Wednesday, 24 September 2014
Last updated 14 hours ago
Jan 8 2008 | 12:04pm ET
Godvig Capital’s Iraq-focused hedge fund, the Babylon Fund, experienced its biggest monthly drawdown since inception, losing 5.4% in November. The drawdown slowed the US$13.1 million fund’s year-to-date returns to 13.6%.
In his monthly investor letter, portfolio manager Björn Englund partially attributed the loss to “the general spike in risk aversion globally and in the region in November, which was combined with ‘lack-of-liquidity-driven’ falling share prices on the Iraq Stock Exchange and higher yields, while the ongoing appreciation of the Iraqi dinar stalled–at least temporarily.”
The open-ended mutual fund structured vehicle’s largest losses during the month were in a few Iraqi financial services names such as Dar ElSalam Investment Bank and Kurdistan International Bank, which both lost a 25% of their value in November.
Going forward, Englund said he expects the hiccup in the Iraqi equities market to subside and the prevailing improved security and macroeconomic situation in Iraq to help “breath new life into the stock market and investors' sentiment in 2008.”
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.