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Alternative Market Briefing

Old Park's $300m Maestro hedge fund continues winning streak with positive gains in January

Friday, February 20, 2015

Komfie Manalo, Opalesque Asia:

London-based hedge fund Old Park Capital's $300m Maestro Managed Futures Strategy continues its winning streak and returned 0.53% in January, the company said in a letter to investors. Maestro ended 2014 up 20.85%.

"Performance-wise, Maestro reacted accordingly with a solid start to the month, more mitigated returns in the middle of the month and strong performance at the month end," Old Park said in the letter.

It added that the main three forces influenced the market behavior in January were oil prices, European QE (quantitative easing) and Greece. Events in respect of Greece pushed the market volatility up at the beginning of the month and at the end of the month. The European QE policy decided by the European Central Bank (ECB) in the middle of the month momentarily calmed market volatility.

Old Park said it believes that the major themes that have driven the behavior of the market in January would continue for the rest of the year, probably with more intensity, particularly due to the uncertain and conflicting monetary policies (Europe versus U.S.), with currency wars as a byproduct; end of the commodity super-cycle; and concerns regarding economic growth in Europe and the associated social and political risks.

Pendulum will swing from trend environment to volatility

All of these points will deliver an increase in volatility and negative......................

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