Sunday, 21 September 2014
Last updated 2 days ago
Jan 27 2009 | 11:19am ET
The Iraq-focused Babylon Fund dropped another 3% last month, bringing its year-to-date loss to 22.7%.
While the fund’s performance was not satisfying from an absolute return perspective, portfolio manager Björn Englund said its performance relative to other Middle East and North Africa funds, and frontier markets funds, were actually “quite attractive.”
“An Iraqi market that almost everybody perceived wrongly as one of extreme high risk, turned out truly to provide a relative uncorrelated, and lowly financial risk environment,” wrote Englund, in a letter to investors. “During the year, Iraq has not endured a single corporate bankruptcy among its 100 publicly listed companies, even less any bursts of financial bubbles nor any recapitalization/nationalizations of the private banking system.”
Neither aggressive deleveraging or forced selling have been issues on the Baghdad trading floor, according to Englund. Rather, he says most of the Iraqi strategic shareholders are currently raising their stakes on the basis that Iraqi equities are clearly undervalued and will rebound from their current depressed levels.
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.