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From Komfie Manalo, Opalesque Asia:

The Cayman-domiciled Varus Capital Management's Varus Fund, which is advised by Heieck Siebrecht Capital Advisors, sustained its winning streak so far this year with modest gains in the first two months of 2013 after ending 2012 with double-digit losses.

The fund was up 0.83% in February after finishing January almost flat at 0.07% and bringing its year-to-date finish at 0.9%, while European indices were down between minus 1% and 9%. Varus’ performance in the first two months of 2013 was a welcome respite for the fund which ended 2012 down -13.8% and was in the negative in the whole last quarter of last year.

The fund’s biggest gain last year was recorded in July when the German hedge fund posted a 3.1% profits after a strong risk-adjusted monthly performance with negative exposure.

"In light of Q4 earnings season during February, we achieved 72bps in our trading book followed by 34 bps in our core book and minus 23 bps in our hedging book. This performance was generated by catalyst-driven long and short positioning. The earning contribution has been highly diversified with no position contributing by more than 16 bps to the fund's performance, while the maximum loss of a single position was minus 11bps. In February, the biggest performance contributor was the con......................

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