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Alternative Market Briefing

Barnegat fixed income relative value hedge fund up 6% YTD, annualises 19% since 2001 inception

Friday, April 05, 2013

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Bob Treue
Benedicte Gravrand, Opalesque Geneva:

The Barnegat Fund gained 1.9% in March 2013, and is up 6.3% year to date, annualising +19.6% since its 2001 inception. Annualized volatility of the share price was 6.5% for the month.

The $702m fixed income relative value hedge fund based out of New Jersey returned an impressive 406% during its first decade in business, earning acclaim as the top performing fixed-income relative-value hedge fund of the last ten years. When the fund completed its 11th year in February 2012, the share price had gone from 1.0000 to 6.0878, a gain of 508% (annualising 17.8%).

Barnegat focuses on interest-rate anomalies in the large, liquid markets of North America, Europe and the Pacific Rim. It captures these mispricings via government bonds, interest-rate swaps and futures.

Bob Treue, founder and CEO of the Barnegat Fund, commented in an e-mail received by Opalesque yesterday; "We are in a good spot based on government market interventions creating new trading opportunities while government regulatory rulings reduce our competition."

"Bank prop desks (our competition) continue to close, although some of those employees re-appear at other funds. From my limited view, Dodd-Frank and Volcker legislation have resulted in a net reduction in our competition," he added.

Treue started his experience in fixed......................

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