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Bailey McCann, Opalesque New York: Pennsylvania-based Context Asset Management has launched the Context Macro Opportunities Fund, the firm's first single strategy liquid alternative fund. The fund uses arbitrage and alternative investment strategies such as break-even inflation trading, hedged mortgage-backed securities trading, capital structure arbitrage, volatility spread trading and opportunistic investing within a mutual fund wrapper to provide Macro-like exposure.
"We think the market conditions are strong for Macro," John Culbertson, Managing Director and Chief Investment Officer of Context tells Opalesque - a contrarian call on the heels of the recent Fortress news. "Investors are looking for products that are largely uncorrelated to the market and have a low beta, which is hard to come by in the '40 Act space."
$10 billion investment advisor First Principles Capital Management is acting as the sub-advisor for Macro Opportunities and will handle day-to-day portfolio management. First Principals was founded in 2003 and has expertise in the global fixed-income securities and derivatives markets.
"What we wanted to do was find a strategy that performs reasonably well all of the time and very well during market disruptions," Culbertson explains. "There is a difference in how prop traders think about risk and how traditional managers think about risk. Prop traders are always focused on mitigating downside risk, and...................... To view our full article Click here
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