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Ruud Smets Benedicte Gravrand, Opalesque Geneva: A fund of hedge funds run out of Amsterdam, aptly named Legends Fund, for some its underlying funds include eminent names such as Lansdowne, Pershing, Glenview, Paulson and Transtrend, reported a year to date return of +2.08% as of the end of September.
However, financial market volatility, losses in global equities, commodities and high yield credit, all conspired to a small loss of 1.27% for the month of September, according to documents obtained by Opalesque. The HFRI Fund of Funds Composite Index was down -1.79% that month, and down -0.94% YTD.
Legends Fund is managed by Theta Capital Management B.V. The AIFMD-licensed firm is one of the oldest and largest independent Dutch alternative asset managers and has offered individual bespoke hedge fund portfolios to select institutional investors since 2001.
Among Legends Fund’s underlying funds, Lansdowne’s Developed Markets, a long/short equity fund, gained on Glencore shorts in September, while Egerton Long/Short Fund suffered small losses in comparison to the overall market declines.
The portfolio’s event driven strategies (Paulson, Glenview and Pershing Square) lost on the healthcare sector sell-off. The funds have not reduced their positions, however, as "they believe the impact on the fundamentals for their holdings are fairly limited."
Within the global macro strategies, Transtrend’s Diversi...................... To view our full article Click here
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