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Alternative Market Briefing

Another distressed debt hedge fund does well: Zencap Octra +15% YTD

Thursday, October 11, 2012

Benedicte Gravrand, Opalesque Geneva:

The Octra Fund, a fixed income arbitrage fund managed by Zencap Asset Management, tries to generate alpha from the dislocation of the European ABS and CDO market through a selection of fundamentally healthy assets. The selection must have been right, as the fund returned 2.40% in September and it is up 15% YTD, annualising 10.8% since its April-10 inception. The Zencap Octra Fund features in Opalesque’s ASquare database.

Zencap Asset Management is a Paris-based European distressed debt specialist fund house launched in 2009; it runs four funds (the oldest fund being up 30% YTD) and Eur360m in total; it is a majority-owned subsidiary of OFI, a large French fund management group.

The summer rally lost steam at the end of September, says the monthly fund report, and European fundamentals are still deteriorating, now spreading to core EU countries, leaving odds open in the battle between liquidity and solvency. The reports quotes potential landmines, such as Spain’s aid request, the European banking union, Greece and social unrest. There may be more liquidity in the coming months, but one should still be careful, the report notes.

ABS proved resilient but "activity is slowing down and offers often remains unchanged wh......................

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