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Alternative Market Briefing

Listed Swiss hedge fund of funds outperforms with 3.43% returns in first half of 2014

Monday, September 01, 2014

Komfie Manalo, Opalesque Asia:

Swiss alternative investment company ALTIN AG outperformed in the first half of this year and posted 3.43% returns as at end June 30. Comparatively, the HFRI Fund of Funds Composite Index managed 1.53% gains while the MSCI World Hedged index posted 3.36% returns during the same period.

In its half year result sent to investors, ALTIN said the first six months of the year were characterized by a strong and somewhat renewed appetite for yield, a forceful rotation from growth/momentum-driven stocks to value stocks and by heightened geopolitical risk emanating from Russia, Ukraine and the Middle East.

"Overall the first semester of 2014 was positive for most asset classes. As expected corporate activity has been strong, providing a broad range of opportunities for managers within ALTIN's Event Driven allocation, which was the best contributing silo for the period," the report said.

It added that the firm's Equity Hedge allocation (Market Neutral, Variable Bias and Long Bias) proved resilient throughout the sector rotation thanks to a good level of diversification in terms of investment styles. On the other hand, Discretionary Macro funds generated negative returns on average as they were caught wrong-footed with mainly pro-cyclical trades.

"However, regarding the Macro space it is worth noting that the best contributor t......................

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