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Benedicte Gravrand, Opalesque Europe:
The Greylock Global Opportunity Fund is an opportunistic fund that targets undervalued or mispriced securities in the emerging market (EM) debt universe, without employing any leverage. Launched in January-1997, its only down year was in 2008 (-41%, due to a lack of liquidity according to the manager). It has so far annualised 16.65%, and is up 18% YTD (to end-September).
The fund returned +2.86% in September, outperforming all major EM credit indices (EMBI Global +1.68%, CEMBI IG +1.48%, CEMBI HY +2.78%) but lagging the major equity indices (S&P +8.76%, MSCI EM +10.87%), which had their strongest September in 70 years on expectations for another round of quantitative easing and continued growth in emerging markets. The fund, however, continues to outpace these indices YTD. The top performers in September were core positions in Argentine GDP warrants, Ivory Coast and Venezuelan sovereign bonds, and the biggest mark-to-market losses were in a Malaysian steelmaker, the debt in Argentine utility TGN and in the fund’s macro liquidity hedges.
New York-based Greylock Capital Management LLC currently manages around $350m ($850m in 2007 and ...................... To view our full article Click here
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