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The Swiss, London-listed $588m fund of hedge funds Castle Alternative Invest returned 2.91% in USD terms in September, taking year to date returns to +9.81%.
According to the fund managers, equities had another good month fuelled by more strong macro economic data. With prospective views on mid term market behaviour becoming less divergent, it was no surprise to see equity market volatility subsiding around the world and, in most cases, now closing in on one year lows. Conversely, fixed income market volatility, having tailed off recently, rose following the first isolated signs of tighter monetary policy on the horizon.
Long/short equity managers had the best aggregate performance, thanks to emerging market and Asian managers. The CTA/macro style had a good month with both managed futures and emerging market managers doing well. Relative value managers also contributed positively, mostly driven by returns from fixed income traders.
Two new managers were added to the portfolio, a fixed income arbitrageur and an Asian long/short equity manager focusing on the technology sector.
Full redemption notices were given for two funds, one an Asian event driven manager, the other a systematic currency trader.
Additionally, partial redemptions were made for managers in the global macro and emerging market sectors in order to take some profits in strategies that have performed particularly well this year. Exposure to convertible bond and credit strategies was in...................... To view our full article Click here
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