Today's Exclusives

• Opalesque Exclusive: Credit managers hold off new launches [more]

  Bailey McCann, Opalesque New York: Credit managers appear to be in a bit of a holding pattern according to new data from law firm Ropes&Gray. The pandemic has disrupted new launches and is pushing managers to focus on their existing platform products. Early in 2020, 50% of managers stated t

• Swedish pension fund giant AP1 and LGIM launch sustainable EM equity fund [more]

  Laxman Pai, Opalesque Asia: Swedish pension fund Forsta AP-fonden, better known as AP1, has seeded what it describes as "the next generation of index funds" for emerging markets responsible investors, in partnership with Legal&General Investment Management (LGIM). The L&G Emerging Market Eq

• Hedge fund AUM surpasses pre-COVID-19 levels, pushing to a new industry high of $3.7tn [more]

  Laxman Pai, Opalesque Asia: Hedge fund assets under management (AUM) have finally surpassed pre-COVID-19 levels, pushing to a new industry high of $3,696bn, said a report by Preqin. This record figure can primarily be attributed to improved performance in September (+5.17%, as measured by the

• US public pensions up commitments to hedge funds by $2.2bn in Q3, taking the YTD total past $10bn [more]

  Laxman Pai, Opalesque Asia: Interest in credit hedge funds takes YTD allocations past $10bn: US public pensions increased gross commitments to hedge funds by $2.2bn in Q3, taking the YTD total past $10bn, said a study. According to HFM Insights' latest report, credit and real estate hedge

• Hedge fund investor outflows light in October; outflows adding up for the year [more]

  Opalesque Industry Update - Investors removed approximately -$5.04 billion from hedge funds in October, according to the just-released eVestment October 2020 Hedge Fund Asset Flows Report. Compared to overall hedge fund industry AUM, which stood at $3.148 trillion at the end of October, this is a sm

• Active ETFs and ETPs gather a record $58.69bn in YTD net inflows as of the end of October 2020 [more]

  Opalesque Industry Update - ETFGI, the independent research and consultancy firm covering trends in the global ETF/ETP ecosystem, reported today that actively managed ETFs and ETPs saw net inflows of US$7.28 billion during October, bringing year-to-date net inflows to a record level US$58.69 billion

• The number of unicorn companies jumped to 500, combined market value over $1.5tn [more]

  Opalesque Industry Update - In 2013, when the term unicorn emerged, only 40 private companies had a valuation of one billion dollars in the world. Since then, the number of these financial giants surged, rising to a new record in 2020. According to data presented by BuyShares.co.nz, the number

Today's Other Voices

• Other voices: UK outlines its plans for wide-ranging new foreign investment review powers [more]

  By: Marc Israel, Kate Kelliher The UK has outlined the details of its new National Security and Investment Bill, heralding the introduction of a new regime for foreign direct investments in the UK. The new regime would introduce, for the first time, a mandatory pre-screening mechanism for deals

More Exclusives

• 24. Nov. | Opalesque Exclusive: Systematic seasonality trading, the Munich way [more]

  B. G., Opalesque Geneva: The best known seasonal progression is the outdoor temperature. Based on the time of the year, you probably know the range of temperatures you can expect. In trading, when you focus your attention only on p

• 23. Nov. | Opalesque Roundup: Hedge funds outperform global equity market in October: hedge fund news, week 47 [more]

  In the week ending November 20th 2020, Eurekahedge reported that global hedge funds were down 0.05% in October, outperforming the global equity market by 2.24% for the second consecuti

• 19. Nov. | Opalesque Exclusive: Eight ways investment managers should be using digital marketing right now [more]

  Bailey McCann, Opalesque New York for New Managers: The pandemic has fundamentally changed how fund managers raise assets. Investors aren't up for in-person meetings anymore, but they are still investing. Hedge

• 17. Nov. | Opalesque Exclusive: Emerging managers tighten terms, pivot to multi-strategy funds as uncertainty reigns [more]

  Bailey McCann, Opalesque New York for New Managers: Emerging managers are responding to the new era of uncertainty by trying to exert a bit more control over fund terms, according to a new report from law firm Walke

• 16. Nov. | Opalesque Roundup: Hedge funds to remain second-largest alternative asset class next five years: hedge fund news, week 46 [more]

  In the week ending November 13th 2020, Preqin said that it expects hedge funds to hold onto their position as the second-largest alternative asset class in 2025, despite relatively weak growth i

• 11. Nov. | Opalesque Exclusive: Investors press ahead on ESG and gender diversity but managers remain slow to act [more]

  Bailey McCann, Opalesque New York: Alternative managers were defined by the pandemic in 2020. As markets rushed to respond to the realities of lockdown, hot topics like ESG investing and improving diversity took a backseat. This year, investors were focused on capital preservation and performance

• 10. Nov. | TriMark lenders go to court over priming fight [more]

  Bailey McCann, Opalesque New York: Winning the financing market depends on where you sit in the capital stack if things go south. If a company finds itself unable to pay all of its creditors, leveraged lenders generally want to make sure they're high enough on the list to be one of the handfu

• 09. Nov. | Opalesque Roundup: Hedge fund industry witnesses two remarkable fund launches: hedge fund news, week 45 [more]

  In the week ending November 6th 2020, Peter Zhou, a former senior managing director at Coatue, has been launching his own new fund with at least $300 million in commitments already, sources say. China's Hony Capital Ltd. earlier this month closed its maiden venture-capital fund, raising $

• 03. Nov. | Laven to shift post-Brexit solutions [more]

  B. G., Opalesque Geneva: UK-based investment managers will lose access to the European Economic Area (EEA) at the end of the year when Brexit is enacted, whether under MiFID, AIFMD, or UCITS passports. Even if there's a last-minute deal, says Laven Group, a London-based regulatory compliance

• 02. Nov. | Opalesque Roundup: In spite of the September outflows hedge funds report positive flows in Q3: hedge fund news, week 44 [more]

  In the week ending October 30th 2020, an eVestment report revealed that the global hedge fund industry saw outflows of -$9.66 billion in September, bringing industry asset

• 30. Oct. | ESG focused investors to take an increasingly activist role [more]

  Bailey McCann, Opalesque New York: For asset managers interested in sustainable investing, taking an activist role is becoming more common according to a new report from Schroders. The Schroders Institutional Investor Study 2020 includes data from 650 institutional investors representing $25

• 28. Oct. | Opalesque Exclusive: Pensions raise concerns over the pandemic, US elections [more]

  Bailey McCann, Opalesque New York: Pension plan sponsors are worried about how the pandemic and the upcoming election will ultimately impact their retirement plans, according to new data from pension consultant NEPC. Recent volatility in the market has already impacted funded status for pension p

• 23. Oct. | Opalesque Exclusive: ThirdYear Capital launches macro fund with Agathon Capital and Universal-Investment [more]

  Bailey McCann, Opalesque New York for New Managers: ThirdYear Capital has launched a new macro UCITS fund together with Agathon Capital and Universal-Investment. The ART Global Macro fund invests in liquid and excha

• 20. Oct. | Opalesque Exclusive: Stock scientist's new aggressive growth fund up 22% MTD [more]

  B. G., Opalesque Geneva: The Golden Eagle Growth Fund, which actively invests in the world's fastest growing companies using a quantitative method, has had a good run this month; it is up 22.2% MTD through October 13th close and 111.5% YTD. The Fund began

More Other Voices

• 05. Nov. 2020 | Other Voices: Resurging leveraged loan issuance points to a stronger year [more]

  By: Jeremy Duffy, Eliza McDougall, Jake Mincemoyer, White & Case After taking a deep dive in Q2, US leveraged loan issuance picked up in Q3, while European markets gained year on year. Having navigated extreme market dislocation due to COVID-19 for the past six months, leveraged loan activity

• 22. Oct. 2020 | Other Voices: SEC updates regs for funds of funds, but some limitations remain [more]

  By: Scott Moss, Lauren A. Schwartz, Lowenstein Sandler On October 7, 2020, the Securities and Exchange Commission (SEC) voted to adopt rule 12d1-4 under the Investment Company Act of 1940 and related amendments to streamline and enhance the regulatory framework, which governs registered funds th

• 15. Oct. 2020 | Other Voices: Responsible Investment labels: welcome to the jungle! [more]

  by Perrine Dutronc, Sustainable Investing Specialist, Groupe La Française There is no common definition of "sustainable finance", which leaves ample room for interpretation when referencing sustainable investments. Sustainable investment strategies can be based on environmental or social

• 13. Oct. 2020 | Other Voices: FoHF Returns vs Hedge Funds during Covid-19 [more]

  From Alternativesoft (information@alternativesoft.com): Some investment funds have done better than others during Covid-19. From data aggregated using AlternativeSoft's investment platform, we can see that easily the best performing investme

• 24. Sep. 2020 | Other Voices: Updated ILPA model LPAs continue to miss the mark(et) [more]

  By: Gus Black, Zachary Oswald, Albert Tse, Thiha Tun, Dechert The Institutional Limited Partners Association has recently released an update to its model limited partnership agreement for private equity funds and other closed-ended funds. One of the stated benefits of the Model LPA and the recent

• 16. Sep. 2020 | Other Voices: The offer of certainty is resonating clearly in US [more]

  By: Philip Pirecki, Jersey Finance The first half of 2020 for the US was a fragmented, disrupted and at times tumultuous period. From an economic perspective, after a period of a few years of achieving

• 09. Sep. 2020 | Other Voices: Hedge fund's mid-year trends and strategies currently in demand [more]

  By Donald A. Steinbrugge, CFA, Founder and CEO - Agecroft Partners, LLCThe hedge fund industry is dynamic, comprising numerous strategies that attract varying degrees of interest over time. Demand for each strategy is impacted by many variables including capital market valuations, expectations of

• 25. Aug. 2020 | Other Voices: Decarbonization and fossil fuel's growing weakness [more]

  By James Jampel, HITE Hedge Asset Management Warren Buffet said in 1999: "Sometimes, incidentally, it is much easier in these transforming events to figure out the losers. You could have grasped the importance of the auto when it came along but still found it hard to pick companies that would ma

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Sea Change Combined Indicators:

Monetary – Determined by US FOMC policy. Dovish, Neutral or Hawkish. Up to 10% long.

Fiscal – Determined by US Fiscal policy. Up to 10% long.

Timing – Long/Short off of wave count / Fibonacci projections. Short, neutral or long. 10% short, neutral or 10% long.

Based on Sea Change Long-Term Indicator:

Global Equities: 30% long or 30% cash

US Small Caps: 10% long or 10% cash

Emerging Markets: 10% long or 10% cash

Technology: 0% - 10% long off of FAANG charts

Financials: 10% long or 10% cash off of XLF chart

Current Read:

Monetary Indicator: Long 8% DJ Industrials proxy

Fiscal Indicator: Long 8% Russell MidCap Growth proxy Timing

Long / Short Indicator: Short 8% of ARKK

Global Equities – 14.4% long with SPY slot 9.6% long with IEV
9.6% in cash with PacRim slot

US Small Caps – 8% long with IWM

Emerg. Mkts – 8% long with EEM

Technology – Long 8% FAANG proxy (QQQ)

Financials – Long 8% in XLF

Energy – Long 5% XLE and 5% OIH

Gold / Silver – Short 5% in GLD and short 5% in AGQ Net 56% long exposure

Sea Change Opportunistic Indicator:

The current reading is 0.95. Waiting for next “buy” signal (north of 1.20 is the primer). When it does give us a “buy” signal, we’ll go “all in” with equity money.