Iraq Hedge Fund Up In May, Considers Soft Close

Jun 23 2008 | 2:00am ET

Godvig Capital’s Iraq-focused Babylon Fund finished May up 2.7%, bringing its year-to-date gains to 5.2%.

The fund’s portfolio included stakes in hotels, banks and breweries last month, according to portfolio manager Björn Englund, who said he has been solicited to take on board seats but has refrained from doing so. “Our board policy stays for now, but might have to change in the future,” he said.

Last month, Englund said he continued to slowly add to the portfolio’s Iraq Stock Exchange exposure because of the “sizable inflow” into the fund, and intends to soft close the fund later this year “should assets rise faster than our target.”

Englund remains optimistic about the fund’s performance because of improving conditions in the war-torn country. He points to a decreasing number of U.S. combat troop deaths, oil production and export revenues at four-year highs, and, elsewhere in the volatile region, the fragile truce between Israel and Hamas.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Moore Capital PM Fired After Raucous Hamptons Party

Jul 7 2016 | 10:47pm ET

A portfolio manager for Louis Bacon’s $15 billion hedge fund Moore Capital Management...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...