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Bailey McCann, Opalesque New York:

The UK-based Oxford Investment Partners fund released its quarterly earnings letter today noting that overall, it had a positive quarter posting gains of +3.6%, raising the fund to 7.1% for the year. The fund seeks to outperform the global equity index with half the volatility, and half the downside risk. Since 2006, the fund has mostly outperformed the equity markets, save for a blip in 2009, the firm manages just over $7m in assets. From its inception date in May 2006, the fund is up overall +3.5%.

According to the letter, the fund enjoyed an uptick of +11.5 in commodities and +4.6% in US high yield bonds. "The exception was emerging market equities, which continued to underperform developed-economy markets. The yields on government debt in the perceived haven countries of the US, Germany and the UK all rose, though they remained at historically-depressed levels. The yields on Italian and Spanish government debt fell in response to the ECB’s prospective and subsequently announced policy of support," the firm wrote.

Echoing the view of other industry participants the firm writes that the Chinese slowdown has been a cause for disappointment given its once robust pace. Overall, central bank actions continue to dominate the macroeconomic factors influencing the fund portfolio and investor attention, firm principles note. Draghi's willingness to "do whatever it takes," to steer the Eurozone out of its crisis and further easing......................

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