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Michael Nicol From Precy Dumlao, Opalesque Asia:
Dublin, Ireland-based Merrion European Absolute Return Fund celebrated its first year of operations on June 30 and saw a 65% increase in assets from its launch at $20m a year ago to $33m, or an increase of $13m.
Merrion European is managed by Midmar Capital LLP, an Edinburgh, Scotland-based alternative asset management firm that provides absolute return strategies to professional investors such as family offices, wealth management firms and funds of hedge funds.
In a statement, the fund said its investment team, led by Michael Nicol and Alistair MacDonald, recorded stellar performance during the first year since inception despite very difficult market conditions for equity investors. Year-to-date, the fund has achieved a positive absolute return of 9%, the statement added.
The 9% return reflects genuine stock alpha as it has captured the underlying market return with an average net long exposure of around 40% and average gross exposure of less than 100%. On a month-by-month basis the fund has had relatively low correlation to the market; delivering positive returns during negative months. This has been achieved by the short book, which managed to deliver positive returns during rising markets and, most recently, many of the fund’s long positions have held up strongly despite market falls.
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