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Alternative Market Briefing

Steve Bulko of Lombard Odier Investment Managers says major move into equities is on the horizon

Friday, May 03, 2013

Bailey McCann, Opalesque New York:

While the defensive rally into equities may be top of mind for some investors, Steve Bulko, Chief Investment Officer of Lombard Odier Investment Managers’ 1798 Fundamental Strategies Fund, says a much larger move into equities looms on the horizon. Bulko is the New York-based CIO for 1798, and the fund's name comes from the date his parent company Lombard Odier & Cie, was founded. Lombard Odier & Cie is one of the oldest private swiss banks. Although a broadly diversified asset management firm, Lombard Odier Investment Management’s focus here in the United States is on alternatives.

The 1798 fund has approximately $1bn in assets under management, in a diversified, US-focused long/short fundamentals strategy. The fund divides its internal team into sectors, and each sector has its own manager. "We have a fairly traditional multi-PM approach built around fundamental research, but one team per sector set-up gives us a better sense of where our risk is deployed," Bulko explains in an interview with Opalesque.

He says that, unlike other fundamental shops which have shown a recent preference toward mega-cap blue chips, they are staying out. "We are patient when it comes to capital allocations, reviewing allocations monthly, but making changes less frequently. In terms of cap exposure, we tend to be in more mid-cap names."

To him, the current rally in equities is largely a mutual fund-driven trend, and it could last. "I th......................

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