Opalesque Industry Update - Manager of the Europe long short funds at RWC Partners, Ajay Gambhir, has passed through his three year track record at the firm. Gambhir launched his RWC Samsara Fund just as the storm clouds were gathering in September 2007. Since then equities have lost over 25% whilst Gambhir’s long/short strategy has made over 17%. |
From 2003-2007 Gambhir launched and managed the JPMorgan Europe Dynamic Long Short fund which, during his tenure, generated annualised returns of over 24% with a volatility of just over 7%. The fund was also awarded the EuroHedge winner for best European Fund in 2006.
2010 has been a strong year for the strategy so far with returns of over 11%, despite the environment having been particularly difficult for long short/equity fund managers. Through the year, Gambhir has also been reinforcing his investment team with additional analysts and trade support to sit alongside the highly experienced Steve Robertson.
RWC Partners has seen significant success in the UCITS III absolute return space including Mike Corcell's US Absolute Alpha Fund which has raised $600m since launch in October 2009. Gambhir also has a long-standing presence in the UCITS space having previously managed $6bn of UCITS funds. In July this year RWC launched Gambhir's Europe Absolute Alpha Fund, a UCITS III replica of the Cayman fund. Since then the fund has already seen positive returns of over 6.5%.
Gambhir’s success coincides with a strong year for the broader RWC Partners' business. Having concluded the very successful launch of its Equity Income team, the firm's assets hit a new high of $3.8 billion, while Davide Basile’s Global Convertibles fund exceeded the $1 billion mark. The firm has recently announced that highly rated managers Peter Allwright and Stuart Frost, previously of Threadneedle, will be launching a range of absolute return macro, rate and currency funds in the UCITS III space.
Commenting, Peter Harrison, Chief Executive Officer, RWC Partners, said:
"The market environment since Ajay launched at RWC has been extraordinary. He is one of a small handful of long/short managers who have demonstrated they can generate both significant returns in bull markets and be flexible enough to protect well on the downside.
"2010 has not been good for long/short strategies in general and generating good returns this year has been tough. Stock correlations have been high and the market has been continuously buffeted by macro events and fears. Ajay has had the fortitude to look through the fear and find great ideas on both sides of the book. As correlations come down and investors search for value and yield as macro fears subside, Ajay's approach should continue to generate great returns. I have worked with him for over a decade now and he stands out as one of the great stockpickers in the market today."