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Morten Spenner Benedicte Gravrand, Opalesque Geneva:
Hedge funds have been giving flat returns in the first half of this year, with for example the HFRI Fund Weighted Composite Index being only up 0.76% YTD, but according to some the second half of 2011 should be a bit more interesting as normalisation is taking its course. Of course, returns will be more pronounced in some areas than others. Here is what some fund managers – who met during Opalesque’s recent London Roundtable - are betting on.
Equities, European banks’ risky assets
"The area that we look most favourably upon are equities, particularly Asian and emerging market equities, commodities, and then what I would call event/stressed situations," said Morten Spenner, CEO of International Asset Management (IAM), an investment boutique that runs $3bn for institutional investors. IAM has assets in almost all strategies though as its allocation is primarily down to manager selection.
Among the niche products IAM is looking at, one is European banks, which will most probably get some of their riskier assets off their books as regulation becomes more constricting: "that could involve structured credits, stressed assets where hedge fund managers can almost play the classical text book example of providing liquidity to a seller that might be a bit distressed and the hedge fund manager steps in and offers the seller a fair v...................... To view our full article Click here
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