Wednesday, 1 October 2014
Last updated 12 hours ago
Oct 10 2008 | 2:00am ET
U.K.-based Blackfish Capital’s nascent long/short offering, the Exodus Fund, may trigger just that: The six-month old fund is down by double-digits through September.
Exodus, which invests in physical commodities and energy as well as currencies, retail stocks and housing names dropped 6.73% last month, bringing its year-to-date losses to 20.60%.
Portfolio manager Toby Birch said the fund, which held significant cash positions in August, went even further last month and liquidated a larger portion of its holdings. The remaining holdings consist of gold, base metals and agriculture, accounting for little more than 17% of net asset value.
“The sales were transacted the day before the spectacular rally when the bail-out was announced,” said Birch. “However, this risk aversion meant that we managed to avoid the month-end swoon, in what proved to be the 10th-worst sell-off for U.S. markets over the course of a century.”
Though disappointed, Birch offered that the fund has survived.
“The same cannot be said for many leveraged funds investing in the commodity arena or for those whose assets are still locked up at Lehman Brothers, once one of the leading prime brokers for hedge funds,” he said. “There are rumors of a significant number of fund closures (running into hundreds) in what appears to be a Darwinian-style cleansing of the industry.”
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...