Update 2 of “How Many Hedge Funds in a Fund of Funds”

By Hedge Fund Insight staff


On of the best and most widely read articles on this website is the one by Cliffwater titled “How Many Hedge Funds? Only 15-20 For The Highly Skilled” – see the original article. The article is going to be referenced when new data becomes available that gives real world examples.

ALTIN AG (SIX: ALTN, LSE: AIA), the Swiss alternative investment company listed on the London and Swiss stock exchanges, today disclosed its entire hedge fund portfolio holdings as part of its policy of full transparency to investors.

Portfolio as at 1st July 2015 Total Portfolio (%)
Macro 28.29%
Civic Capital Currency Offshore Fund Ltd 1.84%
Cumulus Fund Leveraged 2.38%
Finisterre Global Opportunity Fund 1.61%
Fortress Macro Fund Ltd 2.58%
Goldfinch Capital Management Offshore Ltd 2.38%
H2O Vivace 3.07%
Quantica Managed Futures Fund Inc 2.91%
Stone Milliner Macro Fd Inc 3.57%
The Tudor BVI Global Fund Ltd 2.89%
Two Sigma Compass Enhanced Cayman Fund Ltd 5.06%
Equity Hedge 21.37%
Arrow Offshore Ltd 2.27%
Clearline Capital Partners Offshore Ltd 3.40%
Coatue Offshore Fund Ltd 3.74%
DB Platinum Ivory Optimal Fund 1.74%
NPJ Global Opportunities Fund 3.33%
Verrazzano European Focus Fund PLC 3.84%
Zeal China Fund Limited 3.05%
Event Driven 30.46%
Aristeia International Ltd 3.78%
Contrarian Emerging Markets Offshore Fund Ltd 3.56%
Jana Nirvana Offshore Fund Ltd 5.38%
LLSOF LP 3.30%
Merrill Lynch Investment Solutions – Castlerigg Equity Event and Arbitrage UCITS Fund 1.52%
Marathon Special Opportunity Fund Ltd 5.14%
Paulson Enhanced Ltd 3.17%
York European Focus Unit Trust 4.61%
Relative Value 38.77%
Acadian Global Leveraged Market Neutral Equity UCITS 1.83%
Atlas Enhanced Fund Ltd 2.91%
Capstone Vol Offshore Ltd 2.94%
Citadel Kensington Global Strategies Fund Ltd 6.19%
Claren Road Credit Fund Ltd 2.15%
Millennium International 3.87%
Providence MBS Fund Ltd 3.83%
Stratus Feeder Ltd 3.89%
Two Sigma Absolute Return Equity Enhanced Cayman Fund Ltd 2.57%
Visium Balanced Offshore Fund Ltd 3.01%
ZP Offshore Utility Fund Ltd 5.58%
Protection 4.87%
Conquest Macro Fund Ltd 0.99%
Fortress Convex Asia Fund Ltd 2.01%
TailProtect Ltd 1.87%
Special Investments 1.11%
ALTIN AG 1.39%
Total 126.26%


This portfolio of hedge funds contains 40 hedge funds, and is described by its managers as particularly well diversified.

Update 1 of “How Many Hedge Funds?” covered Skybridge Capital’s flagship fund of funds. Here is the comparison:

Skybridge Altin
Total Number of Funds 25* 40
C5 (%)
46.8 27.4
C10 (%)
69.0 47.4


In both fund of funds the largest hedge fund strategy bet (event driven for Skybridge and relative value for Altin) has been implemented through the largest individual fund weightings in the portfolio. So in the case of Altin five of the top ten largest holdings are in relative value funds. For Skybridge seven of the top ten holdings are event driven funds.

The first table above shows that Altin is leveraged  – the gross exposure is 126% of equity. Yet even though leveraged, the individual position sizes of Altin holdings are each a fraction of the size of the corresponding positions of the unlevered Skybridge Capital series G.



Related article:
Update 1 of “How Many Hedge Funds in a Fund of Funds”
How Many Hedge Funds? Only 15-20 For The Highly Skilled

One Response to “Update 2 of “How Many Hedge Funds in a Fund of Funds””

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  1. Kit Boyatt says:

    Not exactly apples to apples, given that Altin is leveraged and Skybridge is not. So to truly compare them, you have to re-cast the Altin portfolio to 100% of NAV.

    There are two ways to do this. You could leave the number of managers the same and divide each allocation by 1.26. In that case, the smallest positions would be 1.2-1.5% (hhhmmmm) and the C5 and C10 #s for Altin would fall even more.

    The other way is to reduce the numbers of positions by a factor of 1.26 which gets you to 32, a lot closer to Skybridge’s 25.