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Bailey McCann, Opalesque New York:

Dublin-based Three Rock Capital Management bucked the trend of low performance among hedge funds to end the year up 14%, according to a performance update obtained by Opalesque. Three Rock uses a discretionary macro strategy created by veteran trader Conor O’Mara.

The fund's performance is also notable as several high-profile macro funds closed this year. The flagship fund was up 1.12% in December and is up 72.3% since inception in 2009.

Within the strategy, Three Rock seems to be finding opportunity despite macroeconomic weakness. Writing in a recent update, Three Rock CEO Ciaran Kane says that as the market goes into the new year and energy prices remain low, it is unlikely that Canada will see a significant economic recovery this year. As a result, the fund was long USDCAD when it broke above 1.3400. The firm is likely to re-enter this trade later this month.

Kane also sees the potential for a true equity market correction as the technical deterioration becomes evident in the S&P 500, but says that global monetary policy should cushion the fall.

Irish hedge funds, on the whole, have performed well since the crisis. Despite a slowdown in new fund formations immediately after 2008, existing Irish funds have outperformed, increasing AUM. As delegates at the recent Opalesque Ireland Roundtable noted, the Irish funds industry has steadily matured over the years and the country is now the second-largest fund domicile in......................

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