The Thames River Hillside Apex Fund, launched in 1998 and managed by Bernt Tallaksen and Mehrdad Noorani, is celebrating its tenth anniversary.
The Thames River Hillside Apex Fund, launched in 1998 and managed by Bernt Tallaksen and Mehrdad Noorani, is celebrating its tenth anniversary. Over the 10 years to 31 July 2008, the fund has grown to USD 1,240m and has returned +218.6% (cumulative) or +12.3% (annualised).
Tallaksen says: “We truly believe we have delivered what we set out to do ten years ago when we launched Hillside Apex. Over this time we have never had a negative calendar year, providing investors with a fund which delivers strong and consistent risk-adjusted returns. We started 2008 with a view that the year would be divided into two halves. The first half of the year would be about capital preservation, whilst the second half would start to present opportunities – our view remains intact.”
Aiming to maximise absolute returns which do not depend to any substantial degree on favourable or unfavourable economic conditions, the fund invests across Emerging markets and G7 with a focus on corporate debt in the high yield, distressed and special situations area as well as local markets rates and FX. A key feature of the fund’s portfolio construction is the unique asset allocation methodology, which is based on allocating money primarily by investor group and secondly by region, country and security.
Charlie Porter, CEO of Thames River adds, “We launched Hillside Apex in July 1998 into the teeth of a storm created by LTCM and the Russian crisis, the fund weathered that well and 10 years on it has coped well so far with the rigours of 2008. This fund encapsulates the Thames River ethos of generating strong absolute returns. As the first hedge fund that we established, I am proud that is has achieved what it set out to do and more.”