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Alternative Market Briefing

Fund of hedge funds ALTIN suffers setback in third quarter but remains positive YTD

Friday, October 16, 2015

Komfie Manalo, Opalesque Asia:

ALTIN AG, the Swiss alternative investment company with a listing on the London and Swiss stock exchanges, invests in more than 40 underlying hedge funds. The company said in its quarterly report that the portfolio was down for the quarter in light of the setbacks experienced by financial markets.

"From a global perspective, the third quarter of this year was the worst in four years for risky assets. During the period, concerns on global growth gained momentum due to a combination of a Chinese slowdown, a recession in Brazil and related weaknesses in commodity prices. Risk aversion escalated in late September when the Federal Reserve delayed hiking rates in a move that should have supported equity markets, but instead fuelled more fears over the outlook for international growth."

It added that there was a significant dispersion of returns across styles, with roughly equal positive contributions from relative value, macro and protection almost entirely offsetting the nearly identical negative contributions from equity hedge and event driven. Most importantly, ALTIN’s portfolio remains positive year-to-date and well positioned to generate good risk-adjusted returns irrespective of future market direction.

Significant dispersion in the macro silo

According to ALTIN, the macro silo witnessed significant dispersion across discretionary and systematic funds, but a......................

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