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Barnegat fixed income relative value hedge fund is one of the gainers in August

Thursday, September 10, 2015

Komfie Manalo, Opalesque Asia:

Bob Treue’s $673 million Barnegat Fund is again back on the black. The fixed income relative value hedge fund generated 0.7% returns in August despite the market volatility during the month. Year-to-date, the fund is also up 0.5% 2015 with a net, compound annual rate of return of 17.4% per year since its launch in 2001.

"While equity markets were quite exciting in August, our global fixed income markets were less volatile," Treue said in his letter to investors, "Our relative value trades did not move much and we were able to monetize our 'carry', which currently stands around 0.65% per month."

The HFRI Relative Value Index was down -1.27% in August, up 1.05% YTD, and down 0.23% in the last 12 months.

The New Jersey-based fund was down 7.7% in the first quarter and its net compounded annual rate of return was 17.3% per year.

Treue said then, "Obviously, it has been a difficult start to 2015. Our anomalies have become more anomalous. Given the long-term nature of our trades, we carry large amounts of excess collateral for difficult times like this past quarter."

In early 2011, the fund was hailed as one of the best performing relative value fixed income fund in the last ten years, with total returns of 406%.

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