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Opalesque Exclusive: Penso Global Crisis Strategy turns focus from US credit and looks toward Europe Kirsten Bischoff, Opalesque New York: Prior to the February launch of its Global Crisis Strategy hedge fund (see previous Opalesque coverage here: Source), Penso Capital had been running the strategy for several years as part of its investment advisory services. So they had already spent the 12-18 months prior to February identifying credit risk in the US as a potential source for a global market crisis. As we know how the credit crisis has been playing out, when Opalesque had a chance to catch up with Penso Principal and Co-Portfolio Manager Steve Gross, we were eager to hear where the portfolio team’s crisis strategy focus was turning to next.

The Global Crisis Strategy takes a forward looking view of the markets by approximately 12-18 months. “In terms of timing we try and think on a calendar-year basis to provide a return profile relative to the global volatility for that timeframe.” The Strategy looks across all markets at equity, credit, currencies, and commodities, “We are always looking for the situations where we believe on a fundamental basis that there are significant risks that may take place, but that the market is not yet paying attention to thos......................

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