Singapore

MAM’s Azzy Fund up 14 per cent this year

Singapore-based MAM Pte Ltd, which started life as the Maki family office in 2006, has seen its Japan-focused event driven fund, the Azzy Fund, gain 14.35 per cent over the last twelve months reports Bloomberg. The fund, managed by Akira Azuma, has seen capital inflows surge from YEN1.5 billion in October 2009 to YEN11.5 billion (USD134 million) currently, during which time the MSCI Japan Index has been volatile, to say the least; it slumped to 504 end-November 2009, rebounded strongly to a YTD high of 624 mid-April 2010 before falling 20 percent to a YTD low of 500 end-August. Akira, responding to Hedgeweek via email, believes it’s this appetite to market risk that is attracting investors: “We heard that risk money is coming back to the stock market gradually and think the Japan market is too big to ignore or skip.” The fund, which takes positions on companies undergoing transition (M&As, spin-offs) is currently closed having reached its asset target, but there are plans to re-open it next year. The ceiling is USD500 million. Azuma told Hedgeweek that the fund was currently up 1.40 per cent for the month, confirming that the year had been tough so far due to the strengthening of the yen. “On the other hand,” said Azuma, “there have been plenty of financing deals, bringing opportunities for the fund to accumulate returns.” As well as event driven, the Azzy fund uses two additional strategies: directional trades with index futures and options, and equity L/S (97 per cent short, 123 per cent long currently). “Both books have also made a modest contribution to returns.”

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