Decomposing FoHF returns
Where and when funds of hedge funds add and lose value
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12/05/2010
There's opportunity in Eurozone crisis
Eurozone debt, Greek riots, the chaos of last week’s UK general election. Times are tough in Europe, but the current dislocation is also leading a number of large multi-strategy funds to identify emerging opportunities in the region.
Last week, HFMWeek learned that a major Europe-based manager is set to ramp up its European exposure from 5% to 35%, predicting “five years of plenty” as the region’s markets continued to discombobulate less savvy investors.
Declining to be named, the fund said, “the sovereign debt crisis is one thing – but we are also seeing increasing opportunities in the credit and distressed spaces.” Few may be quite this bullish, but old-Europe is definitely piquing wider interest. Particularly as managers view some of the newer markets as increasingly parched.
“If there is a drift back to Europe, it started in Asia,” stated one emerging market manager. Concerns around strategic and regulatory risks have already seen Asian hedge funds suffer net redemptions of around $700m in Q1 2010, despite the wider industry’s inflows of $13.7bn, according to data from HFR.
With China looking like it could be overheating, many European managers are already looking closer to home. Particularly those with the ability to understand the nuances of the varied Eurozone-economies – a skill, according to HFMWeek’s source, that many large US distressed players lack.
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What's in a name? Petra Capital Management
Formed in 2005, New York-based Petra Capital Management soon forged itself a reputation as one of the hedge fund industry’s best-known investors in the commercial mortgage-backed securities (CMBS) market.
Founder Andy Stone, an expert in real-estate debt from his time at Solomon Brothers and Credit Suisse First Boston, would even go on to be described as a ‘rock star’ in the field. His choice of moniker for his hedge fund project certainly lends itself to Stone’s background – and more than just in name and reputation.
Petra is, of course, a historically and archaeologically significant city in Jordan, renowned for its architecture cut into the rock face of its central valley. The rock-carved collection of tombs, temples and waterways is one of Jordan’s most famous symbols and tourist attractions, not to mention a regular in popular culture – featuring in films such as Indiana Jones and the Last Crusade. Unesco, which made the city a World Heritage Site in 1985, described it as “one of the most precious cultural properties of man’s cultural heritage”. Most pertinently though, Petra actually means ‘stone’ in Arabic.
Not quite the force he once was, Stone suffered a…
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