Sat, Oct 1, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

BGM Select Opportunities Fund shows strong February return +4.28% (+6.22% YTD)

Thursday, March 07, 2013

Bailey McCann, Opalesque New York:

The Bahamas-based Magnum BGM Select Opportunities Fund posted a strong February gross return of +4.28%. "While the portfolio performed nicely across the board, it was the dramatic outperformance of Radian in the month that helped fuel our strong performance in February (Radian’s stock price was up 37% in February)," the fund wrote to investors in a note today about performance.

Radian 2013 senior bonds matured in February, and were redeemed at par. The fund maintained a significant position in these bonds and bolstered much of its monthly return. The fund notes that Radian completed a sizable equity and convertible debt offering this month, and in doing so completely shored up its balance sheet. These success factors have left many shorting the company without much to do to recover. Magnum expects Radian stock price to continue to grow as these funds cover their shorts.

Radian was upgraded from a market perform rating to an outperform rating in a report released on Monday, by Keefe, Bruyette & Woods. Barclays has the company at "overweight," shares have been creeping higher this week on the news.

Following the redemption of the 2013 Radian senior bonds, the fund now has a significant cash......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: BlackRock taps Artivest for alternative investment platform partnership[more]

    Bailey McCann, Opalesque New York: BlackRock will be working with New York-based Artivest to provide a platform for broader distribution of BlackRock alternatives funds. Artivest is a technology-driven alternative investment platform that also offers brokerage services. BlackRock has approximatel

  2. Eden Rock buys Gottex stake in ERG Asset Management[more]

    Matthias Knab, Opalesque: Eden Rock Group announced the purchase of Gottex’s stake in ERG Asset Management and so the firm is now wholly owned by Eden Rock. The two firms established the joint venture in 2011 to focus on providing cost effective solutions to funds holding illiquid investments, as

  3. "Hedge fund industry needs to shrink"[more]

    Komfie Manalo, Opalesque Asia: Writing for CNBC, Josh Brown, creator of The Reformed Broker blog and financial advisor for Ritholtz We

  4. Strategy - Voyager Management wants to invest in smaller hedge funds[more]

    From Valuewalk.com: Voyager Management, a $475 million fund of funds, is looking to downsize the hedge fund’s in which they invest, looking for smaller funds with assets under management that enable the fund to be nimble. The fund is looking for noncorrelation and will consider long / short equity

  5. Asia - Quant hedge funds are China's hot new export, Europe banks return to Korean brokerage market; target debt, alternative products[more]

    Quant hedge funds are China's hot new export From Bloomberg.com: Add China’s quant shops to the list of hedge funds branching out across Asian markets. Quantitative money managers from the world’s second-largest economy are opening offshore funds at a never-before-seen pace, according to