Thursday, 21 August 2014
Last updated 13 hours ago
May 6 2010 | 1:04pm ET
New York-based Auldyn Partners has recently launched a global macro hedge fund to take advantage of dislocations in global equity index futures and stock markets.
The firm’s maiden vehicle, the Country Alpha Fund, debuted in January and returned 20% through April. Its more volatile sister fund, Country Alpha Plus Fund, generated a 71% return in the same period.
In the first quarter, the fund focused on Spain, where it has been short futures on the Ibex35 Index, according to Ian Clague, a partner at Auldyn and a former co-head of debt derivatives and government bond trading for Merrill Lynch in Japan. On the long side, Clague’s bets include positions in the S&P 500 index futures and Switzerland.
“We see Switzerland as defensive against the sovereign debt crisis and the problems of the Southern Eurozone,” Clague told FINalternatives. “As we look ahead to the second quarter, we expect that large government budget deficits will prove to be very hard to close. Greece, Portugal and Spain will find this especially challenging. They face the headwinds of falling asset prices, which will depress gross domestic product and rising borrowing costs.”
Clague also warned against the persistence of deflationary risks for the Southern Eurozone and Ireland.
“Southern Eurozone countries face a tough choice on reform of their labor markets and public sector. If they do not reform, their labor costs and high taxation will continue to leave them uncompetitive with a rising Asia,” he said.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note