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Alternative Market Briefing

Galloway Global Emerging Markets FI Fund marks 3 year anniversary, up +8.35% year-to-date

Wednesday, May 16, 2012

Bailey McCann, Opalesque New York: Galloway Capital is a global Emerging Markets asset management company focused on active Fixed Income High Yield strategies. The firm announced today that its Global Emerging Markets FI Fund was up +8.35% year-to-date. The fund has a cumulative return of 46.50%, and an average annual return of 13.57%.

According to an investor letter obtained by Opalesque, the Fund has an Yield To Worst of 11.97%, a Duration of 3.76 years and is aiming to lower the Beta of the portfolio opportunistically with an average credit rating of "BB-" and is also focusing on bonds that should recover first from the current market situation. The fund notes that it recently liquidated its position in Banco BMG, following actions by the Brazilian government to reduce real interest rates., Authors write that the fund foresees a "hard road ahead, particularly for medium sized banks, as they adapt their business to the new Brazilian banking reality."

The fund also sold out of its position in Brazil-based Vigor, a JBS (the global meat processing conglomerate) subsidiary, as JBS prepares to list its dairy arm citing weaker credit for the entity as a standalone venture. The fund expects activity in Brazil to remain on the radar screen through the rest of this year.

The fund notes that the Brazilian government, "has a bazooka to stimulate the economy by driving real rates from 400+bps to around 200bps." This actio......................

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