Saturday, 30 April 2016
Last updated 9 hours ago
May 20 2010 | 11:20am ET
A pair of Clinton Group alumni has founded a global macro hedge fund shop in New York, seeking out institutional investors for its debut fund.
Snowbridge Asset Management last month launched a global macro futures strategy with $6 million in a managed account and is currently canvassing the institutional landscape for like-minded investors.
The strategy, the brainchild of Steven Chung and Steve Moulding, is dubbed the Projective Trend program, a trend-following strategy with holding periods ranging from one to three months. The program's portfolio is comprised fixed-income, foreign exchange, equity index, and the energy, metal and agricultural sectors in North America, Europe and Asia and the Pacific Rim.
The program was up 0.58% last month, but is currently down over 1.5% month-to-date.
“We, like a lot of commodity trading advisors, have been long equities for a while and certainly that’s turning,” said Moulding. “The fixed-income trade has just been fantastic over the last year or so. May has been challenging and we’ve been inside of our targeted volatility of 80 basis points a day but the volatility has certainly been picking up.”
While the pair is currently accepting managed accounts, they may offer the strategy in the form of a fund within the next year. As well, the systematic traders are also looking into offering investors their own high frequency strategy to investors who are currently smitten with intra-day trading.