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David Meneret Benedicte Gravrand, Opalesque Geneva for New Managers: David Meneret, a former manager at Macquarie, an investment bank, established Mill Hill Capital last year in New York. He is preparing the launch of a US-focused relative value credit hedge fund, which is expected on April 1st with between $125 and $200m in assets under management.
He talks to Opalesque about his strategy, default rates, the high yield debt market and the investment grade credit market.
Opalesque: Please tell us about your background.
David Meneret: I was a portfolio manager at UBS on the front desk from ’06 to ’08. My best years, from an investment point-of-view, were ’07 and ’08, when the market was going down, because I had a very successful short on financial institutions then. I was market-neutral the entire time; all of that type of trading and investing was based on a suite of quantitative and fundamental models.
The core is not achieved by buying bonds that we think are cheap and holding them for a long period of time; most of our investment strategy relies on convergence trades, basically putting a long and a short on every single trade.
In the summer of 2008, I was discussing going directionally long instead of staying market neutral, but it would have probably been too early and it would have been a bad strategy.
The other way to be active in a market wher...................... To view our full article Click here
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