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Friedberg's global macro fund posts 40% for 2011 as strategy shifted to respond to market volatility

Friday, February 03, 2012

Bailey McCann, Opalesque New York:

Friedberg Mercantile Group’s flagship fund, Friedberg Global-Macro Hedge Fund Ltd, was down 8.8% in Q4 but was up 40.9% overall for 2011. Comparatively, the Dow Jones Credit Suisse Global Macro index was up 0.38% in 2011.

The Cayman-domiciled fund launched in 2001 is a traditional discretionary global macro fund managed by Albert Friedberg. It manages $964.2m and has returned 495% since inception. Niagara Capital Partners Ltd., based in Toronto, is the international sales agent – the fund is not available to U.S. investors.

Toronto Trust Management Ltd. announced in December that the fund, while it would continue its general policy of limiting new subscriptions, would start taking limited subscriptions for up to a maximum of $75m between January 3 and January 23, 2012.

In a letter to investors dated 31st December 2011,Friedberg credits a shift from the fund’s original strategy to one more responsive to current market volatility as the reason for net gains. This strategic shift was first noted by the fund in April and has been taking shape throughout 2011.

Friedberg also notes that the losses posted for Q4 were a follow-on from the ......................

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