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By the Opalesque Team: The MSCI Latin advanced 2.44%, while finishing the year down 52.7%, and the EMBI Latin surged 8.6% to finish the year down only 8.8%. Meanwhile, the Eurekahedge Latin American Hedge Fund Index returned 1.17% (est.) in December, and finished the year at -3.83%.
Forum`s LatAm ABL fund posts +11.78% for 2008
Forum Asset Management's Latin America focused asset based lending fund continued to post strong return numbers in 2008 despite more difficult operating conditions. The portfolio manager of the strategy, Oscar Manero, said: "our business model has proven to be quite robust in this environment. The lack of term financing has allowed us to access larger and more established borrowers and extract more favorable collateral terms for our transactions".
Forum made several adjustments to its portfolio over the last six months in response to market developments including increasing the percentage of "brick and mortar" infrastructure project finance loans, redoubling its due diligence efforts, diversifying its industry exposure, shortening the average life of the portfolio, and raising the average coupons on new transactions. Sovereign and quasi sovereign entities in Mexico, Colombia, and Peru are the source of the payments that are captured to pay interest and amortize principal in the majority of the Funds project finance transactions.
"This reduces th...................... To view our full article Click here
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