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Opalesque Exclusive: Perfect timing for a `Crisis` fund, manager predicts no decoupling for decades Benedicte Gravrand, Geneva: These are times when volatility is a wild horse and a perfect challenge for hedge fund managers. FoHFs managers at Penso Capital Markets, CEO Ari Bergmann, Steve Gross, co-portfolio manager and Jaime Shechter, director, talked to Opalesque from their New York offices about their new timely and aptly-named Crisis Strategy and their views on hedging opportunities, decoupling and contagion.

The Crisis Strategy in a perfect environment Based on the firm’s own studies and at the request of many of its investors and other managers, the Crisis Fund was designed last year to take advantage of several crisis scenarios looming the financial markets or as a vehicle for those wanting to hedge their current portfolios and exposures in case “crisis” type environments influence global capital markets. The full strategy itself will be launched on February 1. “We have been doing a lot of crisis hedging for a long time in our other portfolios,” Mr. Shechter said. “(so far this month) we have had a large sovereign credit short position which did well; we have financials CDS which we are trying to sell because we feel the levels have gotten overvalued in the near term. We are also tactically trading sovereign CDS protections. Overall we are finding ve......................

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