Russian Hedge Fund Predicts A Happy New Year

Dec 14 2007 | 10:50am ET

Moscow-based hedge fund Red Star Asset Management enjoyed strong returns in November, and has told investors to expect the good news to continue in the new year.

The US$50 million firm, which invests on its home turf, said in a note to investors that its flagship Double Alpha returned 3% last month, Reuters reports. The fund is up 15% year-to-date, unimpressive compared to other Russia-focused hedge funds. But Red Star told investors it sees “significant long/short opportunities” next year.

“We anticipate solid fund performance well into the year ahead,” the note says, adding that the firm is “selectively optimistic on the long side through year-end and well into the first quarter of 2008.”

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