Friday, 22 May 2015
Last updated 1 hour ago
Aug 9 2007 | 1:49pm ET
Copenhagen, Denmark-based Uttrup Financial Advisors recently launched the Cresco Fund, a long/short European equity offering with a Nordic bias. The Guernsey-domiciled fund, which launched in mid-May with $45 million, has returned gains of 3.3% and 0.2%, and a decline of 0.7% in its first three months of trading.
“As the nordic region itself is fairly cyclical, we have a tilt toward cyclical stocks in a broad variety of industries such as shipping, industrial, mining, oil services and so forth,” said Jesper Uttrup, a partner and former portfolio manager of Copenhagen long/short equity shop Danske Capital.
The fund is currently invested in about 25 stocks with long holdings in dry bulk, solar energy and local property developers.
Uttrup said he believes that the Nodic equity market has more upside than the rest of Europe because “balance sheets of companies are less stretched and we’re moving into a period right now where companies are starting to increase leverage on their balance sheets.”
The fund, which is targeting 25% net returns per annum, charges fees of 2% for management and 20% for performance, with a minimum investment requirement of US$500,000.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…