Sun, 13/12/2009 - 10:39
Thames River Longstone Fund says it has delivered positive performance in 20 out of 24 calendar months as it celebrates its second anniversary.
Since inception on 30 November 2007, the EUR79.2m Longstone Fund is up 18.1 per cent whilst its benchmark, the EPRA Index, is down 42.6 per cent.
The fund has made money both in a savage bear market and in its subsequent rally.
The fund also had low annualised volatility of 2.4 per cent compared to 29.5 per cent for its benchmark.
Managed by Christian Roos (pictured), the Thames River Longstone Fund aims to capitalise on structural inefficiencies in the listed real estate sector. It employs a long/short strategy with an overriding bias towards real estate fundamentals and invests primarily in Europe. The strategy seeks to exploit volatility within the sector, focusing on stock picking while reducing risk through natural hedges.
Roos says: “The fact that we have been able to deliver uncorrelated and low volatile returns during a very volatile period in the markets is a testament to the viability of the strategy behind Longstone. With the deep knowledge that the team holds of the European real estate market and companies that are active in it, there are ample opportunities to extract uncorrelated returns through a long short strategy in this very specialised sector. The ability to further enhance returns by exploiting the cyclicality of real estate through directional positioning has enabled us to deliver these attractive returns especially from a risk adjusted perspective.”
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