The ACP Financial Opportunities Fund, which invests predominantly in financial services focused long/short equity managers, has outperformed its benchmark by 19.6 per cent since incepti
The ACP Financial Opportunities Fund, which invests predominantly in financial services focused long/short equity managers, has outperformed its benchmark by 19.6 per cent since inception, according to ACPI.
September and December 2008 were the most turbulent time for the financial markets in nearly 80 years and, despite being fully invested, the ACP Financial Opportunities Fund lost only 0.7 per cent during that period. This was against losses of 15.9 per cent for the HFRI Fund of Funds Composite and 41.2 per cent for the S&P 1200 Global Financials.
This outperformance, together with year-to-date performance of 11.4 per cent and 10.5 per cent inception-to-date performance, brings the cumulative outperformance of the fund over the 12 months since inception to 19.6 per cent against the HFRI Fund of Funds Composite and 33.5 per cent against the S&P 1200 Global Financials.
Stephen Greene, partner and chief investment officer of ACPI’s multi manager business, says: ‘The key to achieving this outperformance has been portfolio construction. The portfolio was specifically structured to benefit from the expected market volatility as we placed significant emphasis on sourcing managers with trading-orientated approaches, ‘macro-aware’ processes and short-term catalysts for value realisation. Reflective of our wider macro view for the sector, and perhaps uniquely for a fund of funds, the aggregate market exposure of ACP Financial Opportunities was net short at launch, illustrating our differing approach versus the majority of our competitors.’
