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From the Opalesque team:
Amsterdam and UK-based Greenbay Investments LLC has informed its investors that it will close down its Greenbay European Long Short Fund, unless it receives a substantial investment in the next weeks.
The management team states that it has not been able to grow its assets under management to a level making its operations a viable business going forward. According to Dutch newswire inveztor.nl, Bas van Rhijn, head of marketing at Greenbay, said the firm has received many positive replies from his investor base.
The Greenbay European Long Short Fund started in August 2007 and is domiciled in the Caymans. It is a market neutral equity fund with sustainability as its main investment theme, which invests in sector neutral pairs of European large and mid cap companies.
The NAV per share of decreased by 1.35% in December, resulting in a YTD performance of –2.66% and a performance since inception of +9.04% (annualizing 3.65%). The highest contribution to the performance came from long positions in utilities and chemicals. The lowest contribution came from short positions in industrials and financials. The fund’s 2009 loss of 2.66% contrasts with the HFRI Equity Market Neutral Index’s gain of +1.73%, and the DJ Stoxx 600’s gain of +27.99%. However, since inception, the fund managed to outperform its HFRI peer group by 12%, reported inveztor.nl.
The fund’s most recent investment commentary stated: “Last year was a difficu...................... To view our full article Click here
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