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Benedicte Gravrand, Geneva: Pergamene Capital started a “truly pan-LatAm” 120/20 fund earlier this year and assigned the fund management role to New York-based independent macro-economic research provider Hallgarten & Company LLC (Website.) Christopher Ecclestone, equities strategist at Hallgarten & Company and a recognised Latin America expert, talked to Opalesque about the fund’s current position on LatAm.

Pergamene Latin America Fund L.P. – open for seeding The Delaware-domiciled fund has a long bias with a 120/20 strategy. The portfolio is at least partially hedged at all times, with periodic aggressive hedging in anticipation of market downturns.

The fund is still at its trial period and manages around $1m – it is in its pre-institutional phase. It has returned 5.1% since January 2008 and the target AUM is $35m-$40m. The managers are currently looking for a seeder - the current AUM restricts the number of positions that the fund can take, which is currently around 15 instead of 40. “So it is not as flexible as it could be, because of the size,” Mr. Ecclestone said.

The fund is benchmarked against the S&P Latin 40 Index which tracks the forty largest stocks in the region, the presentation says. However, by being truly pan-LatAm, the fund attempts to avoid country-specific political or econ......................

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