Innovative session tests manager presentations
One of the unique features at Gaim 2012 was the opportunity for a variety of fund managers to deliver rapid-fire presentations to a panel of judges comprised of seasoned investors.
The runner-up this year was Ozarslan Tangun (pictured) of AccessTurkey Opportunities Fund, LLC, whose 90-second presentation caught the attention of the audience and the judges alike, winning him a bottle of champagne. For the benefit of wannabe hedge fund presenters everywhere, here’s Ozarslan’s rapid-fire effort, summarising a number of themes into a concise presentation.
Ozarslan A Tangun, CFA, Director, AccessTurkey Opportunities Fund, LLC
“Founded in 1999, ATOF has the longest and the best track record in Turkey as a single country hedge fund.
“We are a long-biased bottom-up value investor. We make long-term investment in Turkish public equities after conducting private equity like due diligence. We capitalise on mispricings in the market, create an edge with our intense research driven process and Contrarian perspective, in a country where group thinking is dominant and research based investing is limited. High Government bond yields (20% in 2008 and as much as 50% in 2002) have left very little incentive to do real research to generate returns for the local managers. Even today as much as 80% of the local fund portfolios are invested in fixed income securities. Generalist EM funds don’t allocate enough of their portfolios to become real experts in the market.”
Why invest in Turkey?
“Turkey has the 6th largest economy in Europe, 16th largest in the world. It has the second largest population in Europe with over 71 million people and it is the fastest growing population in Europe. The median age is 27 compared to 41 in EU27.
“The country is going through a major transition with continuing fundamental economic reforms and increased integration into the global economy as a major hub. Transparency, governance standards are improving making investment environment much more friendly for long-term investors like us.”
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