Today's Exclusives

• Opalesque Roundtable: What cloud computing can teach us about blockchain and digital assets [more]

  Bailey McCann, Opalesque New York: Is blockchain the new cloud computing? Delegates at the recent Opalesque Dubai Roundtable suggest that blockchain will eventually take on the same strategic role as cloud computing, with the technology being used to power critical infrastructure and other strate

• Cerberus raises $5.1bn for global nonperforming loans [more]

  Laxman Pai, Opalesque Asia: Cerberus Capital Management closed its Cerberus Global Fund, a global real asset non-performing loan (NPL) fund, at $4.1bn, exceeding its $3.5bn fundraising target. It has raised another $1bn in separately managed accounts for its global non-performing loan strateg

• Opalesque Roundup: Performance gains lift hedge fund assets despite four consecutive quarters of net asset outflows: hedge fund news, week 15 [more]

  In the week ending April 19th 2019, a report from Hedge Fund Research said that hedge funds turned in their strongest first quarter in 13 years. HFR's index of hedge funds saw a 5.7 per

• Gramercy Funds Management names Mohamed A. El-Erian as senior advisor [more]

  Opalesque Industry Update - Gramercy Funds Management LLC, a $6 billion dedicated emerging markets investment manager, today announced that Dr. Mohamed A. El-Erian will be involved with the firm on a part-time basis as a Senior Advisor. Dr. El-Erian is a renowned economist and leader in emerging

Today's Other Voices

• Other Voices: Private equity and activism [more]

  By Amadeus Moeser, Sidley Austin LLP The relationship between private equity funds and activist hedge funds has always been double-edged. While in the past, engagements of activists often led to the sale of a target company or less profitable operations of a company to private equity funds, man

More Exclusives

• 17. Apr. | Opalesque Exclusive: Global Return Asset Management ends Q1 up 19% [more]

  Bailey McCann, Opalesque New York: New York-based Global Return Asset Management ended March up 1.4% extending its rebound and bringing year-to-date returns to 19.3%, net. The value investor said that it's moving back to cash as market conditions have moved outside of its parameters for inve

• 15. Apr. | Opalesque Exclusive: Former UN analyst and research consultant launch market noise CTA [more]

  B. G., Opalesque Geneva for New Managers: An former UN analyst in Geneva and a former research consultant in Luxembourg launched a CTA program built around the notion of market noise and the fractional Brownian moti

• 15. Apr. | Opalesque Roundup: More hedge funds with market beating returns in 2018 become known: hedge fund news, week 14 [more]

  In the week ending April 12th 2019, Further in performance news, Chase Coleman's firm's long-short fund, Tiger Global Investments, posted a 13.6 percent net gain last year. Renaissance Technologies' various funds returned between 8.5% and 10.3%, giving Renaissance founder Jim Sim

• 12. Apr. | Opalesque Exclusive: Alternative UCITS trends: asset outflow and growth in quant strategies [more]

  B. G., Opalesque Geneva: The market for alternative UCITS, the more hedge fund-type of UCITS funds, has doubled since 2008, but underwent its first outflow since then in 2018. According to LuxHedge's database, it now stands at €400bn ($452bn), with about 1,400 funds. Despite the outflo

• 12. Apr. | Opalesque Exclusive: Kingstown Capital Management files RICO suit against Czech oligarch over $1bn fraud [more]

  Bailey McCann, Opalesque New York: $1.4 billion hedge fund Kingstown Capital and Czech investment firm Investhold, have filed a Racketeer Influenced and Corrupt Organizations Act (RICO) suit against billionaire Radovan Vitek, a Czech real estate mogul with business interests throughout Europe, al

• 09. Apr. | Opalesque Exclusive: Protégé Partners Weinberg joins APG Asset Management [more]

  Bailey McCann, Opalesque New York: Michael Weinberg has joined APG Asset Management as Head of Hedge Funds and Alternative Alpha Hedge Fund Investments. APG Asset Management is the investment arm of APG Groep NV, the largest pension provider in the Netherlands. The $482 billion asset manager in

• 08. Apr. | Opalesque Roundup: The new economics of start-up hedge funds: hedge fund news, week 13 [more]

  In the week ending April 5th 2019, the 'Seward & Kissel 2018 New Hedge Fund Study' found that minimum investment amounts required by newly launched funds have sky

• 05. Apr. | Opalesque Exclusive: A majority of institutional investors expect a downturn within the next 1-2 years [more]

  Bailey McCann, Opalesque New York: 46% of institutional investors expect to see a market downturn within the next year according to the latest survey from Commonfund. The reasons for the fall include weakening consumer confidence, trade wars, higher interest rates and the growing U.S. deficit.

• 02. Apr. | Opalesque Exclusive: Assets in socially responsible investment strategies climb 34% to $30.7tn [more]

  Bailey McCann, Opalesque New York: Socially responsible investing has grown by 34 percent to $30.7 trillion over the past two years, according to the latest report from the Global Sustainable Investment Alliance (GSIA). The Global Sustainable Investment Review is a biannual report that tracks as

• 01. Apr. | Europe's green-bond issuance flourish [more]

  Laxman Pai, Opalesque Asia: Sovereigns in Europe are increasing their issuance of green bonds to tackle climate change and facilitate finance for sustainable growth and investment. Three new entrants in 2018, and another expected soon in 2019, will take the number of European sovereigns issui

• 01. Apr. | Sovereign Wealth Funds keep evolving and are increasingly sophisticated [more]

  Laxman Pai, Opalesque Asia: Sovereign Wealth Funds keep evolving and are increasingly becoming more sophisticated. Although there is no such thing as a standard asset allocation, a strong correlation exists between a fund's maturity and size, and its portfolio structure, according to a report com

• 01. Apr. | Opalesque Exclusive: Investors should rethink automatic portfolio rebalancing, study says [more]

  Bailey McCann, Opalesque New York: Can automatic rebalancing end up doing investor portfolios more harm than good? A new study from Man Group suggests that automatic rebalancing can mean that investors sell out of profitable investments at exactly the wrong time. "Rebalancing is an active st

• 01. Apr. | Opalesque Exclusive: Institutions eye portable alpha for hedge fund allocations, but performance concerns remain [more]

  Bailey McCann, Opalesque New York: Hedge funds lackluster performance in recent years has cost them both clients and money. But for institutions with return targets, bailing on hedge funds is easier said than done. As a result, some institutions have changed how they allocate to hedge funds but w

• 01. Apr. | Opalesque Roundup: New hedge fund launches hit an 18-year low in 2018: hedge fund news, week 12 [more]

  New hedge fund launches hit an 18-year low during 2018. The fund liquidations declined during 2018, hitting their lowest point since 2007. An estimated 561 h

More Other Voices

• 10. Apr. 2019 | Other Voices: Game changing fund of fund reforms ahead [more]

  by Carlton Fields On December 19, 2018, the SEC proposed rescinding most so-called fund of funds (FoF) exemptive orders and Rule 12d1-2 under the Investment Company Act of 1940 (Act) and replacing them with new Rule 12d1-4.1 Some of these reforms may have significant consequences for both fu

• 12. Mar. 2019 | Other Voices: Hong Kong's SFC puts hedge funds under the microscope with complexity rule [more]

  By: Rory Gallaher, Deacons Under the revised Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission, which is scheduled to come into effect on 6 April 2019, intermediaries must determine whether a product they are selling is a complex product. If a prod

• 26. Feb. 2019 | Other Voices: Three investor bugbears fund managers could easily avoid [more]

  By: Karen Fountain, Brodies Here are three "unforced errors" which could be easily avoided. At every industry conference I have attended there has been an investor panel session where deeply felt frustrations have been vented. There is, of course, an inevitable commercial tension b

• 17. Jan. 2019 | Other Voices: Markets in a new key - A theory of meaning and market segmentation [more]

  By Alex Gavrish, Etalon Capital Ltd; author of "Story Investing". A recent article

• 11. Jan. 2019 | Other Voices: How the SEC's list of examination priorities will affect private fund advisors [more]

  By: Jones Day, LLP On December 20, 2018, the Office of Compliance Inspections and Examinations of the U.S. Securities and Exchange Commission released its 2019 Examination Priorities in which OCIE detailed key areas where OCIE currently intends to focus its resources in 2019. The Report cont

• 31. Dec. 2018 | Other Voices: Hedge fund marketing blurs the line on BDCs [more]

  by Dechert LLP: In December 2018, the SEC announced two enforcement actions involving business development companies (BDCs) - one against Fifth Street Management, LLC, the former external registered investment adviser to two BDCs, and the other against KCAP Financial, Inc., an internally managed BD

• 04. Dec. 2018 | Other Voices: How do we solve the public pension fund crisis in the US? Are hedge funds to blame? [more]

  By: Donald A. Steinbrugge, CFA - CEO, Agecroft Partners An article recently published about the grossly underfunded Kentucky State Retirement System suggests that gambling on high fee hedge funds and private equity funds, and the use of placement agents, were primarily to blame. For many readers

• 13. Nov. 2018 | Other Voices: Alternative data could pose risks for fund managers [more]

  By: Joshua M Newville and Jeffrey Neuburger, Proskauer The WSJ recently published an article detailing how companies are monetizing smartphone location data by s

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S&P FUTURES (June - @ES) – Daily

Currently: Cash Looking to: Short @2,930

As of 4/21/19 at 9:50pm EST: 2,905.88

LAST WEEK: We suggested shorting up at 2,930 with stops on a close above 2,970 and with a target of 2,800.

UPDATE: S&P futures made it up to around 2,925 last week, but are having trouble progressing through this layer of resistance. Using various measuring techniques, we have resistance now at 2922.25, 2,965, 2987, 2996 and 3013. Of those, the two most likely ceilings appear to be either 2922.25 and 2987. So, we would continue to sell longs immediately if you still have them and would then start layering into shorts at 2922.25 up to 2,987 with stops on a close above 2996. The downside target for shorts depends on where the ceiling is made. If it is 2922.25, we would look for a drop to 2740 – 2780. If it is 2987, we would look for 2780 – 2810. We woud only be buying into market proxies starting down at 2810 and would layer in down to 2740.