Longwood Fund Returns 0.46% In July

Aug 16 2012 | 8:28am ET

The Longwood fund, a Toronto-based long/short vehicle focused on publicly traded real estate securities, returned 0.46% in July, bringing its year-to-date net return to 5.18%.

Portfolio manager Andrew Moffs told investors in his July commentary that the “general theme” of the month has been one of “policy trumping data as markets continue to shrug off continued weak economic data in favor of accelerated policy responses globally.”

The fund is run by SRE Securities, the Canadian arm of Greenwich, Conn.-based Starwood Real Estate Securities. Longwood is the firm’s first Canadian vehicle, launched in 2010 with local seed capital.

The fund’s net exposure averaged 27% in July. Moffs, who also serves as president of SRE Securities, said the fund entered August “with a slightly higher gross exposure of 89% but with a lower net exposure of 26% (compared with exposures of 84% gross and 29% net on July 1st).  This reflects some harvesting of gains and additions to the short book.”

The Longwood fund is currently short U.S. office and industrial companies overall and long malls and manufactured housing. North of border, the firm continues “to expect a pullback in the Canadian REIT market and a correction in the single-family housing market” and has “positioned accordingly,” according to Moffs’ commentary.

The Longwood fund has roughly 50% exposure to Canadian securities, 45% exposure to U.S. securities and 5% exposure to international securities.

 

 


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

Securities and Exchange Commission Chair Mary Jo White will step down as chair of the nation’s Wall Street overseer in January, setting the stage for a potential conservative shift in the regulator’s leadership under the incoming Donald Trump administration.