Fri, Aug 17, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
New Managers April 2018

PROFILES: Inyo Capital Management, Yield Solutions

 

A new take on global macro launches as investors take a second look at the strategy

Market volatility is back and some managers are taking advantage. New York-based Inyo Capital says now is the ideal time to launch its global macro strategy, as recent swings in the market have created new opportunities

Inyo CIO Stephen Morton, a veteran of Salomon Brothers, Blackstone and Natixis, first started building the strategy in 2000 with Wei Peng, Inyo's portfolio manager and head of quantitative research. "What we wanted to do was focus on building the next generation of global macro," Morton tells Opalesque New Managers. "We've been able to put more consistency and precision into our process so we have better data about what's going on in the market and that in turn gives us the ability to make more informed investment decisions.

Since then the team has been running its strategy in-house, only recently opening it to outside investors

Inyo's strategy trades rates, equity indices, currencies, and commodities primarily relying on futures for all asset classes. The portfolio typically has about 30 positions, each with a horizon of 1-2 months. According to Morton, the strategy is effectively a quantitative take on global macro. Morton and Peng identify pricing dislocations using quantitative methodologies and create portfolios accordingly. The portfolios are also designed with diversification in mind, which Morton says sets the fund apart from traditional global macro. "A lot of what I would call 'classical' global macro traders have really been trading momentum and what you've seen in the returns is that diversification really isn't there," he explains.

Inyo's total investible universe is approximately 60 instruments. By maintaining approxima......................

To view our full article please login

This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
New Managers
New Managers
New Managers

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Hedge fund's Italian raid leaves us in the dark[more]

    From Bloomberg: Ten years on from the financial crisis, bank balance sheets haven't become any simpler to digest for the average investor. Finance firms are big and leveraged; regulations have just become new instruments of complexity. That might suggest a potential windfall for any brainy numb

  2. New Launches: Crescent launches offshore cryptocurrency index fund, Jack Ma's private equity firm raises $2.5bn for latest fund, Franklin Templeton floats alternative investment fund, US giant TCW to launch global AI equity fund, Quantum Energy Partners closes latest fund at $5.6bn[more]

    Crescent launches offshore cryptocurrency index fund Crescent Crypto Asset Management, a cryptocurrency index fund manager led by Goldman Sachs alumni, announced the completion of its Series A financing and launch of its offshore Cayman fund. FBG Capital led the fundraising round with its

  3. Michael Spencer invests $40m in Europe-focused hedge fund[more]

    From the FT: Michael Spencer, chief executive of Nex Group, is backing a hedge fund start-up in London with an investment of about $40m made through his private investment group, according to a person familiar with his plans. The hedge fund, Viewforth Partners, is being launched by Richard Black, a

  4. Investing: Investors haven't been this bullish on U.S. stocks since 2015, U.S. hedge funds bet on retail, tech in second-quarter as economy sizzled, The world's largest hedge fund loads up on Alibaba, An $84bn hedge fund used Facebook's struggles to build a massive stake, Jana Partners jumps back into Facebook, adds stakes in Alibaba, Wells Fargo, Einhorn's Greenlight Capital slashes stakes in Apple, Twitter and Micron,Tiger, Tremblant, Columbus went big on Twitter before earnings[more]

    Investors haven't been this bullish on U.S. stocks since 2015 From Bloomberg: The bull run that has taken U.S. equities to record highs this year may be about to reach its peak, according to the latest survey of fund managers by Bank of America Merrill Lynch. Allocations to U.S. stock

  5. Activists: Elliott lawyer warns Korea better brace for activist funds, Activist hedge fund is seeking operational improvements at the antivirus company, Eddie Lampert details $500m offer for Sears's assets, Nielsen should get a break from the market[more]

    Elliott lawyer warns Korea better brace for activist funds From Bloomberg: The lawyer who advised billionaire Paul Singer in his proxy fight against Samsung Group says he's seeing a surge of interest from activist investors who view South Korea's businesses as potential targets. In