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Alternative Market Briefing

Opportunities remain for investors to access high quality listed hedge funds at discount to NAV

Wednesday, June 16, 2010

Benedicte Gravrand, Opalesque London:

The listed hedge fund sector was destabilised at the end of 2008 but is getting back on its feet now, although there are still discounts for investors to take advantage of. And some see the sector veering towards the niche market, or towards becoming large, more reliable entities.

RBS: Key is to access quality listed hedge funds at discount NAV There are around 86 closed-end funds listed on the London Stock Exchange with combined assets of £2,479m (US$3,672m) vs. a combined market cap of £2,991m ($4,431m).

The listed hedge fund sector currently has 23 funds of hedge funds (FoHFs) with an aggregate TNA of £4,197m ($6,217m) and an aggregate market cap of £3,351m ($4,964m). It also has 11 single manager hedge funds, with TNA of £3,745m ($5,548m) and cap of £3,515m ($5,207m).

“Clearly there is a shortfall here,” said Mark James, executive director at the RBS (Royal Bank of Scotland) Investment Funds Team in a seminar organised by Peregrine in London last month. “This is a key attraction for investors looking into hedge funds.”

The listed FoHFs include Absolute Invest, Absolute Return Trust, Acencia Debt Strategies, Aida Fund, Alternative Investment, Altin, Blackrock Absolute Return, Castle Alternative, CMA Global Hedge, Dexion, FRM, Goldman Sachs Dynamic Opps, Gottex Market Neutral Trust, In......................

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