Wednesday, 1 October 2014
Last updated 11 hours ago
Sep 25 2008 | 8:48am ET
It hasn’t been a good summer for Godvig Capital’s Iraq-focused hedge fund to say the least. The Babylon Fund, like most of its peers around the world, continued to lose money in August, dropping 2.6%. The fund fell 2.8% in July and 0.6% in June.
Portfolio manager Björn Englund pointed to the influence of Iraq-dependant securities listed outside the war-torn country, rather than the fund’s direct holdings in Iraq, as culprits for the fund’s drawdown.
“We saw setbacks for oil companies on the back of lower oil prices, coupled with a rise in general international risk-aversion,” Englund wrote in an investor letter. “Further, negative sentiment is still reigning over the MENA markets, which are now moving with the investors’ psychology, more than on the basis of economic fundamentals. We are consistently increasing the fund’s exposure to undervalued holdings on the Iraqi Stock Exchange. However, liquidity on the ISX has dropped considerably during the summer, owing both to the summer silence and upcoming period of Ramadan.”
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 McKitish of Peddie School's 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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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