Thu, Apr 17, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

New Swiss-domiciled Top Crystal Fund's defensive stance played out well

Monday, February 15, 2010

From the Opalesque team:

Newly-launched Swiss-domiciled Top Crystal Fund reported a negative 0.17% growth in January, three months after its inception in October ’09. Contrary to market expectations, the latest fund report said, January-10 turned out to be a turbulent month in which Eurostoxx 50 was down 6.8% and the S&P down 3.8%.

The fund’s CIO Gianrito Nicodemo said the firm decided to play defensively at the start of 2010, which saved the firm from possible greater losses. He said that the market sentiment remained “excessively optimistic,” although the macro picture is still uncertain: “The result was a chunky correction; the dollar continues to strengthen and hit 1.35 against the euro, and gold continues to weaken and fell to $1050 which is a 61.8% retracement from its recent highs, and sits on its long-­-term support levels.”

Top Crystal was up 0.1% in December ’09, compared with the +2.16% return recorded by the Hennessee Long/Short Equity Index that same month.

Gianrito told investors in his January letter that the rosy macro and corporate figures recorded in the second half of 2009 would continue through the first half of 2010 and even beat “already strong estimates,” before slowing through the rest of the year.

Top Crystal fund also posted an initial negative result as it closed November down 0.1%. Gianri......................

To view our full article Click here

Banner
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: European stock-picking fund up 19% YTD, bets on small caps’ high cash level[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Here is a European long/short equity fund that has been beating the odds since its 2008 inception by employing its own investment model, frequent company visits

  2. CTAs could face new challenges in a rising rates environment[more]

    Bailey McCann, Opalesque New York: CTAs have taken a beating performance wise lately, and asset flows reports show that investors aren't sticking around to see how the movie ends. Now, a new white paper from Roy Niederhoffer and Coen Weddepohl notes that as interest rates start to tick back u

  3. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  4. Opalesque TV: First Trust Advisors launches liquid alternatives platform[more]

    Bailey McCann, Opalesque New York: First Trust Advisors is launching a new liquid alternatives platform aimed at building on the companies existing alternative ETFs offering by adding hedged mutual funds. Senior Portfolio Managers Rob Guttschow and John Gambla recently sat down in an

  5. Commodities – Popular value fund manager David Iben bets on Russia, gold,[more]

    From Reuters.com: With large bets on Russia and North American gold miners, one of the best performing stock pickers in the wake of the 2008 financial crisis is back with a new fund that reflects his deep aversion to following the crowd. In the Kopernik Global All-Cap Fund, David Iben is follo