UK-based Mondis Capital last month made its foray into the hedge fund space with the debut of its Mondis Growth Fund, a global macro offering. The Cayman Islands-domiciled vehicle has a long equity bias but can also invest in bonds, commodities, currencies, exchange traded funds and managed futures assets.
The fund was seeded with US$3 million from a family trust controlled by Sasha Parmar, who ran a similar strategy for the trust and founded Mondis Capital in February after stints at Smith & Williamson, Barclays and HSBC Stockbrokers.
The fund, which is not currently available to U.S. investors, is targeting high net worth individuals, family offices and fund of funds investors.
“One of the key things to Sasha’s performance and success has been asset allocation,” said a source with knowledge of the fund. “If you went back to 2008, you’ll find that the family trust was overweight in bonds and equities. They launched a Caymans-based fund because Sasha likes to be completely unrestrained and if he wants to take a big cash holding, then he’ll be able to do that with this fund.”
Mondis is currently invested in U.S. and emerging market equities (63%), commodities (10%), currencies (19%), and bonds (8%).
In an interview last month with UK newspaper The Birmingham Post, Parmar said he was bullish on Asia and the emerging markets.
"People are now realizing that there is a structural, economic shift of power from west to east due to the high levels of debt in Europe and the U.S. We prefer to invest where the money is, not the debt. Over the last 10 years, Asian and emerging market equities have massively out-performed those of the UK,” he said.