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Alternative Market Briefing

BHCC offers listed diversification in difficult markets

Wednesday, November 09, 2011

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David Warren
by Beverly Chandler, Opalesque London:

The Euro100m ($160m) Brevan Howard Credit Catalysts (BHCC) fund is a listed feeder fund which feeds into the $2.1 bn BHCC Master Fund (BHCC MF) managed by David Warren, whose specialist credit investment manager is New York-based David Warren of DW Investment Management.

The listed feeder fund was set up at the end of 2010 to offer diversification and access to the credit strategy to comparatively smaller investors and investors who can only invest in listed funds. Wealth managers, discretionary managers, smaller institutions and sophisticated high net worth investors feature largely among its investor base.

The main fund, the BHCC MF, has proven non-correlation with a 3% return in 2008 and 14.5% in 2010, a year when it rejoiced in being Brevan Howard's best performing underlying fund.

At its simplest, Charlotte Valeur, chairman of BHCC explains: "The investment manager seeks to profit from inefficiencies in corporate restructurings, for instance, going long or short high yield bonds based on the view that a company's fortunes are going to be better or worse". Research into those predictions and positions are undertaken by a team of specialist analysts who know their target companies very well and look for changes in the fundamentals or the technicals.

For this fund, the investment manager trades across a number of different strategies in the credit markets: mortgage backed securities; distressed c......................

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