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
New Mexico allocates to Goldentree CLO fund
The New Mexico Educational Retirement Board (ERB) allocated $50m to a collateralised loan obligation (CLO) fund managed by Goldentree Asset Management, at the end of 2009.
ERB, which so far has almost 7% of its portfolio allocated to absolute return, made the investment with the manager in a separate account. ERB has a 10% allocation to hedge funds which is yet to be fully funded, and according to a fiduciary review by Ennis Knupp issued early last month, ERB’s alternatives allocations are expected to be funded over the next few years.
As at 30 September 2009, ERB had $540m invested across six hedge fund strategies: Austin Capital Safe Harbour Fund, Benchmark Plus, Deutsche Topiary Fund, Gottex Market Neutral Fund, Gottex Market Neutral Plus and the Tag Relative Offshore Fund.
In addition, ERB has a 5% ($390m) allocation to Global Tactical Asset Allocation investment strategy, which is managed by Bridgewater. The portfolio is split, with 60% invested in Bridgewater All Weather Fund and 40% in Bridgewater Pure Alpha.
Goldentree manages $10.9bn in assets, including $5.4bn in absolute return and $3.2bn in CLOs.
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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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