Today's Exclusives

• Opalesque Exclusive: Impact of the Fed's programs on credit markets [more]

  B. G., Opalesque Geneva: The Federal Reserve said last week it would launch several several programs to "support households, businesses, and the U.S. economy overall in this challenging time."

• Money managers with high leverage under the most pressure from pandemic [more]

  Laxman Pai, Opalesque Asia: Money managers with high leverage and outsized exposure to equity-oriented strategies will come under the most pressure from market impacts caused by the coronavirus pandemic. According to Fitch Ratings, the assets under management (AUM), earnings before interest, t

• Shadow banking poses challenges for global financial markets in coronavirus crisis - DBRS Morningstar [more]

  Opalesque Industry Update - Ongoing disruptions in the global financial markets have refocused attention on nonbank financial intermediaries (FIs) and shadow banking. These nonbank FIs are important, especially now. Shadow banking assets now represent more than a third of the global assets held by b

• Ironshield Credit Fund launches on the MontLake UCITS Platform ICAV [more]

  Opalesque Industry Update - Ironshield Capital Management LLP and MontLake jointly announced the launch of the Ironshield Credit Fund on the MontLake UCITS Platform. The Ironshield Credit Fund seeks to achieve high absolute returns by selectively investing in event driven, stressed and distresse

Today's Other Voices

• Other Voices: ESMA proposes formal limits to leverage potentially affecting alternative funds [more]

  Bill Prew, CEO of INDOS Financial, a UK-based independent fund depositary and oversight business, has flagged the following new regulatory proposals potentially impacting alternative investment funds: There was an interesting consultatio

More Exclusives

• 01. Apr. | Opalesque Exclusive: Monroe Capital eyes opportunities in technology and software lending [more]

  Bailey McCann, Opalesque New York: A small but growing area of private debt could be a new source of opportunity for investors. A new paper from Monroe Capital highlights how technology and software as a service private debt transactions can be a source of return. In the paper, Monroe argues

• 01. Apr. | Opalesque Exclusive: Nordic Investment Bank issues coronavirus bonds [more]

  Bailey McCann, Opalesque New York: Nordic Investment Bank (NIB) will start to issue NIB Response Bonds to finance eligible projects that aim to alleviate the social and economic consequences caused by the COVID-19 coronavirus pandemic in the bank's Nordic-Baltic member countries. The one bill

• 31. Mar. | Opalesque Exclusive: Diligence gaps raise flags as litigation finance gets boost [more]

  Bailey McCann, Opalesque New York: Litigation finance firms could be unexpected beneficiaries of the coronavirus crisis. Litigation funders are usually paid out when cases resolve. However, as cases stall out in courts that are either closed or wrestling with how to conduct virtual trials, litiga

• 30. Mar. | Opalesque Roundup: Hedge funds enjoy $15bn inflows of investor capital in February: hedge fund news, week 13 [more]

  In the week ending March 27th 2020, the eVestment Hedge Fund Asset Flows Report said that investors were bullish on hedge funds in February, allocating another $14.78 bi

• 27. Mar. | Opalesque Exclusive: Hedge funds see increased margin calls, liquidity pressure as markets react to coronavirus [more]

  Bailey McCann, Opalesque New York: The coronavirus crash has been steep and we may not be done yet according to new data. Treasury management company Hazeltree released a new research note today suggesting that hedge fund managers should prepare for increased margin calls alongside continued liqu

• 25. Mar. | José María Loizaga Viguri the father of Spanish private equity industry dies from Coronavirus [more]

  Bailey McCann, Opalesque New York: José María Loizaga Viguri, who is credited with the establishing private equity in Spain has died from complications relating to Coronavirus, he was 84. At the time of his death, Loizaga was a vice president at Spanish construction giant ACS Group. Loizaga h

• 23. Mar. | Opalesque Roundup: Hedge funds down about 2% in February: hedge fund news, week 12 [more]

  In the week ending March 20th 2020, a report by Preqin revealed that the Preqin All-Strategies Hedge Funds benchmark suffered significant losses (-2.21%) in February, compared

• 20. Mar. | Opalesque Exclusive: Carbon Cap launches World Carbon Fund [more]

  Bailey McCann, Opalesque New York for New Managers: Carbon Cap Management, a London based environmental asset management firm has launched the World Carbon Fund. The fund invests in multiple liquid and regulated car

• 18. Mar. | Opalesque Exclusive: New York hedge fund says it is "simply not exposed" to mainstream markets [more]

  B. G., Opalesque Geneva: By avoiding popular hedge fund strategies, a New York-based fund manager has so far avoided the widely experienced losses. Morgan Stanley analysts estimated that hedge funds across all strategies were down an average of 7.6% YTD versus a decline in the MSCI AC World

• 17. Mar. | Opalesque Exclusive: Canopius acquires Multi-Strat Holdings [more]

  Bailey McCann, Opalesque New York: London-based global specialty reinsurer Canopius has acquired Bermuda-based Multi-Strat Holdings Ltd. Multi-Strat Holdings is a specialty reinsurer focused on casualty reinsurance and casualty reinsurance linked security (ILS) transactions. Financial terms were

• 16. Mar. | Opalesque Roundup: Hedge funds record strongest relative outperformance February since 2009: hedge fund news, week 11 [more]

  In the week ending March 13th 2020, Eurekahedge said that hedge funds had the strongest outperformance compared with broad financial markets since 2009 last month as the coronavirus outbreak began to infect markets. The Eurekahedge Hedge Fund Index was down 1.63% in February, outperforming the

• 13. Mar. | Opalesque Exclusive: Healthcare private equity posts highest ever deal value in 2019 [more]

  Bailey McCann, Opalesque New York: Healthcare private equity had a robust 2019. Total disclosed deal value reached $78.9 billion, the highest on record, and the deal count of 313 was in line with the 316 deals of 2018, according to new data from Bain and Company. Healthcare private equity als

• 13. Mar. | Opalesque Webinar: So, when should you exit a manager? [more]

  B. G., Opalesque Geneva for New Managers: BlackRock Multi-Sector Income Trust recently fired one of its fund managers for conflict-of-interest after that manager loaned $75m to an indie film studio that cast his dau

• 11. Mar. | Opalesque Exclusive: Fund managers join central bankers in call for fiscal response to virus woes [more]

  Bailey McCann, Opalesque New York: Fund managers are joining central bankers in the push for a fiscal response to the economic uncertainty surrounding coronavirus. Markets rebounded slightly on Tuesday, after plunging on Monday's news that the virus had worsened in Italy and the US. Sect

More Other Voices

• 30. Mar. 2020 | Other Voices: Management fee - you are always on my mind [more]

  By: Robert Seber, Vinson & Elkins This Q&A attempts to answer some questions that may be on the mind of private equity sponsors who are nervous about the reactions of their LPs to the current crisis. Can our LPs terminate our fund? You need to check your fund agreement. According to

• 19. Mar. 2020 | Other Voices: Taking a long-term investment view is the only way to navigate this period [more]

  By Mark Walker, managing partner at Tollymore Investment Partners, London: We can make no clear conclusions on how much further markets may decline. We do know that this panic will subside but don't know if it will accelerate before it subsides. Anyone claiming the ability to be able

• 19. Mar. 2020 | Other Voices: Seven ways the effects of the coronavirus will impact the hedge fund industry [more]

  By Donald A. Steinbrugge, founder and CEO, Agecroft Partners, LLC: The changing landscape caused by the Coronavirus will lead to the largest shake out in the hedge fund industry since the 2008 market crash. Below are some of the ways we believe the Coronavirus will impact the hedge fund ind

• 16. Mar. 2020 | Other voices: Boys and Men [more]

  From Christian Armbruester, Blu Family Office Why crashes are a wonderful way to discern good investment strategies from bad managers. Separating the proverbial "men from the boys" is a great exercise in times like these. When markets come under duress, is when you really find out who has

• 12. Mar. 2020 | Other voices: Brace! Brace! Brace! [more]

  By David Murrin. We have been tracking the progression of the impending market Collapse and the Wuhan Virus. We are now at the point of impact when the effects of the virus touch everyone and the reality of the global economic crunch also hits home. Hence the title above, taken from the words o

• 02. Mar. 2020 | Other voices: The impact of CFIUS on private equity and hedge fund investors [more]

  By: Abbe Dienstag, Richard Gilden Kramer Levin Naftalis & Frankel On Feb. 13, 2020, final regulations became effective updating and refining rules regarding transaction reviews by the Committee on Foreign Investments in the United States (CFIUS). These regulations, which until now have been in i

• 27. Feb. 2020 | Other Voices: Branding dominates hedge fund flows [more]

  Strong performance alone will not attract assets, says Donald A. Steinbrugge, founder and CEO of Agecroft Partners: Over the past decade, a vast majority of hedge fund net asset flows have gone to a small minority of hedge funds with the strongest brands. Evestment estimates that almost 60

• 27. Feb. 2020 | Other Voices: ESG "creating 90s-style tech bubble" as investors ignore fundamentals [more]

  By Graham Clapp, Manager of the RWC Continental European Equity Fund Share prices for ESG focused companies are soaring, as investors ignore fundamentals in the hope of finding the long-term winners which can tackle environmental problems - a move echoing the tech bubble of the late nineties

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Sea Change Combined Indicators:

Monetary – Determined by US FOMC policy. Dovish, Neutral or Hawkish. Up to 10% long.

Fiscal – Determined by US Fiscal policy. Up to 10% long.

Timing – Long/Short off of wave count / Fibonacci projections. Short, neutral or long. 10% short, neutral or 10% long.

Based on Sea Change LT Indicator:

Global Equities: 30% long or 30% cash

US Small Caps: 10% long or 10% cash

Emerging Markets: 10% long or 10% cash

Technology: 0% - 10% long off of FAANG charts

Financials: 10% long or 10% cash off of XLF chart

Current Read:

Monetary Indicator: Long 10% DJ Industrials proxy

Fiscal Indicator: Long 10% Russell MidCap Growth proxy

Timing Long / Short Indicator: Cash

Global Equities – Cash US Small Caps – Cash

Emerg. Mkts – Cash Technology – Long 4% FAANG proxy (XLK)

Financials – Cash

Net 24% long exposure

Sea Change Opportunistic Indicator:

The current reading is 0.81. Waiting for next “buy” signal. When it does give us a “buy” signal, the idea is to go “all in” with equity money.