Rob Butts and John Smith Clark founded New York City based Southpoint Capital Advisors in 2004. The long/short equity hedge fund has nearly $3 billion in assets under management. Rob Butts and Josh Clark previously worked with David Einhorn and Greenlight Capital before founding Southpoint Capital. According to a regulatory filing, John Smith Clark is now the managing member of the fund and owns more than 75% of the fund. Southpoint Capital returned 11.3% per yer between 2004 and 2014 after fees and expenses, vs. 7.8% annual gain for the S&P 500 index. However, the fund's monthly net exposure averaged only 48% during this period. Its long portfolio returned an average of 17.6% per year whereas its short portfolio lost 2.8% per year. This means the fund was able to generate alpha on both the long and short side of its portfolio though its alpha was much bigger on the long side. Southpoint Capital is up 4.1% during the first half of 2014.