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Jerry Haworth Bailey McCann, Opalesque New York:
London-based investment firm 36 South Capital Advisors is launching its second tail risk fund. The Black Eyrar fund follows a successful, earlier tail risk fund – the Black Swan Fund which made 204% in 2008. The new fund will invest in volatility across all asset classes and geographical areas and is designed to perform reliably in extreme market stress. The strategy complements 36 South’s flagship offering, the absolute-return long-volatility Kohinoor Funds.
The Black Eyrar Fund is the latest entrant in a growing market of left tail risk focused products. As Opalesque has reported, because of 2008, investors have been focusing more of their attention on adding portfolio hedges that will help them avoid getting burned a second time. "The growth of the tail risk sector is largely driven by fear of another 2008," Jerry Haworth, co-founder and Chief Investment Officer of 36 South in an interview with Opalesque. He expects that the group may continue to expand as long as markets remain choppy and 2008 stays in the mind of investors.
The firm has been waiting to launch this fund for several years, but was waiting for the appropriate market dynamics. "We've basically been waiting since the end of 2009 to launch this product, where the market is right now makes it an opportune time," notes Haworth.
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