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Alternative Market Briefing

Trend following macro fund stays afloat thanks to discretionary layer

Monday, March 31, 2014

Ray Carroll
Benedicte Gravrand, Opalesque Geneva for New Managers:

Here is a macro, trend following hedge fund that has not been doing too badly in its nearly three-year existence. The managers attribute its sound performance to their taking over risk and trading once the program has identified trends.

Breton Hill Master Fund LP returned 0.93% in February, a month when the equity markets were volatile, U.S. numbers were weak, emerging market concerns receded slightly (though Ukraine gave rise to some concern) and commodities experienced large price fluctuations due to weather surprises. That month, the macro fund, which invests long and short in equities, commodities futures, financial futures and currencies, increased its long posture across equities and commodities.

According to the fund’s monthly report, the managers look for a rebound in economic data, a continuation of the bull trend in stocks; they remain nimble and are wary of escalating knock-on effect from emerging markets.

The $219m fund, incepted in August 2011 and run by Breton Hill Capital out of their Toronto offices, is down -4% YTD, after returning +10.3% in 2013, +3.45% in 2012 and -3.44% in 2011.

Trend following is an investment strategy based on the technical analysis of market p......................

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