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Hasan Aslan Benedicte Gravrand, Opalesque Geneva:

Launched in April 2009, Reyl's Resurgence fund of hedge funds currently manages $55m in AuM in 26 underlying hedge funds. The fund invests mainly in smaller funds - generally sub-$700/$800m - and allocates evenly to all managers.

"This is because we believe that the high conviction versus low conviction investment methodology is not valid anymore," Hasan Aslan, co-manager of the fund, told Opalesque in an interview.

As the fund was born after the 2008 crisis, the fund managers are wary of the underlying funds' liquidity. "We do not invest in funds that offer liquidity not in line with the liquidity of the underlying assets," Aslan says. But the managers understand that some strategies such as distressed investing cannot offer less than quarterly liquidity terms.

The Resurgence fund, managed by the Swiss private bank REYL & CIE, is an opportunistic macro thematic portfolio. It tackles arbitrage and directional opportunities across all market. The fund was flat in April 2012, up 2.82% YTD (-4.18% in the last 12 months), having returned 19.76% since inception and annualised 6% with a volatility of 3.92%. The HFRI Fund of Funds Composite Index is slightly behind, being down 0.25% in April and up 3.11% YTD (-4.80% in the last 12 months).

Not on the UCITS bandwagon Resurgence does not invest in UCITS-compliant funds either. The managers believe that the offshore model fits the way......................

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