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Alternative Market Briefing

Gottex’s Funds of Hedge Funds Did Well in 2011, but AuM Down 10% Since Last Quarter

Monday, January 30, 2012

Benedicte Gravrand, Opalesque Geneva: As the global uncertainties that started in the summer of 2011 continued in the last quarter of the year, Gottex’s fourth quarter (Q4) results ended up being - unsurprisingly - tepid.

Gottex Fund Management Holdings Ltd, a Swiss-listed independent global alternative asset management group that offers funds of hedge funds, single hedge funds and multi-asset endowment style portfolios, has just issued its trading statement for Q4-2011.

Its flagship market neutral strategies returned "nearly flat results", 2% to 3% ahead of their benchmarks; the HFRI FoF Conservative Index (-3.67% for 2011) and the HFRI FoF Composite Index (-5.56% in 2011) respectively. These strategies now manage $3.28bn, 13% less than Q3’s $3.77bn.

Gottex’s alternative credit strategy, a diversified fixed income portfolio offering higher yields with lower correlation to the general fixed income market, was up 3.8% for the year (since inception in Feb-11). The Constellar multi-strategies returned +3.4%. This "puts both strategies in the top quartile of fund of hedge funds tables for the year," said Chairman and CEO Joachim Gottschalk.

The Hennessee Fixed Income Index was up 3.6% and the HFRI Multi-Strategy Index was down 1.7% in 2011.

Investor appetite remains low and asset flows remain slow in Q4. Gottex’s total fee-earning assets were $7.34bn; consisting of $5.6bn in AuM and GSS (Gottex Solutions Services) assets of $1.74b......................

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