Thursday, 31 July 2014
Last updated 9 hours ago
Aug 15 2007 | 12:05pm ET
Singapore-based Blackhorse Asset Management’s latest offering is up and running at full stride. The firm’s $34 million Blackhorse Early-Stage Technology Fund’s Class A and B shares returned 6.77% and 6.84% respectively in its first month of trading.
The fund’s return compares favorably to its benchmark, the MXAS0IT index, which gained of 1.67%.
BEST, which launched on July 1, generated alpha from both its long and short positions, according to Richard Duncan, principal.
“The highlight of the month was gains from a large short position in a financially-troubled telecommunications equipment manufacturer (market cap ~US$200 million) which plummeted by nearly 40% in the month, ranking as the second largest contributor to gains in the month,” penned Duncan in his monthly investor letter.
“The largest gainer in the month was a Taiwanese fabless IC company carrying on exciting initiatives in the haptics and GPS areas. On a 12-month view we feel that the stock has the ability to triple from current levels. Amidst challenging market conditions in August, the fund is cashed-up and well-hedged, with roughly neutral net exposure.”
BEST invests in a portfolio of Asian listed and unlisted technology companies in Japan,
Korea, Taiwan, Singapore, Hong Kong, China, Malaysia, Thailand and India. It charges fees of 1.75% for management and 20% for performance, with a $100,000 minimum investment requirement.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…