Fri, 07/04/2006 - 07:57
Baker Steel has launched Genus Energy Fund, an absolute return hedge fund focused on the energy sector, with an emphasis on long/short global equities.
GEF is the third fund in Baker Steel Capital Managers LLP's Cayman-based Genus Fund family of specialist resources funds. Steven Miller, lead manager of the new fund, said: "GEF will provide sophisticated investors with an attractive way of playing the energy space with lower volatility'.
MIller added that the strategy represents a 'carve-out' of the successful energy component (returning 24.9% gross annualised over the period January 2003 to February 2006 with volatility of 15.2%) of Baker Steel's existing Genus Natural Resources Fund.
Continued volatility in energy markets has created widespread investment opportunities across the sector. With this in mind, Baker Steel launched GEF on 1 April 2006. GEF will primarily pursue investment opportunities in upstream and downstream oil and gas, oil and gas service companies, coal and uranium and alternative energy technologies.
As a long/short fund, GEF is absolute return focused and seeks to exploit opportunities under all market conditions. The fund is a monthly dealing Cayman Islands mutual fund and is aimed at wealth managers, funds of (hedge) funds, family offices and other institutional investors. It is restricted to qualifying professional investors only and is listed on the Irish Stock Exchange.
Background notes: Baker Steel was established in London in 2001 by David Baker, Trevor Steel and Tim Darvall, all former senior executives with Merrill Lynch Investment Managers (MLIM). The firm's six man investment management team is highly experienced in investment in precious metals, energy and resources equities.
The firm manages over USD 500 million which includes the two strongly performing existing Funds in the Genus range: Genus Natural Resources Fund, a long/short hedge fund investing in resources equities and commodities, and Genus Dynamic Gold Fund, a long-only fund investing in precious metals equities and commodities.
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