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From the Opalesque team:
The $62m GLC Managed Futures Fund posted -1.39% in May, and -2.34% YTD on missed opportunity. This multi-strategy fund trades a combination of the GLC Directional, GLC Global Macro and the GLC Behavioural Trend programmes.
GLC Ltd. , a London-based independent fund management company managing $1.93bn, said its two CTA programs had fared well in May, but its macro fund had a tough month.
In its monthly report, GLC said its $403m Directional Fund returned 3.90% (2.72% YTD) as it thrived on volatility. The fund trades FX, futures and options (financials and commodities) and has returned 12.29% since its July-92 inception. And its $143m Behavioural Trend Fund posted 1.64% during the period (1.37% YTD), as pro-risk stance returned, but the fund was able to turn things around to end the month in positive territory. It trades FX, financial and commodity futures, and has returned almost 10% since its Sept-06 inception.
However, the $488m GLC Global Macro Fund was hit hard last month and went down 8.52% and down 7.76% YTD (it is up almost 8% since its April-06 inception) after starting the month with strong conviction in the pro-risk stance, backed up by strong reporting season and encouraging economic data. Volatility in May spiked, which caused significant losses for the portfolio.
“The programme went into the month with strong conviction in the pro-risk stance, backed up by an...................... To view our full article Click here
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