Wednesday, 20 August 2014
Last updated 5 hours ago
Sep 14 2012 | 12:17pm ET
Like most hedge funds, BlueCrest Capital Management's listed fund of hedge funds has badly underperformed the broader markets.
The AllBlue Fund is up 4% over the past 12 months, Oriel Securities, which has begun to cover the London-listed vehicle, reports. And Oriel isn’t impressed.
The firm calls that return "disappointing" and gave AllBlue a negative recommendation.
"Over the last three years, returns have been more modest, with the NAV rising by only 20% since September 2009. We think that relatively low volatility in markets has been a factor in the lower returns delivered," Oriel wrote. "Over the past year, the NAV has risen 4%, ahead of the HFRX Global Hedge Fund Index, which has been flat."
Still, Oriel said that the fund, which invests in six underlying BlueCrest funds, "warrants further research and stands out in terms of its relatively high market capitalization (£818 million) and relatively narrow discount."
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