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From Beverly Chandler, senior news editor, Opalesque London
It is the approach to inflation that distinguishes James Walsh's Cayuga Global Macro Fund from its peers. Having been an institutional investor in hedge funds, firstly with Hermes in the UK, running the tactical asset allocation overlay for the British Telecom pension fund, and then in the US as the Chief Investment Officer for Cornell University Endowment, Walsh had a clear view of how he wanted his fund to look. The fund launched 1st September 2010 with GBP100m under management.Source.
"It has helped us having been on both sides of the table" says Walsh, "not least of which to design a fund structure that is aligned with investor's interests." That structure has a hurdle based on the rate of inflation in the UK. "We have to beat inflation; UK inflation which has been sticky and high" says Walsh. "Most managers get paid on any positive returns, but because most of our anticipated investors will likely have an exposure to inflation, we have aligned our interests with theirs."
Walsh and his colleagues have three to eight themes running at any particular time within the portfolio and they try to focus on a nine to eighteen month horizon. "We are less interested in short term noise - we are not traders" he says. While Cayuga is not releasing its first quarter perf...................... To view our full article Click here
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