May 14th, 2008
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HedgeWeek - The Millennium Multi-Strategy Fund, a fund of hedge funds managed by London-based alternative investment manager and currency overlay specialist Millennium Global Investments, is keeping in positive territory for 2008 as the fund marks its third anniversary.
Following a return of 9.24 per cent in US dollar terms with 3.04 per cent volatility in 2007, the Millennium Multi-Strategy Fund is up an estimated 1.8 per cent at the end of April amid an unusually difficult conditions for hedge funds, putting the fund in the top 6 per cent of funds of hedge funds, according to InvestHedge.
Last year’s performance was consistent with the fund’s average annualised return of 9.22 per cent with volatility of 3.91 per cent since its establishment, which compares favourably with . the 5.11 per cent annualised return and 5.25 per cent volatility for the HFR Global index over the same period.
‘Our approach, combining a diversified portfolio of non-traditional managers with an overlay, is an all-weather concept,’ says Arne Hassel, Millennium’s managing director for multi-strategy and global tactical asset allocation. ‘It makes it possible to generate attractive returns even when the major asset markets are challenging.’
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