Wed, Sep 28, 2016
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

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. Nobel Sustainability Trust, Prince Albert II of Monaco help launch major new initiative to drive sustainable technologies[more]

    Matthias Knab, Opalesque: The Nobel Sustainability® Trust ("NST") is leading a major new initiative to finance, incubate and accelerate the development of clean technologies. The initiative will start with the formation of the Nobel Sustainability Fund® ("NSF"). NSF will drive faster access t

  2. Studies - Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements, Cambridge: Look to private investments for best access to LatAm growth[more]

    Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements A new study of the hedge fund space by industry law firm Seward & Kissel LLP reveals a wealth of information regarding established hedge fund managers’ use of side letters—special agreements

  3. Activist News - Caesars 'optimistic' on deal with hedge fund creditors[more]

    From Reuters.com: Caesars Entertainment Corp said on Monday it remains "optimistic" of reaching a $5 billion deal with the bulk of its creditors to push its main operating unit out of bankruptcy, but one hedge fund bondholder said it will pursue litigation. Caesars offered a sweetened $5 billion set

  4. Hedge funds recover from losses as central banks give markets a respite[more]

    Komfie Manalo, Opalesque Asia: The Lyxor Hedge Fund index was up 0.4% from the week ending September 20 (-2.4% YTD), supported by the willingness of central banks to remain accommodative, Lyxor Asset Management said in its weekly briefing. It ad

  5. Perry Capital closing flagship fund after almost three decades[more]

    From Blooomberg.com: Richard Perry, one of the biggest names in hedge funds, is calling it quits after 28 years. Perry, 61, is winding down his New York-based flagship fund as the industry confronts one of the most tumultuous periods in its history. In a letter to investors Monday, he said his style