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Alternative Market Briefing

Swiss manager launches commodity long/short fund that bets on end of secular bull market

Monday, February 03, 2014

Matthieu Bosser
Benedicte Gravrand, Opalesque Geneva for New Managers:

A Swiss commodity-trading house has just launched its flagship fund, a systematic long/short commodity fund, which edge will be found in its short bets rather than its long bets.

The new fund's manager, Matthieu Bosser, was a fund manager at another Swiss commodity funds house before called Tiberius Capital Management, from 2006 to 2010. After some time spent as a commodities broker, he joined Nafora SA in September last year.

The Caymans-domiciled fund is a 100% discretionary long/short absolute return fund investing exclusively in listed commodity futures and options. It trades across a broad range of raw materials in various sectors (grains, energy, precious metals and softs). It targets an annualized return of 15% and the volatility objective has been set up at 10% to 12% p.a.

This fund, called the Nafora Commodities Fund, was launched on 2nd December 2013 with $15m in seed money, and returned 0.15% that month. The top contributors were soybeans, gold and platinum; the worst contributors were coffee and sugar. The HFRX EH: Energy/Basic Materials Index was up 1.23% in December (7.17% for the year), and the HFRX Macro: Commodity Index up 0.89% (-1.65%).

Against the grain Commodities, like bonds......................

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