Funds
Aperture Investors, the $4bn New York-based hedge fund firm founded by Peter Kraus, has launched the Aperture Emerging Debt Opportunity Fund, which will employ a value-oriented fixed-income strategy and invest in corporate, sovereign, and quasi-sovereign debt securities of selected emerging markets.
A portion of the fund was seeded by Generali and is available to investors in certain countries within the European Union.
According to Aperture, the objective of the fund is to generate returns in excess of the JP Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified Index) by investing, either directly or indirectly, in different financial asset
Wild swings in the bond markets have proved a big problem for Said Haidar with his flagship Jupiter macro hedge fund set to record its biggest-ever monthly loss since its inception over two decades ago, according to a report by Reuters.
Unnamed Reuters sources have revealed that on Friday, the fund was down by almost a third (32%) for the month, taking year-to-date losses to 44%, a sharp reverse for Haidar’s clients who saw their investments return 193% last year.
According to one Reuters source, Haidar, who is known for his highly leveraged strategy, took a big hit on his
Emerging markets hedge funds surged in January, extending Q4 gains driven by rising US rates and continuing generational inflation, according to the HFRI 500 Emerging Markets Index, which jumped +4.9% over the month with gains seen across equity hedge and cryptocurrency exposures.
HFR says EM hedge funds continued to navigate unprecedented uncertainty associated with the ongoing military conflict in Ukraine, with the HFRI EM: Russia/Eastern Europe Index falling -11.9% in December 2022, bringing the Full Year 2022 decline to -40.3%; the Index advanced +2.1% in January to begin 2023.
The investable HFRI 500 Fund Weighted Composite Index, which includes funds
Digital asset investment products saw outflows for the sixth consecutive week totalling $95 million last week, with the five-week total reaching $406 million, or 1.2% of total assets under management, according the the latest Digital Assets Funds Flows Weekly report from CoinShares.
Bitcoin remained the focus of negative sentiment, seeing outflows in investment products totalling $113 million last week.
The outflows were in stark contrast to the broader market and, according to CoinShares, suggest it was, in part, due to the need for liquidity rather than actual negative sentiment.
Graticule Asia, a macro hedge fund founded by veteran macro trader Adam Levinson, is shutting down after being hit by losses following the demise of Silicon Valley Bank and the ongoing bond market volatility, according to a report by Bloomberg.
ExodusPoint Capital Management and Millennium Management were among the big-name multi-strategy hedge funds that posted small losses amid last week’s market volatility, faring far better than their macro and quant counterparts, according to a report by Bloomberg.
Unnamed Bloomberg sources revealed that ExodusPoint, which was founded by Michael Gelband and focuses on fixed-income trades, lost almost 2% in March through to last Wednesday, paring year-to-date gains to 0.5%, while Izzy Englander’s Millennium lost 1.3% through to Thursday, bringing losses so far in 20223 to 0.8%.
Macro managers meanwhile, including Graham Capital Management Kos Capital Management, fared less well during last
Performance of hedge funds administered by the Citco group of companies diverged across strategy types in February, with a weighted average return of 0.1%. At a strategy level, event driven funds delivered the highest weighted average return of 3.3% followed by equities at 0.5%.
Market turmoil triggered by the collapse of Silicon Valley Bank and Signature Bank saw computer-driven hedge funds suffer their worst ever day of losses on Monday, according to a report by Bloomberg, while at least two of last year’s macro star performers were also hit by losses.
Odey Asset Management, the London-based hedge fund firm founded by Crispin Odey, has reopened three funds which were soft closed in November 2022, including its flagship Odey European fund, according to a report by Financial News citing a letter sent to the firm’s clients.
The OEI Mac and Odey Swan funds have also reopened alongside the flagship strategy and will now start to accept new investors again. In the letter, Odey AM chief executive Peter Martin said the managers were “satisfied that there is sufficient capacity within the strategy for greater assets, and an improved opportunity set”.
When the funds
Managed futures posted a monthly gain in February, up 0.15% for the month, according to the Barclay CTA Index, compiled by Backstop BarclayHedge. February’s gains reversed three straight losing months for CTAs.
