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Alternative Market Briefing

Audley Capital’s first external hedge fund achieves 14% in six months

Friday, April 27, 2012

Beverly Chandler, Opalesque London: Audley Capital seeded its first external hedge fund last September with the launch of the Audley Japan Opportunities Fund, managed by Christopher Rigg. Since launch in September 2011, the fund has achieved a return of 14%, achieving 8% in March 2012 alone.

The fund is a large cap Japanese long/short strategy fund and Audley reports that it is differentiated from its peers in its use of derivatives to amplify performance and reduce downside risk.

Audley says: "The fund overlays its high conviction macro ideas or themes in an efficient derivatives structure to complement its long/short portfolio. The current overlay pertains to an asymmetric trade focused on Japanese government bonds. During the month of March, this trade started to yield profits, contributing to approx 50% of the Fund’s performance since inception". The fund’s long/short book which is managed in parallel and incorporates derivatives where appropriate is driven by fundamental analysis and stock picking. Cumulative equity alpha generation since inception stands at 2.7%.

The team managing the fund has over 65 years experience collectively in investing in Japan. Christopher Rigg, the Portfolio Manager, has over 25 years worth of experience in the Japanese markets with a track record as a hedge fund manager, CIO, strategist, and proprietary trader. Rigg’s former inve......................

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