Editor's view: 29 July 2010
Like Paris in the spring, the lure of the Ucits space is proving a heady experience for many managers. First Europe fell for the charms of these onshore products, now the Americans are joining in a communal swoon.
17/02/2010
Ex-Putnam veteran launches maiden fund
Brian DeChristopher, formerly with Putnam Investments, has launched his maiden hedge fund, HFMWeek has learned.
After forming Boston-based Chordant Capital Partners, the Chordant Lifesciences Fund debuted this month. The offering is a long/short global healthcare and life sciences fund with a slight
long-bias. It has 20 long positions and 20-30 shorts. Its capacity is $500m.
DeChristopher, the fund’s portfolio manager and founder, was a healthcare analyst and portfolio manager at Putnam Investments.
Last year, the BarclayHedge healthcare and biotechnology index returned 28% and is down slightly at the start of 2010.
Stocks in the healthcare sector continue to trade at a greater discount to historical premiums. Today healthcare stocks discount to the S&P 500 is around 15% and was trading at an 11% discount
between 2005 and 2008.
The fund has a $250,000 investment minimum, 1.5/15 fees and a one-year lockup. Jefferies & Co and JP Morgan are the prime brokers.
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Comment: Amy B Hirsch
"It is imperative that investors of all types ensure they understand the relationship between the introducing party and the manager"
Investors sit tight on impaired assets
Playing the ‘what if’ game can be fun but, depending on the number of variables in question, it can get a little out of control. Apply this conceit to the hedge fund sector's performance during the financial crisis and the possible permutations become legion.
Hedge fund inflows in Q2
Hedge inflows have slowed as volatile markets made sitting on the sidelines the safest option in Q2. According to figures from HFR, the quarter’s $9.5bn - a 30% drop from Q1’s $14bn – reflected the 'wait and see' policy of many investors as the HFRI Fund Weighted Composite dropped -2.5%. With nerves setting in, recent predictions of a boom of interest in the alpha potential of smaller managers also fell flat, with the lion’s share of money going to large $5bn-plus managers.
Read MoreFunds of hedge funds fall out of favour
A growing number of institutional investors are now opting to invest directly into hedge funds instead of allocating to the space via funds of hedge funds.
Read More
22/09/2010
UK: Ucits IV
This month’s HFMWeek Subscriber Club breakfast will take place on Wednesday 22 September. Join us and…
30/09/2010
US: topic to be confirmed
The next HFMWeek Subscriber Club breakfast will take place on Thursday 30 September. Topic and…
19/07/10
HFM Week US Performance Awards
Following the success of the last year’s HFM US Hedge Fund Performance Awards we...
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