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Long/short equity strategies appear to offer an alternative investment opportunity for equity investors versus long-only investing, a paper by Credit Suisse says.
Given the current market environment and persistent uncertainty faced by investors, Credit Suisse believes that L/S equity funds can offer a better risk/return opportunity versus long-only equity funds, as well as potentially improved downside protection.
While investing in hedge funds does pose some inherent risks, long/short equity strategies can provide broad equity exposure with additional return opportunities, making them an important core holding, the paper states..
L/S equity strategies, as represented by the Dow Jones Credit Suisse Long/Short
The Way Group has launched the Absolute Return Portfolio Fund, one of three new investment funds to use a new tiered performance fee structure.
Way Absolute Return Portfolio Fund follows the recently launched Way Freestyle Growth Portfolio Fund, and will be followed this month by the Way Asian Spice Portfolio Fund.
Manager Roderick Collins, founding member of Hasley Investment Management, will head up the fund.
It will invest in quoted hedge funds and investment trusts of hedge funds deploying a range of strategies as well as in some distributor status hedge funds and the growing range of absolute return
Tim Levy, chief executive of GBP6bn alternative investment firm Future Capital Partners, is about to embark on a expedition led by Bear Grylls through the Northwest Passage.
Future Capital’s investment partnership Future Fuels, which will fund the construction of a renewable fuel plant in the UK, is sponsoring the expedition.
The 14 day trip will raise awareness of the effect of climate change on the planet and raise money for UK charity Global Angels, providing safe drinking water for thousands of children in Africa.
The expedition through the formerly frozen Northwest Passage will begin on 28 August in Pond Inlet
Ginga Petroleum, a company offering broking services for the energy markets from Singapore, has gone live with a trading screen for its coal brokers using Trayport’s GlobalVision Broker Trading System.
Ginga will list coal swaps products (API2, API4, gC ICE Newc futures) electronically and will also list Indonesian sub-bituminous coal swaps and a sub-bit physical contract.
The physical contract is being developed in conjunction with market participants and is based on the specifications of the McCloskey Indonesian Sub-Bituminous FOB Marker Index. The intention is that this contract will bring greater transparency to this market.
“Trayport’s GlobalVision Broker System screen
Joseph F Winterscheid (pictured), partner and head of the global Antitrust & Competition Practice Group at McDermott Will & Emery, outlines the implications of the FTC’s revised Horizontal Merger Guidelines.
Last week, the Federal Trade Commission (FTC) released the final revised Horizontal Merger Guidelines that describe the FTC and U.S. Department of Justice’s (DOJ’s) methodology for analysing the likely competitive impact of mergers and acquisitions between competitors.
While the Guidelines de-emphasise the role of market definition in the FTC’s and DOJ’s analyses of transactions, they largely memorialize the agencies’ existing practices in the merger review process.
The new guidelines’ shift
Cobalt and molybdenum have made an encouraging start to trading on the London Metal Exchange with volumes, liquidity and open interest building well since the launch on 22 February this year.
To date, 4,047 lots of cobalt have traded (equivalent to 4,047 tonnes/USD161m).
Molybdenum trading has seen 321 lots traded (equivalent to 1,926 tonnes/USD69m).
At the close of 19 August, market open interest – which is published by the exchange two days in arrears – in cobalt had grown to 406 lots (406 tonnes), while open interest in molybdenum stood at 41 lots (246 tonnes).
Nine cobalt brands have been
The Merrion High Alpha Fund reached its three year anniversary on 16 August, having delivered growth of 103 per cent since launch and 26.6 per cent per annum.
Merrion has now decided to market the fund to a wider audience of international professional investors.
There is currently approximately GBP50m invested in the fund. This has been raised predominantly from domestic professional investors including pension funds, corporate funds and high net worth individuals.
The fund is a global macro long short fund designed to deliver strong positive performance with a very low correlation to equity market returns. The fund takes concentrated
Quintillion, a hedge fund administration firm, has completed the integration between HWM Mantra, its investor registration and incentive fee calculation system, and Advent Geneva, its accounting platform.
The integration allows for the automatic transfer of profit and loss allocations from Geneva directly into Mantra.
HWM Mantra has been designed to meet the business and technological challenges that have been driven by the rise of increasingly complex and sophisticated alternative fund markets.
The integration enables Geneva to feed all of the fund’s portfolio general ledger balances directly into Mantra, mapping each line item across the fund’s individual classes or series. This
Spectron, the commodities brokerage, has extended its market coverage to include European fuel oil.
A nine-strong team of experienced brokers, previously of MF Global, has joined Spectron and will be starting operations from its London office on 1 September.
The team will be headed by Danny Fenn.
“We are delighted to be joining Spectron — and are now part of not only the most energy-focused of all the major global brokerages, but one which also has a fantastic reputation for customer service; it is great news for us and for our clients,” says Fenn.
“This is a very exciting hire
The Dow Jones Credit Suisse Hedge Fund Index gained 1.59 per cent in July, its highest performance since March 2010.
Eight out of ten strategies in the index posted positive performance in July as markets reversed from the May-June slide.
Emerging markets and long/short equity were the best performers in the index on the back of the rebound in the equities markets, posting 3.52 per cent and 2.53 per cent respectively.
Event driven recovered from its May and June losses posting positive performance of 1.81 per cent for the month. The risk arbitrage sub-sector provided the best returns as a
