Maryland-based alternative investment manager Campbell & Company has announced that as of September 1 it will re-open its managed futures portfolios to investors, including the Financial, Metals & Energy Portfolio, which accounts for USD9bn of Campbell's USD11bn in assets under management, and the Global Diversified Portfolio, which is only offered in the US.
The Financial, Metals & Energy Portfolio has been offered since 1983, closing at the end of 2004 for offshore investors and in the first quarter of 2006 for onshore investors.
'The investing world has changed substantially over the last three years, allowing Campbell to again accommodate demand for its pure managed futures programs,' says Campbell's president and chief executive Terri Becks.
'Although capacity was a concern a few years ago, expanded market liquidity, enhanced by the proliferation of electronic trading, has greatly increased the capacity of the global markets in which we trade. The growth and sophistication of Campbell's algorithmic trading capability has also increased our trading capacity.'
The firm will continue to offer its Multi-Strategy Portfolio, which currently has some USD1.2bn under management, both inside and outside the US. Despite the overall success of the programme since it launched offshore in July 2002, Campbell acknowledges that its recent performance has been disappointing.
Becks says the firm remains committed to the Multi-Strategy programme and to the research effort to support it, underscored by Campbell's decision to waive management fees for its Multi-Strategy clients up to the end of 2008.
'Our decision to temporarily waive the Multi-Strategy management fee demonstrates our belief that current market phenomena will not impede our ability to deliver favourable returns to our Multi-Strategy investors,' she says.
'We made these changes in response to strong demand for Campbell's futures portfolios, and while July's results were disappointing, the dramatic market moves we experienced were very unusual. A single month's adverse performance will not change our commitment to proven trading and research disciplines that have produced consistent and attractive returns over 36 years.'
Based in Towson, Maryland, Campbell & Company was founded in 1972, and manages global futures, currencies and equities portfolios for clients using systematic absolute return investment strategies.