Sat, Nov 28, 2015
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. Other Voices: Hedge fund marketing and the selling cycle[more]

    By Bruce Frumerman. How long is the selling cycle now? That’s a question my financial communications and sales marketing consulting firm has been asked on a regular basis by hedge fund firm owners and sales people, ever since we opened the doors to our firm in 1987 pre-crash. Wa

  2. People - Solus Alternative Asset Management adds chief strategist from BTIG[more]

    From Daniel Greenhaus joined hedge fund manager Solus Alternative Asset Management as managing director and chief strategist. He will work closely with Chris Bondy, Solus’ chief economist, managing director and executive vice president, said Chris Pucillo, CEO and chief investmen

  3. Opalesque Roundtable: Seeding deal terms can be onerous for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Executives from fund of funds firms, family offices, a placement agent, a private equity firm, and an accounting firm gathered in Connecticut last month for the

  4. Opalesque Roundtable: Family offices flock to co-investment[more]

    Bailey McCann, Opalesque New York: Co-investments have been a hot topic for pension funds in recent years, as they try to move away from high fees and improve transparency. But now, family offices are more readily getting into the mix and establishing in-house deal teams, according to the delega

  5. More institutional investors invest in CTAs compared to last year despite dissatisfaction with performance[more]

    Benedicte Gravrand, Opalesque Geneva: "Despite a strong start to 2015 for CTAs in Q1, commodity market conditions have made return generation difficult for fund managers over much of the rest of the year to date," says Preqin’s November