Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
HedgeCo.net (West Palm Beach) – Bandon Capital Management has reached it’s 5th year for its hedge fund flagship investment strategy, ‘Directional Interest Rate Strategy’, (DIRS) producing annualized returns of +7.09% net of all fees, comparatively over the same time period the S&P 500 has lost -2.15%.
The strategy provides investors with absolute returns, uncorrelated with the equity and fixed income markets, by investing in the US Treasury Market using ETF’s or mutual funds and is available to non-accredited investors.
“We’re incredibly proud of this milestone. This is an investment area where there is a tremendous amount of product development activity and innovation." Bill Woodruff, Founder and Managing Principal said, "As advisors and their clients increasingly seek non-correlated, absolute return strategies we stand out for both the length and strength of our track record.”
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HedgeCo.net (West Palm Beach) – Hedge fund manager Bandon Capital Management, LLC, has made it’s flagship investment strategy, DIRS – Directional Interest Rate Strategy – available to investment advisors through Adhesion’s WealthADV UMA platform.
The flagship strategy, celebrating it’s 5th year anniversary at the end of this month, seeks to provide investors with absolute returns, uncorrelated with the equity and fixed income markets by investing in the US Treasury Market using ETF’s or mutual funds and is available to non-accredited investors.
Bandon is focused on delivering the attractive investment characteristics of alternative investing – absolute returns with low correlations – to the mass affluent and small institutional investors while minimizing or eliminating many of the structural negatives including high minimums, high fees, long lock ups and lack of liquidity and transparency.
”Every day we hear from advisors sharing the frustration of their clients, whose account balances have been decimated and are not yet reflecting the economic recovery they keep hearing about.” Bill Woodruff, Founder and Managing Principal, said, ”Increasingly, advisors are recognizing the benefit of allocating a portion of their portfolio to absolute return strategies – just like large institutional and ultra HNW investors – and are knocking on our door. We could not be more pleased with the opportunity to be included on the Adhesion platform which has many benefits including an open custody approach that enables advisors and their clients to access Bandon’s strategies through Schwab Institutional, Fidelity, TD Ameritrade and Pershing”.
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West Palm Beach (HedgeCo.net) – Hedge fund managers posted positive returns across all major strategies in May except for Managed Futures. Returns were driven by favorable investment conditions across equity, credit and commodities markets. India led the positive trend in Emerging Markets, with the Sensex index surging 17.3% within less than a minute of the announcement on May 18 that the Congress Party garnered a comfortable majority coalition in the general elections.
Industrial production numbers were up in many parts of Asia, with factories in Japan raising output by the largest monthly margin in nearly 60 years, and the Purchasing Manager’s Index (PMI) in China expanding for a third month to a seasonally adjusted 53.1 (a reading above 50 indicates an expansion). Some managers remained cautious, however, with the view that a switch from a government-led recovery to a consumer-led recovery may face hurdles such as the continuing rise of unemployment in many parts of the world, rising savings rates (particularly in the US), overhangs in vacant housing, as well as assorted weak macro data in Europe.
With spreads tightening and returns strong across the credit spectrum, relative value players such as Convertible Arbitrage and Fixed Income Arbitrage were among the best performers. With fixed income markets apparently unfazed by the General Motors bankruptcy, investment grade financials had the strongest performance, but investment grade industrials, utilities and high yield also had a solid month, as did leveraged loans.
Global Macro has continued to have the longest positive streak of all the strategies in the index for the 7th consecutive month, starting in November 2008. Managers found opportunities in currency trades, fixed income, commodities, as well as tactically trading equities. Managed Futures performance improved over April, but posted a fifth consecutive month of negative returns. Long/Short Equity Managers continued to have wide dispersions of returns, with some managers adding to their long exposures and tactically harvesting returns from the rallies, while others maintained their defensive positioning, citing an absence of fundamental drivers for a strong v-shaped recovery.
Editing by Alex Akesson
May performance will be published June 15th on Bloomberg
West Palm Beach (HedgeCo.net) – Alternative asset manager, Duet Group, has launched the first Middle East and North Africa (MENA) multistrategy hedge fund "Duet MENA Opportunities Fund". The new fund will target both equity and fixed income markets in the MENA region and will be managed by Duet MENA Limited, a DIFC licensed asset manager.
Rabih Sultani, Chief Investment Officer, will manage the fund under the leadership of Hedi Ben Mlouka, Chief Executive Officer of Duet MENA. Rabih brings over 9 years of fund management and research experience across equities and fixed income.
"The investment team has one of the longest established track records in the Middle East." Hedi Ben Mlouka said, "The current unfolding crisis has created unprecedented opportunities in global markets. Such opportunities appear to be even more eye-catching in the MENA region, and we, Duet Group, are well positioned to take advantage of these prospects for our clients. I am pleased to announce that Duet’s commitment to the Middle East has led to the allocation of significant capital to the fund from existing shareholders and clients".
The new hedge fund will deploy three main investment strategies: Conviction, Relative Arbitrage and Opportunistic trading. These will be premised on pricing dislocations and valuation imbalances that are created from time to time under the influence of economic, political and capital flow factors.
The hedge fund manager has $2 billion of equity under management and their flagship hedge fund ‘Duet Global Opportunities Fund’ was awarded Best Equity Market Neutral Fund of the year in 2007 by Euro Hedge and HFM.
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International Herald Tribune- A former manager of a Citigroup Inc hedge fund has filed a complaint with a British tribunal accusing the bank of causing his fund’s demise, the Wall Street Journal reported on Saturday, citing people familiar with the matter.
In a sealed complaint filed last month with a state-run employment tribunal, John Pickett, who ran a hedge fund known as CSO Partners that specialized in corporate debt, accuses the bank of pressuring CSO to buy billions of dollars in troubled loans, the newspaper reported.
Pickett said the loans undermined CSO and led to his resignation. Citigroup called the complaint "without merit," the Journal said.
MSN MoneyCentral- A former manager of a Citigroup Inc hedge fund has filed a complaint with a British tribunal accusing the bank of causing his fund’s demise, the Wall Street Journal reported on Saturday, citing people familiar with the matter.
In a sealed complaint filed last month with a state-run employment tribunal, John Pickett, who ran a hedge fund known as CSO Partners that specialized in corporate debt, accuses the bank of pressuring CSO to buy billions of dollars in troubled loans, the newspaper reported.
