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From Kirsten Bischoff, Opalesque New York:

From its inception in late 2005 through the end of 2010, Impala Asset Management’s $400m Steenbok Fund has delivered 12.0% annualized compounded gains. The fund, which according to investor correspondence independently obtained by Opalesque, is highly liquid and focuses on global transportation-related industries (rail, trucking, shipping, freight brokers, logistics, travel services, etc), protected assets in 2008 confining losses to -5.6%, and has since maneuvered the post financial crisis recovery with +7.5% returns in 2009 and +15.4% returns in 2010.

Although Gary Yablon, Portfolio Manager for the Steenbok Fund would not discuss fund performance with Opalesque, he did speak with us about some of the interesting trends that have appeared and that can be used as indicators for the possibility of continued economic recovery. Yablon and his team invest in a universe that has equity market caps of about $500bn-$600bn.

The team spends a lot of time looking at supply and demand. About half of the companies the team covers are US-based and the remainder is split (pretty evenly) between Europe and Asia. However, Yablon points out that for many of them, their country base is simply where they are headquartered, and their businesses and the markets they serve are typically global.

“We are very data driven and the data we see in this sector really captures volume. It is the movement of all goods around the wor......................

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