Thu, 05/11/2009 - 05:58
Jupiter has opened its Financials Hedge Fund to external investment.
Established in May 2007, the Jupiter Financials Hedge Fund is a long/short fund that seeks to achieve steady returns, to preserve capital and limit volatility in all market conditions.
It has a global mandate that takes a distinct view per region and provides diversified exposure across a large number of financial sub-sectors and all market capitalisations.
The fund, which has some USD32m under management, has been managed on Jupiter’s hedge fund incubation platform since launch by financials specialist Robert Mumby, who has more than 30 years’ experience in the sector.
The fund has produced an annualised return of 16 per cent a year since inception and annualised volatility of just eight per cent with carefully controlled market exposure. During 2008 the fund returned 6.21 per cent and in the year to date the fund has returned 24.17 per cent.
Mumby says: “I believe that a low inflation and low interest rate environment is very positive for financial assets in the near term although in the medium term I am sceptical about the prospects for a strong economic recovery in the developed world as the lack of availability of credit may act as a dampener, and we have yet to see the full extent of bad debts in markets such as the US. However, low interest rates and quantitative easing programmes are likely to support share prices for some time.
“Economies in the developing world have much better growth prospects. They are benefiting from fast-growing domestic economies, stable currencies and low inflation (at least in the near term). Countries such as India are particularly attractive as penetration of financial services is low, while in China, strong liquidity and economic stimulus are fuelling growth and property appreciation.
“Against such a backdrop, on the long side I am favouring emerging markets such as China and India while in the developed world, I am investing in selected opportunities such as specialist financials and capital market plays in the US and Europe, together with some high yielding corporate bonds of financial companies where the default risk is low.”
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