Millennium Multi-Strategy Fund reaches third anniversary in positive territory for 2008
The Millennium Multi-Strategy Fund, a fund of hedge funds managed by London-based alternative investment manager and currency overlay specialist Millennium Global Investments, is keeping in positive territory for 2008 as the fund marks its third anniversary.
Following a return of 9.24 per cent in US dollar terms with 3.04 per cent volatility in 2007, the Millennium Multi-Strategy Fund is up an estimated 1.8 per cent at the end of April amid an unusually difficult conditions for hedge funds, putting the fund in the top 6 per cent of funds of hedge funds, according to InvestHedge.
Last year's performance was consistent with the fund's average annualised return of 9.22 per cent with volatility of 3.91 per cent since its establishment, which compares favourably with . the 5.11 per cent annualised return and 5.25 per cent volatility for the HFR Global index over the same period.
'Our approach, combining a diversified portfolio of non-traditional managers with an overlay, is an all-weather concept,' says Arne Hassel, Millennium's managing director for multi-strategy and global tactical asset allocation. 'It makes it possible to generate attractive returns even when the major asset markets are challenging.'
The fund of hedge funds involves senior single hedge fund managers in the sourcing and evaluation of hedge funds as well as integrating a tactical asset and currency overlay. According to Millennium, this approach makes it possible to be early investors in smaller and medium-sized funds in newer, under-researched areas.
The objective of the fund is to generate attractive returns with limited drawdowns and low downside correlation to conventional asset classes The overlay is used as a tool to manage the portfolio's market exposure and to add returns. Millennium provides web-based access to information on the underlying managers.
Established in 1994 and independently owned, the company specialises in currency overlay and currency alpha and global tactical asset allocation and offers private equity investment as well as hedge funds and funds of hedge funds. Millennium employs more than 80 professionals in six offices in Europe, the US and Asia and manages more than USD15bn in assets.
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