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Alternative Market Briefing

Swiss global macro manager SteppenWolf launches UCITS IV hedge fund

Friday, June 21, 2013

Benedicte Gravrand, Opalesque Geneva: - SteppenWolf Capital, a Swiss-based, macro-focused investment management firm, launched a UCITS IV-compliant fund called "5D SteppenWolf Macro Alpha UI" on 13 May. This German-domiciled fund offers daily liquidity and its fees follow hedge funds’ 2 and 20 structure.

The Fund invests entirely in liquid listed securities, futures and options across five major asset classes (equities, bonds, currencies, bullion and credit) in developed American, European and Asian markets, according to SteppenWolf’s literature.

It allocates risk (as opposed to just assets) based on various primary decision making inputs. Risk allocations are 'top-down’, discretionary, diversified across liquid instruments and markets and implemented via both long/short directional and market-neutral positions (depending on the market regime), designed to reflect the core tenets of the Fund’s investment committee, which can be summarised as: markets are cyclical; neoclassical economic analysis can help infer the type of cycle and the effect on assets; Austrian School economic analysis can help infer the growth rate and credit-fuelled busts; and there are four possible analysis of future asset price directions.

According to Bloomberg, the fund’s NAV stood at 99.04 on 19th June (......................

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