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Alternative Market Briefing

Hankar relative value hedge fund (+3.8% YTD) awaits right credit opportunities to seize best value

Wednesday, August 22, 2012

Benedicte Gravrand, Opalesque Geneva:

HanKar Capital, a US based asset manager that invests in relative value and arbitrage strategies within the global equity and hybrid equity universe, announced that its flagship, the HanKar Partners Master Fund LP, was down 1.56% in Q2-2012 and up 3.81% YTD. That’s compared to the HFRX Relative Value index, which was down 1.39% in Q2 and up 2.12% YTD, and the HFRX Convertible Arbitrage index which was up 0.16% in Q2 and up 3.98% YTD (the HFRX Global Hedge Fund Index was down 1.87% in Q2 and up 1.22% YTD).

The HFRX Relative Value Arbitrage Index posted a gain of 0.06% through mid-August (2.22% YTD), Hedge Fund Research recently reported, as US yields rose sharply, with positive contributions from Convertible, Corporate Fixed-Income and Energy Infrastructure strategies, only partially offset by declines in positions in multi-strategy and Latin America fixed-income. The index lost 4% in 2011 but gained 7.6% in 2010 and 38% in 2009.

In a quarterly fund report, which an investor sent to Opalesque yesterday, Hankar Capital’s fund managers say that as they do not take un-hedged positions, the firm’s returns were unaffected by the European debt crisis and the tightening of credit spreads, and correlation to equities, interest rates, and other funds continue......................

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