Incisive Views from Professionals
By Hakan Kocayusufpasaoglu, CIO of Archbridge Capital, with an introduction by Simon Kerr Introduction Some hedge fund strategies are more difficult to engage with than others. Most investors could understand what equity hedge funds do, but other strategies can be difficult (like volatility arbitrage) or just opaque (like most high end CTAs). Global macro […] Read more »
By Simon Kerr, Publisher of Hedge Fund Insight Neil Meadows categorises global macro managers into two types – tactical managers and thematic managers. Classic tactical managers would be the Palindrome (George Soros), Mike Novogratz of Fortress and George Papamarkakis of North Asset Management. Examples of thematic managers given by Meadows are Guillaume Fonkenell of Pharo […] Read more »
Bridgewater Associates is an outlier in the hedge fund industry – the size of the organization (1400 people), the assets under management ($150bn in investments), and the returns. The Westport Connecticut firm is known for its distinctive corporate culture so it is not a template or an exemplar for others on the investment side, but […] Read more »
From Global Asset Management Several trends in risk markets continued in March with positive performance in equities, notably in the US and Japan, continued strength in the US dollar and another month of weakening in the Japanese yen. Hedge funds enjoyed the third consecutive month of positive performance for the year, with the HFRX Global […] Read more »
By Simon Kerr Fortress Investment Group LLC reported 3Q 2012 results recently. Fortress divides its hedge funds into two groups – Liquid Hedge Funds and Credit Hedge Funds. Credit Hedge Funds includes the Drawbridge Special Opportunities Fund and the Value Recovery Funds, and the Liquid Hedge Funds includes the Fortress Convex Asia Fund, Commodities Fund, […] Read more »
Victor de Oliveira, Portfolio Manager and Head of Investment Strategy, SEB Luxemburg The strong start to the year came to an end in the second quarter. The fading effects of the European Central Bank’s Long Term Refinancing Operation (LTRO, three-year loans at 1 per cent interest) reduced risk appetite, while increasing volatility made the market […] Read more »
July was a choppy month for equity markets and risk assets in general. The MSCI World index ended the month up 1.3%, but during the month the index reversed and changed direction on four occasions moving down or up more than 3% each time. Credit markets showed similar volatility but posted gains by month end. […] Read more »
Hedge funds posted negative returns in May with the HFRX Global Hedge Fund index closing down 1.7%. Funds protected capital as risk markets sold off steeply. The S&P 500 index ended the month down 6.0%, the MSCI World (in USD) fell 8.5%, the euro (in USD) lost 6.6% and the DJ UBS Commodity index was […] Read more »
Highlights from HFR Global Hedge Fund Industry Report 1Q 2012 Total capital invested in the global hedge fund industry increased to $2.13 trillion, surpassing the previous record of $2.04 trillion set at mid-year 2011. Investor preferences for fixed income-based Relative Value and less correlated Macro strategies, which have been favoured for over two years, accelerated […] Read more »
Mike Novogratz, Co-Chief Investment Officer of Fortress Investment Group, and manager of one of the world’s largest global macro funds: “A famous macro manager said that the reason you join macro management, rather than a really hard business like equities, is that all you need to do is look at a bunch of charts and […] Read more »