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From the Opalesque team: Nils Tuchschmid, professor at the Haute Ecole de Gestion in Geneva and an ex-FoHFs manager, recently told Swiss daily Le Temps that out of ten products replicating alternative funds, six performed less badly than alternative funds in general during the crisis - from late 2007 to early 2009. This is because these instruments do not replicate hedge fund managers’ ability to play on market dynamics. They are also participating in the rebound of alternative funds – fed by a liquidity comeback – but they have not rebounded as much either.
The Hedge Fund Replication Index, according to Le Temps, lost 17% during the crisis, but has gone up again 11% - compared to the HFRI main index, which lost 21% during the crisis, but recovered with 25%.
Willem van Dommelen, co-manager of the ING Alternative Beta fund told Le Temps: “the concept has proven that it is workable.” And Jérôme Teiletche, co-fund manager of the LODH Alternative Beta funds at Lombard Odier said those results have shut up general scepticism about replicators.
Not all products did well however: Deutsche Bank’s Absolute Return Beta lost 40% during the crisis and has recovered with only 14%. Partners Group’s Alternative Beta lost 19% and re-gained 19% (Swiss asset manager Partners Group talked last year of selling off its hedge fund clone unit, but instead ...................... To view our full article Click here
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