with a joint venture of Sempra Energy, where he authored and managed systems that controlled end-to-end utility transactions. In this role, his operation received special commendation from the Georgia Public Utility Commission. Prior to that, Ben had done research in phototrophic energy. Ben received the St. Gallen Wings of Excellence Award for a treatise on renewable energy in emerging markets. He has also been honored with the American Academy of achievement’s Golden Scroll Award. Ben received an MBA with honors from New York University and a BA in Physics from the University of California, San Diego.

George A. Gorman

Head Trader

Joined Ardsley Partners in 1992 and serves as the Head Trader. Prior to joining Ardsley, George was employed by The Boston Company. George is a CFA charter holder and received his BS from University of Massachusetts Lowell.

Ryman Gwon


Ryman joined Ardsley Partners in 2012 and serves as an analyst covering the Technology sector.

Prior to Ardsley, Ryman covered TMT at both Phidias Capital and Andor Capital Management.

Ryman holds a BS in Finance from Cornell University, where he graduated cum laude.

Steven N. Napoli

Chief Financial Officer

Joined Ardsley Partners in 1994 and serves as Chief Financial Officer & Compliance Officer. Prior to joining Ardsley, Steve worked at Paloma Partners Management Co. and Citicorp Investment Bank, as an accounting and operations manager. He also served as a senior auditor at Arthur Andersen & Company. Steve received his BA in accounting from Iona College.


Long-Biased ‘Flagship’ Strategy

Ardsley's long-biased flagship strategy dates back to March 1987. The investment universe of the strategy is global with an emphasis on US-based technology, telecom, life sciences, energy and alternative energy companies. The strategy uses a concentrated book approach with the top ten core holdings generally representing Ardsley's best ideas and 40-50% of the portfolio. Returns are enhanced by the short portfolio and by the opportunistic trading of stocks and options. Sector specialist analysts use a fundamental, bottom-up research approach to identify rapidly growing companies for core portfolio investments. The Portfolio Managers are responsible for portfolio construction and risk management.

Renewable Energy/Clean Tech Strategy

Ardsley's renewable energy strategy, launched in July 2006, employs a fundamentally driven research approach to identify asymmetric risk/reward opportunities across all market capitalizations and geographies within the renewable energy sector and related areas. The primary objective the strategy is to generate superior returns through a portfolio of long and short public equity investments, regardless of economic conditions. The Portfolio Manager has a long history of successfully managing capital and has worked at Ardsley for more than 12 years and has developed a track record of superior returns. The strategy seeks to invest in companies which provide solutions to the global energy and natural resource problem and whose technologies offer alternatives or more efficient use of natural resources. The investment process combines company specific research, sector analysis and a top-down macro economic outlook to identify the best opportunities within each subsector and to isolate individual alpha generating shorts. Hands-on, active portfolio management, which includes balancing and shifting sub-sector exposures within the renewable energy universe, are at the core of our risk management.

For most recent White Paper, please click here.

Institutional Investor Appetite For Renewable Energy article.

Healthcare Strategy

Ardsley's healthcare strategy, launched in February 2012, is a long/short equity strategy focused on investing in opportunities across all healthcare sub-sectors and related areas. The strategy seeks to identify the regulatory, global macro economic and sub-sector specific cycles impacting the healthcare industry and combine it with rigorous bottom-up analysis to generate absolute returns. The Portfolio Management team maintains a value/GARP orientation and combines that with fundamental and catalytic-driven, opportunistic shorts. The primary objective is to produce superior returns while maintaining low volatility through a long-short portfolio of healthcare equity investments. Our Portfolio Managers have a long history of successfully managing capital and have developed a track record of superior returns derived from a combined 40+ years of direct healthcare investing experience and sector coverage. Healthcare sector investment performance has been a major contributing factor to Ardsley's success over the years with generally 20-40% of our flagship strategy invested in the sector at any given time. The investment process combines company specific research, sector analysis and a top-down macro economic outlook to identify the best opportunities within each subsector and isolate individual companies, with deteriorating fundamentals, as alpha shorts.

Global Technology Strategy

Ardsley's world information technology strategy, launched in February 2011, is a global long-short equity strategy with a specific focus on the technology sector. The goal of the strategy is to produce superior returns while maintaining low volatility. We believe superior returns are derived from deep knowledge of the sectors of coverage gained from the strategy manager's personal background in technology development and an acquired ability to identify and anticipate market share shifts and transact accordingly. The fundamental research we perform on each investment gives us an appreciation of competitive differentiation in our portfolio companies' operations.

Contact Us

Ardsley Partners

262 Harbor Drive, 4th floor
Stamford, Connecticut 06902
Tel: (203) 564-4200 | Fax: (203) 355-0715
Email: info@ardsley.com

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