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By Benedicte Gravrand, Opalesque London:
Bramdean Alternatives, a London-based listed fund which invests in private equity funds, hedge funds and specialty funds, issued its 31-July-2009 factsheet yesterday. The underlying unaudited performance in July was +1.58% for the Sterling Share class and +2.25% for the US Dollar Share class.
According to the report, Bramdean has largely completed its programme of tactically reducing its allocation to hedge funds - a strategy that the investment manager started to implement in December 2007. The company expects part of these proceeds will be redeployed into new investments, with the remainder held in cash to fund private equity and specialty draw-downs. 42.66% of the portfolio is held in cash, and there were 23 holdings in the company's overall portfolio as at 31 July 2009.
The stand-out performers during July were Paulson Advantage Plus Ltd and Lansdowne UK Equity Fund Ltd. Positive returns were also reported by D.E. Shaw Oculus International Members Interest, Deephaven Global Multi-Strategy Fund Ltd and King Street Capital Ltd.
Bramdean’s hedge fund’s portfolio, which makes up for 14.34% of the total portfolio holdings, registered a positive return of +2.51% (+6.83% YTD) “as buoyant market sentiment boosted equity and credit markets and provided opportunities for all managers in the portfolio to profit.”
The firm expects that, given increased market sentiment which has boosted liquidity, risk levels...................... To view our full article Click here
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