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Alternative Market Briefing

Longboard Asset Management grows managed futures fund, sees opportunities in currencies

Wednesday, April 10, 2013

Bailey McCann, Opalesque New York:

Liquid alternatives are one of the fastest growing sectors of the alternative investment space. They offer fee conscious, risk averse investors a means of access to hedging strategies and hedge fund managers without all the fuss of actually investing in hedge funds. Many of these products offer a strategy-lite version of common hedge fund strategies like long/short equity, within a mutual fund structure. As Opalesque has reported, putting managed futures strategies in to a mutual fund structure is also gaining traction with both managers and investors.

In July of last year, Arizona-based, Longboard Asset Management launched its own managed futures mutual fund - the Longboard Managed Futures Strategy Fund (WAVIX). Although the fund launched then, the firm didn’t start actively trading with it until November. According to Eric Crittenden, Longboard’s director of research, they needed to work through some kinks first.

"Futures contracts, forward contracts, and OTC derivatives were not part of the original definition of 'investment securities’ and require extra efforts to satisfy regulators when they are used extensively in a ’40 Act structure," he explains in an interview with Opalesque.

"We have to meet compliance requirements for both the CFTC and the SEC, so it is double the compliance workload. On t......................

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