Whitney Tilson recently sent out a letter detailing that his hedge fund T2 Partners will be losing its dual-portfolio manager structure. Tilson will continue to manage the fund as its sole manager. Glenn Tongue, the former co-manager, will takeover the former T2 SPAC Fund and rename it Deerhaven Fund, to be managed by his new firm, Deerhaven Capital Management.



As we tweeted out earlier today, in the letter Tilson says "I will adopt a much lower public profile and let my investment returns speak for themselves." He will also be adopting a much more concentrated portfolio approach, targeting 15 longs and 25 (smaller) shorts.



Also worth noting is the fact that he sold all of T2's positions and will be re-building the portfolio (but will still buy old holdings like BRK). Certainly there will be tax consequences for this decision.



Tongue, with his new firm, will be focusing on high quality businesses, special situations (mergers, workouts, SPACs), and mispriced options. He'll also run a concentrated long book and diversified short book.



Embedded below is the T2 Partners letter detailing the changes:











It remains to be seen whether or not T2 will invest in AIG again, but we'd assume so given that they gave a presentation on AIG only two months ago.